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Think you don’t need an estate plan? Think again

Hubbard Snitchler & Parzianello

A visit to an attorney is probably not on your list of top 10 fun things to do in Detroit. If you have not yet made an estate plan, it is easy to find reasons to put it off: too much hassle, too busy, too young or you don’t care what happens when you are dead. Yet, with many people of all ages passing away before their time, making an estate plan is more important than ever.

Here are some counterarguments to the reasons people use to put off estate planning:

  • You don’t need to be rich to require an estate plan: You could argue that the less you have, the more critical an estate plan is. If you have billions, even if you lose some by not creating an estate plan, your kids are unlikely to starve.
  • You don’t need a certain future to plan ahead: If your business is on its knees and you are watching your finances dwindle, you still have assets to pass on. If business is not going well, moving some assets into trusts could protect them from creditors, if you end up in bankruptcy.
  • You don’t need to die to use an estate plan: Distributing some of your wealth while alive can have significant tax advantages. Take advantage of gifts and trusts to increase the amount of your estate that goes to your loved ones and reduce the amount payable in taxes.
  • You don’t need to think only of your heirs: Estate planning can benefit you, too. Health care directives ensure you are looked after, in the way you want, if unable to make decisions for yourself.

An experienced Detroit estate planning attorney can make providing for you and your family’s future a painless experience.

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