How Do I Know When to Invoke A POA?

A power of attorney is an authority given to another person to act on behalf of an individual usually called a principal. The agreement is made into a legal document guiding the relationship between the attorney and the principal. There are four types namely: general power of attorney; durable power of attorney; special or limited power of attorney; and springing durable power of attorney.

There are many situations in which given out this authority may be advisable and necessary, for example, this power might be given out about property management and financial affairs, it may be given when one needs to collect benefits or when one desires to sell a home. In these situations, authority can be given to another person to sign a contract on behalf of a principal. There are some decisions in which this power can be delegated to another such as making health care decision.
Before this authority can be given to another, the principal must make sure that he understands the information contained in the document and that it conforms to that state’s requirements. He must be able to evaluate the information in the document and must be mentally fit to do such. Also, the principal must be able to communicate his intents clearly and effectively. To obtain the power of attorney is easy if some precise steps are taken. One of such steps is checking the state's requirements to make sure one is on the right track. One needs to fill relevant forms and makes sure that the document is clear enough for all signatories.

The preceding paragraph must deal with the legal capacities of the principal. This is the ability of a person to arrive at decisions that are legally valid. This ability will guarantee his fitness to enter into a binding contractual agreement with other people. It also consists of the ability to choose who he will give the authority to. Legal capacity will enable the principal to make his intents clear to avoid misrepresentation.

This power can be revoked when the principal decides to do so. However, the process of revocation must be made explicit to all parties involved. The most important step in this process is to be sure of state's requirements so as not to contravene laid down rules and regulations governing such procedure. All institutions involved in this process of revocation must be duly informed for necessary actions. In case of legal capacity issues such as when the principal becomes incapacitated or when he can no longer make decisions for himself because of mental depreciation or disability the family members can approach the court for revocation of the power of attorney. Also, this power can be revoked when one is no longer satisfied with the services being rendered by the attorney. It can also be revoked when there is a case of exploitation and abuse on the part of the attorney. Revocation can also occur when the attorney misuse his power.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

The Most Important Reasons for Estate Planning

No one wants to think about what is going to happen after they pass away while they are still living, however, there really is not any better time like the present. Most the important decision you need to make are designed to make things easier for your loved ones after you have passed away and you cannot make the necessary decisions. It is really imported to discuss estate planning.

The key to estate planning is that it has to be done while you still have the control of your faculties for an attorney to be able to prepare all of the proper paperwork. Your attorney should be able to go over everything that you need to be sure that you have gotten everything important.

10 Important reasons for doing estate planning

Peace of Mind - The biggest reason is to give everyone the peace of mind knowing things are all taken care of ahead of time.

Specify who is to receive which assets after your death - In order to prevent any fighting or hurt feelings it is very important that you assign assets to everyone that will be mentioned in the will. Once the document is enforced it can only be undone by the owner of the will.

Helps to avoid probate headaches - If there was no will or trust everything would go in the court system and that is what is referred to as probate court.

State who is to be the guardian of any minor children - When you have minor children you have to consider who you will want to take care of them in the event that you were to die.

Name the executor - The executor is the most important decision besides who will be taking care of the kids. The executor will be responsible for making sure that all of the parts of the trust is carried out.

Establish a Power of Attorney for financial decisions - The power of attorney for making financial decisions needs to be settled in order to be able to pay any bills for care if you become incapacitated.

Establish a Power of attorney for healthcare - Like power of attorney for financial reasons, you also need to do something about your medical conditions before you become incapacitated.

Execute a revocable trust - Avoid any problems with a will but setting up a revocable trust is far better received in my opinion.

Restrict minor children's access to inheritance - To help protect your kids and keep them from spending any of the money they have been for their inheritance. The usual time frame is 25-30 years old.

Be sure to shield the inheritance from tax concerns, divorce issues and creditors - Having a trust in place will help to protect the assets from taxes, divorce a decree.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

Estate Planning: Is It Important to Talk to Your Children About Your End of Life Plan?

Estate planning is a vital part of creating a plan of action for your untimely passing or inability to care for yourself.  Creating a will and/or a trust is not good enough when it comes to preparing for your future.  Instead, creating an estate plan allows you to plan for and organize your assets while appointing a person of your choosing to continue to organize and maintain your assets when you are no longer able to handle these things yourself or are not there to do so.

In the process of estate planning it is necessary to inform the people affected by your estate plan of your desires.  It is important to discuss your desires with your children about the details of your wishes so that they are aware of what to expect.  If your children are under the age of eighteen there should be a detailed discussion about guardianship.  Appointing a guardian requires consent from the willing party as well.  These people need to be conscious of your choices regarding their inheritance, financial expenses, funeral expenses, power of attorney, and more.

Discussing Your Estate Plan with Your Children 

A discussion with your children about estate planning with your children helps to ensure that they are not surprised by the final plan.  Sharing your plan of action becomes especially important if you are planning on treating the beneficiaries differently.  Not only will this allow you to smooth out rising controversies, it will also help to give you their perspective on your decisions. A prime example occurs a lot during second marriages.  When you are giving something substantial to your spouse, who is not the mother of your children, from an inheritance that they assume is theirs this will help to give them a head start to wrap their thinking around it.

When and How to Talk with Your Children

It is crucial to find an appropriate time to make your estate plan known to your children and other necessary family members.  Make sure when you are discussing this matter that everyone involved in accounted for during this meeting.    Appropriate timing usually doesn’t exit on family holidays, weddings, or birthday celebrations.  What you will want to do is to schedule a meeting where you can all be gathered together to discuss your end of life plan specifically.  Sometimes, when an estate plan is complicated, it is best to meet with your estate planning attorney so that they can help you explain any areas of concern or technicalities to your loved ones.  When you are scheduling this meeting give participants an idea of what you are meeting about so that they have time to think about what to expect.

What to Talk About with Your Family

It is of the utmost importance for you to organize the points you want to discuss when talking to your family about the estate plan.  Be sure to talk with your attorney to discuss in depth your estate plan.  Understand the ins and outs before your meeting.  Gather the information about your assets, liabilities, debts, insurance plans, bonds, investment securities, business plans (if applicable), and important contacts phone numbers.

Give them the opportunity to give their feedback to your plan; listen to their suggestions on making your estate plan better, if needed.  This is also the perfect time to start discussing the need for your children to create their own estate plans to secure any future grandchildren’s futures as well.  Death is inevitable, and it is better to be prepared in case of an untimely passing.    

Estate planning is a necessary and advisable step in your life’s journey. You should consider planning for your end of life before your meet any calamity and are robbed of this opportunity. It will not only safeguard your family and your assets but will be a help to smoothen the life and misery of your loved ones when you will not be around to take care of them.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

The Importance of Hiring an Attorney When Creating an Estate Plan

When creating an estate plan, it is better to hire a professional than attempt to DIY. Although many people think they can write their own wills, the truth is, they’ll most likely leave our vital information, this voiding that which would have been useful when they’re gone. Enlisting the help of estate planning lawyers ensures that everything you leave regarding your estate when your gone will be handed in a professional manner. An estate planning lawyer knows what needs to be added in an estate plan and although you might YouTube how to do it on your own, this doesn’t mean you should or that it will stand up if contested. Here are some reasons why estate planning lawyers are better options for you will:

Estate Planning Is Complex

Even though you might Google how to do it on your own, the truth is that creating an estate plan is more complicated than you think. You need the right words, sentences and more, but in order for it to hold up solid in court it needs to follow certain laws, regulations, and guidelines. The law is always changing. You might miss some very important aspects that need to be included if you don’t know what they are. Estate planning lawyers are always kept up to date in regard to federal, state and local laws.

More Goes into Creating an Estate Plan Than Just a Will

An estate plan isn’t just a will. A will is just one document that goes into an estate plan and you might not know what the other documents that are needed are. In reality, there are a variety of different estate planning documents you’ll need to ensure your estate is handled properly after you’re gone.

Save Time

Writing an estate plan can really take a lot of time to make sure everything is correct and covered. Instead of doing it yourself, let that responsibility fall on a professional who knows what they’re doing and can do it faster than you ever could!

Third-Party Perspective

Estate planning will be objective when it comes your estate planning needs when a lawyer is allowed to assist. Thus, allowing you better insight and advice that will only benefit the estate in the end.
Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

What Happens If You Pass Away Without A Plan in Place?

No one likes to consider their mortality which often leads to the issue of individuals passing away without putting into place an estate plan, will, trust, or other legal documentation to distribute their assets.  Many times, people assume that they are too young to need an estate plan in place, that their assets are not worth the creation of a plan, or that getting this documentation in place is expensive.  These assumptions are in fact not true.  Obviously, the best time to document a plan to follow upon your death is far before the need to use it arises.  These plans encompass far more than just distributing your assets and tax avoidance.

Estate plans are put in place not only to be your voice upon your passing but also so that if you become incapacitated and are no longer able to make decisions for yourself that you can appoint someone to make decisions on your behalf.  If you have not appointed an individual to make choices on your behalf, then the state will step in.  If this occurs, your desires are left unknown and the state will step in to take over the process which is known as intestacy.

Intestacy rules vary from state to state.  In general, however, the distribution of assets by intestacy requires a probate proceeding.  Most families hope to avoid probate when a family member passes as it is costly, time consuming, and open to the public.  It is also frowned upon as there is no way for the state to know what your desires would have been so your assets are distributed as they see fit.
If you do not have proper documentation in place and become incapacitated a judge will decide for you who will be in charge of you and your assets.  This process is known as guardianship and conservatorship.  It can be quite an expensive for your family even if there isn’t a disagreement on your care or asset distribution.  It can often cost more than what would have been paid to have in place a proper estate plan.

In order to avoid this situation, it is crucial to take the appropriate steps which can include an all-inclusive estate plan with a living trust and power of attorney in place.  This ensures that if you become disabled or pass away the division of your assets along with your desired wished-for care are known by your family and easily executed without burdening your family.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

5 Essential Estate Planning Tips

Many individuals think that estate planning is only for the elderly; something to consider only after you have hit the golden years of retirement.  However, the truth of the matter is that an estate plan is something that should be in place no matter what stage of life you are in. It doesn’t matter if you’re in your 20s, 30s or even 60s; you should plan out your estate just in case an emergency happens. There are more things to estate planning than just a will such as trusts, health care directives, and power of attorney. These legal documents will ensure that your wishes are known at the end of your life through your passing. Here are some very basic tips on estate planning:

1. Living Wills

Life is uncertain, so if you aren’t capable of making decisions for yourself, a living will is a must. It’s a legal document that sets forth what you want in the event that you are in a coma or vegetative state. It will detail instructions and decisions for yourself when you are still alive. For reasons of legitimacy it is important to have an attorney assist in drawing up a living will for you.  This will help to ensure that your desires are followed.

2. Draw Up a Will or Trust

Besides a living will, you should also create a will, trust or both.  These are documents that sets out your wishes after you die for your family and loved ones. This details everything from personal items to financial assets and what you’d like to do with them.  An estate planning attorney should be hired to help minimize tax liabilities to your heirs upon your passing.  A will is a complex document that spells out in detail what your desires are.  It should be updated throughout the year as major life changes occur that need to be taken into account.

3. Appoint a Power of Attorney (POA)

If anything happens to you, it’s important to have someone you trust make decisions for you they will be the power of attorney over your estate. This person will distribute your assets as you have stated within your estate plan.  A medical power of attorney is an individual that you have appointed to make decisions regarding your medical care.   You can have one person for both positions or split the duties between two people that you know will make sure your wishes are met.

4. Designate Guardians

If you have kids under 18 years old, then you’ll have to figure out who will take care of them when you no longer can. If your spouse or partner is still alive, guardianship will automatically go to them.  Before you make the decision, you should ask whoever you are thinking about making a guardian to see how they feel about such a responsibility. If they do not want this responsibility it is in your children’s best interest to make alternative arrangements.

The best advice that you can be given regrading your estate is to meet with an attorney that will serve as a personal representative of your legal desires.  Creating an estate plan is simple with the right guidance and with regular maintenance will stay current to ensure your loved ones are not burdened by probate upon your passing.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

Five Common Mistakes Made In Estate Planning

As a society we tend to put discussions on topics we deem uncomfortable on the back burner often times until its too late.  This is often that case when people become unable to take care of themselves sooner than imagined or die unexpectedly. The topic of death or not being able to take care of oneself are awkward and often make the people involved anxious however, these discussions are necessary.
Estate planning is important for all adults; which includes any person eighteen and over.  Individuals need to legally render control over their assets and medical decisions to beneficiaries that will be in charge of handling the decision making that comes after death.  This person, or individuals, will be in charge of wrapping up your lives details including money in your bank account, selling your home, paying off your debts, distributing assets, and closing out accounts.  This can all be done through an estate plan that is created in conjunction with an attorney.  An estate planning lawyer will help you avoid the common mistakes that are often found in estate planning.

Not Planning at All

Not having an estate plan in place is one of the biggest mistakes that most individuals will make.  Failing to have in place legal documents that lay out the plan you have in mind for life after your death, for whatever reason, is a huge mistake.  Fact is, death is inevitable and unpredictable.  This is not a pleasant thought however we can make our passing easier on loved ones by setting a plan in place to ensure that the distribution of your assets is hassle free.

Procrastination

This is the scenario whereby an individual keep saying that he is soon doing an estate plan but keeps on moving the time in which they should do it back further and further. No one knows when eventualities will occur. When you least expect something to happen is when it most often.  It is therefore important to set a time frame to create your estate plan and be disciplined enough to stick to it.

Not Updating the Estate Plan

It could be that when one was doing estate planning, the family was still small. With time, children are born, issues like divorce and deaths occur and other family matters. When an individual fails to update the plan, this may result into complications in future and especially after the death of the owner. It is crucial with every major change that your estate plan is updated.  Once a year an estate plan review should be scheduled with your attorney to go over any and all changes over the course of the year or expected changes.

Not Finding the Best Legal Advice

Not everyone understands the law provisions for estate planning. Lots of individuals think that they can just write down what they want to happen and that the law will automatically respect your wishes.  However, this is not how probate works.  In order to be sure that the events playout after your death as you desire you need a competent attorney, specializing in estate planning, to offer legal advice and to assist you in creating a viable plan of action.

Not Finding the Right Beneficiaries

Some people give the names of their kids as their beneficiaries, but this may not work out well in future. Others think that their spouses are the best beneficiaries. It is of great importance that one keenly takes time to understand the right beneficiaries during estate planning, who will take care of his properties while he is gone and that will be in a position after your passing to do so.
Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

The Basics of Michigan Estate Planning

When you are alive and happily leading your life, you don’t have any concerns about what might happen to your assets if you are not there to own them. This isn’t carelessness, this is an oversight that can be avoided. Estate planning is what mitigates all the feuds between your beneficiaries and everything bad that is going to happen if you’re incapable of owning your assets. To efficiently carry it out, there are estate planning attorneys that can help you in devising documents and can carry you through the whole process without letting you delve into many complexities.
A probate lawyer is all you need if you’re finally thinking about naming your beneficiaries. However, before hiring any of them, make sure he or she doesn’t only focus on the documentation after your death, but also during your life.
There are six basic estate planning documents that any attorney or lawyer would carry you through.

1. Last Will and Testament

While others might tell you that proper planning contains only trusts (explained below), we stress the importance of the last will and testament in guiding the process of asset ownership. Your will is the most basic document that decides whether your assets would do in the direction of the trust or not after they experience probate. Therefore, making it a part of your plan is necessary.

2. Trusts

This category of documents includes two types:
Revocable living trust:
It is a document that can allow a family to avoid any kind of probate and directly be the head figures of control over the property left by you.
Castle Trust:
Besides immunity against probate and control of the assets, the castle trust also gives protection to the assets of the person who creates it; thus, protecting him or her against lawsuits.

3. Power of Attorney (POA)

The above-stated two types of documents are mainly used for after-death decisions. However, when it comes to regulating or appointing someone as your replacement during your ailment, Financial Power of Attorney can enable you that. It is a document that gives the power of making financial decisions, paying bills, and manage other assets to the one that has been appointed instead of you.
However, upon the death of the owner, the scope of this document diminishes completely. Only then, your will and the trust would come into play.

4) Medical Power of Attorney (MPOA)

Also called a patient advocate designation, the medical power of attorney is a document that grants someone the power of taking medical decisions instead of you.
The life-span of this document is just like the one explained above, it finishes with the death of the owner.

5) Personal Care Plan

Having POA, or MPOA are two necessary things when you are ailing or are near to death. However, it is paramount for you to first draft out a personal care plan that includes instructions based on your intentions to guide how the two documents would work.

6) House Deed

Lastly, there is house deed. It is a document that legally proves the ownership of your house. Although they are in the public land records, they offer complete guidance on the fate of your property after you are no more.
As you can see, estate planning overall is fairly complex.  You should know that even a single mistake in the overall process can prove unhealthy for your beneficiaries. Therefore, if you want the future of your assets to be secured, all you’d have to do is hire an estate planning attorney or a probate lawyer in Michigan.
Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

Common Estate Planning Myths

We have all seen it on TV or heard about a well-to-do individual who unexpectedly dies without leaving a valid will, trust, or estate plan consequently leaving the court to dictate how the deceased’s assets are distributed to his or her living heirs. When individuals pass away without leaving an official will, their property or estate must be distributed according to the rules of intestacy where only married, civil partners, immediate children or some other close relatives can inherit the property.

Protecting Your Assets

However, if someone has a will, but it is not legally valid, probate will decide how the assets are divided and not the wishes stated in the will. Which is why you need an estate planning attorney who can help you in creating an estate plan, among other things such as avoiding probate and reducing estate taxes. It is also important to seek the advice of an estate planning attorney to ensure that your beneficiaries are protected from creditor problems, bad decision making or outside influences.

Having someone in charge after you die will also protect your assets from unexpected creditors and go a long way towards avoiding family feuds and costly probate court proceedings. It's important to have probate lawyer so that your family members can have some security in the event of your passing, especially when you fear that disputes may arise from the disposition of property.
After all the, it is the probate lawyer who prepares and files a petition for the final will distribution. He or she can also liaise with your attorney to handle non-probate issues that require legal attention, such as obtaining payment of life insurance, payment of annuities as well as handling subsidiary probate if any property is owned in another state.

Common Estate Planning Myths: 

Are you a victim of the following estate planning myths and misconceptions?

I’m Too Young for Estate Planning
Someone as young as 20 years can have a will. Therefore, starting your estate planning while you're still young and keeping it updated regularly will keep your assets free from legal complications in the event of incapacity or death.

I Don’t Need an Attorney to do Probate
You do because the procedural requirements for probates are complex and handing the task of preparing a detailed estate plan to a personal representative will alleviate an enormous burden on you. Besides, your estate planning documents rendered invalid due to errors when you do it yourself.

I’m not Wealthy
All adults who have children or own any property or assets should plan for incapacity and death regardless of the value of their estate.

The Court Can Correct a Bias Will
Even if a will benefits one person or sibling more than the other, the court is not authorized to revise a deceased Will provided he or she executed a valid will in the first place. You may also have a revocable living trust, however, making a will is the best way to transfer guardianship of minors.

Contact Us

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

An Estate Plan Is Needed Even If You Do Not Have Children

Individuals with children usually create an estate plan as the result of advice from financial advisor and estate attorney.  This is due to a sense of urgency and need to ensure there is a laid down plan to cater for the needs of their children in the event of an untimely demise. On the other hand, those without children tend to ignore the importance of having an estate plan, either because they feel it is not necessary or because they feel there is still a lot of time. Whatever the case, it is still importance to create an estate plan that will ensure the protection of your valued assets before and after your death.

You Determine Where Your Assets Go

When you are married with children, it is easy to solve the puzzle of who controls your assets even if that must be settled in court. However, if you fail to create an estate plan, you would be allowing the government to decide what to do with your assets when you pass away. The state courts will determine what happens to your assets in this case dying intestate. Even if you may not have children, you may want to share some of your valued assets with a charitable organization, religious body, a local support group, a foundation you create to award deserving students with scholarships, and other incentives. This will only be possible when you create an estate plan.

Crucial Medical Decisions

In the event of a car accident or a sudden illness that leaves you in an unstable condition, unable to decide the best medical procedure you prefer, you would want someone that can stand in. If you have an immediate family member or children, this responsibility easily falls their way. However, in the absence of an immediate family and without any healthcare directives or information regarding your willingness to accept certain procedures such as donation of organs, specialists are required to carry out only the typical medical care to sustain life. This procedure may involve keeping you on life-saving machines which could massively affect your hard-earned assets. You can never tell tomorrow’s possibilities, so it is important to create an estate plan as it can prevent a catastrophic situation in future.

Choosing a Professional

Although it is possible to create an estate plan without the help of a legal source, it might be ideal and in your best interest to work with an estate planning attorney to ensure the security and legality of the document and to avoid any issues in future. Even if you do not have children, an estate plan is an invaluable asset to make sure your desires are known.
Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

Risks of Not Having an Estate Plan

Don’t have an estate plan for your estate? Are you under the impression that such plans only exist for those with large estates that are well off? If this is your assumption it is false and holds no merit. In fact, an estate plan is the best thing you can do, no matter how large or small your estate is, to ensure the safety of your property, and the well-being of your loved ones. An estate plan is the best way to protect your assets from probate laws. In fact, not having an estate plan subjects your property to several risks and hazards. The following are a few harmful risks of not having an estate plan:

Asset Distribution

The main aspect of a will, trust, or an estate plan is asset distribution. With your estate plan you can tell your family and the law just how you want your property to be divided. If you do not declare the method in which your property is supposed to be divided, the court simply passes on the property to your closest relatives, spouse, and children respectively. This can lead to a number of conflicts arising amongst your family, especially if you have been married more than once or if you are divorced. Thus, to ensure that your assets are properly distributed you need to make an estate plan.

End-of-Life Care

An estate plan is not just concerned with property and asset distribution, it can be utilized for dictating your healthcare during your final days or during illnesses. Often, many people are incapacitated by illnesses in their final days and cannot properly make their opinions and demands heard. Using an estate plan, those affected by illnesses such as Alzheimer’s can dictate their family and friends and let them know their wishes through power of attorney. An estate plan ensures that you are not helpless and that you dictate your life even at the very end.

Challenges caused by probate laws

Probate laws deal with the changing ownership of property and every single dealing that goes into the changing of owners. Without an estate plan, the probate courts will seize your property and subject them to probate laws while your heirs helplessly look on. With an estate plan you will be able to give a proper outline or blueprint about how your property is supposed to be handled. Wills and estate plans might not exempt your assets from estate laws but forming trusts can. The execution of a trust as part of an estate plan is a huge step in ensuring your heirs get what you want them to.

Don’t have an estate plan yet? If not, you should get one as quickly as possible. We never know where life might lead us, and it is better to be prepared for adverse occurrences beforehand. Create your estate plan immediately to make sure that your assets are handled the way you want them to. An estate plan helps you dictate your own life right to the very end.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

Avoid these Costly Mistakes by Hiring an Estate Planning Attorney

In order to pass your estate along to your deserving heirs it is important that you choose a family law attorney to help you draw up an estate plan to avoid extra taxes and probate when you do pass.  An experienced and trusted estate planning lawyer will help to ensure that your assets are distributed properly upon your passing.  They will also be an important part of putting in place a medical power or attorney, POW, just in case you become unable to make decisions regarding your care before your passing.

The process of finding an attorney that is qualified to help you can bequite daunting.  It is however impertitive to the success of transferring your assets upon your passing.  The right attorney will not let you make the mistakes that many people commonly make when creating an estate plan.  There are serious blunders that can be made that should be avoided to create an easy transition of estate upon your passing or if you should become incapacitated and are unable to make decisions for yourself.

Avert Common Misconceptions

Many people think that hiring the services of an estate planning lawyer is only for the rich and affluent.  This however is so far from reality.  Proper preparations for distribution of properties is essential.  Everyone has assets of one kind or another be it real estate, investments, personal belongings,and more.   You do not have to be rich in order to own assets that you will want distributed to your family without the hassle and expense that can come from probate.

Regardless of your financial assets, it is beneficial to have an estate plan in place to distribute your assets.  Asset distribution can be more efficient using a professional lawyer.  An attorney can help reduce the taxes to ensure a smooth transition of these assets to your beneficiaries. The idea is to make sure that your properties are transferred according to your wishes and not determined by a court.

Initial Arrangements

When seeking an estate planning attorney, there are certain things you would want to ask first. Know what the service charges are and what are the best proceedings in place to be applied to reduce tax requirements. Also, check to see if there are any apparent problems with your wishes among the beneficiaries and how best to make these arrangements.

A will or trust may be needed to be updated after the initial draft of your estate plan. So, make sure that you understand about the process. Your lawyer should be provided as much information as possible, which will make it easier to prepare your estate plan. Discuss your bank account information, insurance, pension and retirement plans, debt list, etc. with the attorney during the process.

Seek Attorney References

The best way to look for an estate planning lawyer is to ask for references. Use the help of attorneys, financial advisors, or even the local bar association to find out about professionals near you. Look for advertisements that offer relevant information. A good resort can be to look up online and visit the websites of local attorneys in your area. Professional attorneys will have a proper website with adequate information regarding their service. You may even find testimonials of satisfied customers that have sought real estate planning of their properties.

The power of a good estate planning attorney will help plan your assets well for the time when it comes to distributing your properties among the beneficiaries. A specialist in the field will be the best choice for the job.

Benefits of Gifting Assets

One of the most prominent benefits of segregating your properties is to reduce estate taxes. Once these assets are distributed, they cease to hold against the value of the estate. Hence, taxes levied are comparatively much less. Another advantage is that a capable attorney will remove the hassles that your beneficiaries may have to bear related to paying taxes, litigation, and other additional expenses.
The biggest benefit however is the peace of mind that the asset owner gets by appointing an estate planning lawyer to handle the task of distribution. Knowing that your beneficiaries will not have to face tedious legal issues to claim their rights will be quite a relief.

By incorporating a proper will in place with the legal documents to specify the rightful heir to your property, you will be able to receive the opportunity to determine who acquires which of your assets. An estate planning attorney will help you greatly in the process so you can be rest assured that your belongings get distributed in the proper way as per your desire.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

The Important of Updating Existing Estate Plans Going into a New Year

Managing legal issues of any kind can be difficult but especially those dealing with the passing of a loved one and probate.  The issues that can arise in these situations often cost a good deal of time and money to establish their outcome.  Although these situations should be avoided with an up to date estate plan in place this is not always the case. We get busy and what was once true and current can often become dated and murky.

Estate Planning Attorney

Hiring an attorney that specializes in family law while focusing on elder care, estate planning, and probate law can often help in ensuring that upon your passing your estate is distributed without issue.  However, if there is an issue they will understand how to help your family to avoid time consuming, costly legal battles.
To avoid issues that can arise upon your untimely passing or inability to take care of yourself any longer you need to have an updated estate plan in place.  There are a million and ten reasons that an estate plan can become outdated therefore it is important going into a new year to look at what is in place and make the updates that are needing.

Life Is Full Of Change

There may be major reason in your life including changes in the law, family changes including divorce, marriage, death and more, personal decisions, and more.  Documents within your estate plan also can become outdated.  Another scenario that often comes up are with the sub trusts and the federal tax exemption and portability which are a new concept.

Federal tax is assessed on the descendent and their estate for any amount larger than the exemption that is allowed upon death.  The estate and gift tax exemption for 2017 is 5.49 million per individual.  It is also important to think about relationship changes within the family; were there any marriages, divorces, births, deaths, adoptions, and so forth.  These changes to your family should be accessed and modified as seen fit.  Keeping an up to date, crystal clear, plan for your estate will ensure an easier transition for your family upon you passing.  The last thing that people want during the grieving process is to process issues arising from improper planning.

Updating Your Legal Documents

There are several reasons to update wills and trusts, estate plans, beneficiary information, and so forth.  No one likes to think about it, but your passing can happen without any notice.  In case of your untimely passing it is important to ensure that estate ends up in the hands of the beneficiaries you desire.

To guarantee that this is the case it is important to have a plan in place that is regularly reviewed and updated by an attorney specializing in family law and estate planning.  Having an attorney that is up to date on the current laws regarding inheritance, real estate, transfers of ownership, and the working of the courts in all things related to probate as they can make sure the documentation is valid and the changes that are completed are done so according to local and federal laws.
There are times when you have in your mind about changing the estate plan but due to your ignorance you do not complete the task. In such situation if a serious condition or death occurs then it becomes difficult to manage your estate plan. It is always important that you never let anyone know what you want them to have and simply get it done to the estate documents.

Make Yearly Reviews A Necessity

It is important to make changes as you see fit however we all know how life gets in the way.  Make sure to get in at least once a year around the New Year without exception.  There is no meaning in waiting for the time to come. It is important that you complete this task as quick as it is possible for you so that you get peace of mind. If you are not having a plan, then you should meet your estate planning attorney in New Year and plan. You should get the documents ready as soon as possible. If you have assets, then you should get some beneficiaries added to it.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at http://seanjnichols.com/estate_planning.  To contact the offices of Sean J Nichols, call 734.386.0224 today.

Blended Family Estate Planning

We have all seen blended families portrayed on TV.  They are always depicted by happy, wholesome family members that love each other to the depths of their hearts.  In reality however, this is not always true. The love factor may always resonate but elements can fade when it comes to the passing of a loved one and their estate.  Often time’s things get messy.
In order to skip that mess and to have a better plan, it is important to hire an estate planning attorney whose firm specializes in family law who will help you create a plan to prevent any uneasiness between family members upon your passing.  However, before you do that, you should really consider your future. In doing so, you should alleviate any guess work and but incorporate all the metrics which can give you a real insight into what lies ahead. Also, it can be said that the future of your blended family depends upon who owns the estate, how many members have a right to it, and are there any preliminary steps already taken by the estate owner.
There are three basic considerations to think about when you are estate planning.

1) Trusts

Trusts are established in order to ensure a healthy distribution of the assets of a remarried couple. There are many types of trusts, the QIPT, Marital, and Bypass trusts. However, choosing the right trust depends upon the financial status of the real estate.
It should also be noted that whatever trust you are establishing, you should always consider placing your children as the intermediate beneficiaries. By doing this, you conserve their rights as on your death they will be paid some amount.
On the other hand, if you name surviving spouse as your successor trustee, then chances are that the differences between him or her and your children will pull the family in troubles in the future.

2) The Power of Wills and Attorneys

It doesn’t matter which kind of trust you establish. If you’re living will says something otherwise than what the trust says, then your will is the one that is going to be preferred. We recommend you set up a living will and also establish power of attorney not only for your medical decisions but also for the financial decisions when you are no longer able to take them yourself.
This practice can eliminate the confusion and the emotional stress that would prevail in your family upon your terminal ailment. Also, someone who is experienced and sound minded will help you indirectly steer things the way you want it to go.

3) Life Insurance Policies and Retirement Plans

Both of these require you to name beneficiaries for the assets that they bear. Upon your death, the beneficiary that you have named will be given all the assets. Thus, it is necessary for everyone to check the beneficiaries which they have named so that a minor or a former spouse is not listed.
Finding the right estate planning in a blended family can be a tough task because in such families the tendency of complexities is more. Thus, in order to get everything right, work with an elder law attorney that offers specialized services in family law.
Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

Don't Forget To Update Your Estate Plan in the New Year

Estate plans like everything else in life needs to be renewed on a yearly basis. The fact that you had it done at all does not mean you should lock it up in the safe to gather dust. Every day there are changes in your life from personal circumstances, finance, health, and business dealings of great importance. These changes inadvertently could make your last estate plan obsolete, and there is the need for new plans to prevent unforeseen crises from posing greater burdens to your family.
Your estate planning will improve on the last draft and take care of any infraction of the law in case there have been changes in the law upon which the old Wills was made. The following outline the reasons you need to update your estate plan in the New Year.

Changes in Tax Laws

The law of the land is what gives Wills its legal teeth. If your estate plans run contrary to provisions of the law, it may become a burden to your family after you are gone. Engaging in estate planning update helps to bring your current wills under the prevailing law.

Divorce and Marriage

The last estate plans you did, you were in a marriage, but you just divorced and to leave the Wills in favor of your ex-partner will cause problems for your survivors when you are gone. Updating it now will replace it with the right beneficiary.

Changes in the Size of Your Estate

We grow older every day; your asset may increase or reduce as the case may be. Whatever is the situation, estate planning will add the correct asset value in your estate to make life a peaceful one for your family after your departure.

Acquisition or Disposition of an Asset

When you change the physical structure of your asset whether by acquiring more assets or you dispose of some assets, it is expedient to update your estate so you can factor in the new reality into your Wills.
Change in trustee, guardians or personal representatives. Wills are drafted to settle our estate most amicably after we departed; at the time of the last draft, your baby had a Guardian whose name appeared in the Will, but that has changed to a new person. A new estate planning will take care of the changes in the name of the guardian or representative.

New Thinking

We all seem to get better with the passage of time; this may be enough reasons to have a rethinking on some issues which may necessitate a change in your estate document.

New Rules Surrounding POA Rules

Some financial and health institutions have laws that may cause them to refuse Power of attorney if its older than certain age (a year or two), updating your estate planning will make your current Wills fresh, new, and current to make your Wills acceptable.

A yearly update of your estate plans makes it current and agrees with your life at the moment. Your survivors will have no problem executing your wills after you are gone without constituting a burden to your loved ones.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

Functions and Duties of an Elder Law Attorney

Elder law attorneys and elder care attorneys deal with legal needs of the elderly – those typically above 65 years of age. Elder care attorneys also work on behalf of their disabled clients who are below 65 years of age and have similar long-term care needs to those of the elderly.

Duties of an Elder Care Attorney

One of the main functions of an elder care attorney is the provision of legal assistance in the case of will and estate planning of the elderly. The scope of elder law attorneys, however, extends to assisting the elderly with any legal issue they may have. These issues include:

• Living wills – An elder law attorney helps to draft a will and advise on estate planning that protects the interests of the elder and the family.
• Long-term care – An elder care attorney uses his experience and expertise to locate the right nursing home facility that will provide long-term quality care at an affordable cost that works for the elder and his family.

Nursing Home Care

An elder care attorney also keeps abreast with the deliverables promised by the nursing home and ensures that they carry out their obligations efficiently. Should the need arise; the elder care attorney defends the rights of the resident against neglect, negligence or improper treatment of the resident.

• Guardianship – An elder law attorney advises the elder on the prudence of enabling a family member or any other responsible person to make decisions on his behalf with regard to his health, finances and legal issues if he becomes incapacitated.
• Medicaid Eligibility – An elder care attorney advises on how to plan for long-term care while protecting your estate from being taken up with medical costs. The three main ways of paying for long-term care is either self-paying, long-term care insurance or Medicaid.

An elder care attorney helps to advice through the complicated web of Medicaid eligibility and by understanding the system guides the elder in a successful estate planning.

• Probate administration and representation – An elder law attorney facilitates arrangements of estate administration and representation early in advance for the benefit of the family. In the event that disputes do arise after the passing of the elder, the elder law attorney helps in resolution of these disputes including matters of a contested will.

Factors to consider when choosing an elder care attorney

• Expert and exclusive focus on elder law – Elder law can be very complex, detailed and ever-changing and the ideal elder care attorney is one who is intimately familiar with it and practices it regularly and seriously.
• Experience – Long-term expertise and experience are the cornerstone of a successful elder care attorney who is able to handle each client’s case in an individualized and experienced manner.
• Active and Good Listener – The ideal elder law attorney is one who takes the time to understand the client’s needs and specifications and is attentive to listen and care about your welfare and working together with you to craft the best solution.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

Elder Law: Helping Seniors Plan For Their Future

One of the best things about U.S. law is that there are so many different areas of it that cover all aspects of life. Among the many different areas of law that attorneys can specialize in, elder law is just one. Elder law comprises of helping aged people plan for their future and for what happens after they pass away. While it's not a subject that people enjoy talking about, it's a necessity for all seniors. Attorneys who practice elder law can help elderly people with all aspects of their current life and assets.
Many different issues fall under the elder law heading, but some of the most common are outlined here.

1. Estate Planning

It's crucial that a properly executed will is prepared for you to make sure your estate is adequately handled after your death. Meeting with estate lawyers to discuss your heirs and last wishes are crucial if you have an estate of any size. A will that clearly and concisely states who will inherit what and how your estate is to be distributed can prevent your heirs from squabbling about your estate after you've passed away.

2. Protecting Seniors from Abuse

This is one of the most distressing examples of why you may want to consult an attorney specializing in concerns of the elderly. If you have an aged parent who is in a nursing home, receiving skilled nursing care, or being cared for by someone else and you suspect that your parent is being neglected or abused, you must consult with a litigation attorney as soon as possible who specializes in cases of elder abuse. They can give you the guidance and support you need while investigating and filing suit against the abuser or abusers.

3. Conservatorships

It may be necessary to establish a conservatorship over an elder's estate when proper estate planning documents have not been put into place. To make financial decisions essential and healthcare for an elder court intervention is sought to grant someone the authority.

4. Help with Financial Planning

Are you planning to retire? Then an elder law specialist can help you develop a stable, long-term financial plan that will protect your finances while allowing you to live comfortably in your golden years. Estate lawyers can also help you choose an appropriate nursing home or assisted living facility when the time comes and oversee your finances to make sure your bills are paid, and your property is handled correctly.

5. Social Security Disputes

Social security is a financial safety net for many seniors after retirement. Depending on the monthly checks you receive from social security can be difficult, particularly if you don't feel you're receiving appropriate benefits. If you have a dispute over your social security payments, an elder law litigation attorney can represent you and protect your interests, helping you get the social security benefits you deserve.

An elder law attorney can be an excellent partner for you as you plan out the legal and financial aspects of the next stage of your life or the life of a loved one.
Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

The Importance of Estate Planning

The purpose of estate planning is to help you achieve your personal and family goals after you pass away. It ensures that your assets will end up in the hands of those people whom you wish them to go to so that you can reach your personal and financial goals even after you die. You also can reduce the amount of taxes paid by planning your estate in the right way to ensure that your heirs receive a more substantial inheritance.

Estate Planning Attorney

Know this; your state treasurer or an attorney may be the most significant beneficiaries when you pass on if you don't have an estate plan. Your family will be able to avoid unnecessary taxation and high payments to an attorney with estate planning and trusts. Proper estate planning by a probate lawyer doesn't have to cost a fortune, and it puts you in control of the division of assets. It gives you control from the grave on the disposition of your items besides saving dollars that you want to go to your family.
The saying that the only two sure things in life are death and taxes has existed for centuries. Death is certainty and something that must be faced, but people don’t like thinking about it. A plan for your estate consists of a set of documents that help you plan for taxes and death, and it is something that nearly everyone needs -- regardless of their financial and familial affairs are complex or simple.

Do You Want Probate Courts To Decide For You?

Many of these are problems most of us never think of during our lifetimes or are things that we simply choose not to believe. But if there is no plan in place, these issues are handled by the courts. It is therefore essential to have a plan in place so that you can decide for yourself the best choices for your family, such as who will care for minor children, who will receive your property, and who will finalize your affairs.

Naming an Executor

You also name an executor or executrix for the estate in the will. This is the person in charge of distributing the property at your demise. It is best to name an alternate if the primary executor is unable to do the job. You can use a spouse for this or a trusted child. This person overlooks the work of the attorney at the time of your death and arranges for the distribution of your property. If you worry about finding you'll want someone else later, don't. You can change any part of your will at any time.
Estate planning can be a somewhat complicated matter, and it does require good judgment to ensure that you achieve the outcomes you desire. It gives you a choice while you are alive to determine who, what, when, where and how your estate will be handled. It also allows for substantial savings when dealing with tax issues, court costs, and attorney fees. Planning your estate also helps your loved ones avoid the burden of having to deal with bureaucracy and confusion after you pass away.
Planning an estate can be a bit overwhelming. However, a lawyer specializing in estate plans has the knowledge and experience necessary to guide you through the process while. When you have a good plan in place, you are given the peace of mind knowing that all of your affairs will be handled as you wish after you leave this earth.
Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

Legal Services for Family Issues

Different types of family issues can be handled with the help of professionals in legal practices. Legal professionals are needed for making wills and trusts in order to give property to legal owners. Trusts are made in order to handle all the finances in a professional manner. Wills are made by people at the time of death in order to distribute their property to their desired people.

• Many professionals in law are available in order to provide services for making wills and trusts to help users.
• With the help of professional assistance it is possible to get benefits in many ways and remain safe from legal complications.
• You can have your family law attorney who will work for you and deal with your family issues.
• All types of legal issues related with any family can be handled with care with the help of professionals.
• There are many legal complications which are involved at the time of distribution of property.
• If the family members are not able to settle the matters of property among them then they have to consult with legal professionals who will check the matters and get legal decisions.
• Those people who have property and money and who are willing to give them to a desired person at the time of their death must use wills.

They hire professionals in law who will draw up a will for them. This legal document is used after the death of the person. In this document all the details about distribution of property are mentioned to help in smooth working. All the heirs of deceased person are required to work as per instructions of will. Details are mentioned about the amount of property and money to be given after the death of owner of property.

Lawyers and attorneys are given wills to make sure that the details and instructions in the will are completed and followed. Many people like to make a trust so that they can give care and money to their desired people. Trust is handled by legal professionals as per instructions of makers of trust. A beneficiary is nominated in trust who will receive the benefits of trust.

There is a specific term for which trust will work and at the time of completion of that period the person nominated as beneficiary will receive the benefits. Trusts are working to make sure that the nominated people could receive benefits without problems. Mostly trusts are made for kids who are not mature enough to take care of themselves. A beneficiary is nominated who works to make sure that the rights of kids are completed till a specified time period.

On that time the rights of property are transferred to kids and they are able to use the property or other things in trust. These and many other family related matters are handled with care through professionals in law. Many people are using wills and trusts and using services of legal professionals. You can hire a family law attorney who will work for you and deal with all types of legal issues to make sure that you can get benefits.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

Estate Planning Legal Services

When it comes to estate planning there are a number of professionals that can provide you assistance but none as thorough as an attorney that specializes in estate planning, family law, and/or elder law.  It is important to have the help of a professional when looking into creating a plan for the future and creating an estate plan.  An estate plan will help ensure that your property is distributed properly to your family and friends upon your passing.

Estate planning was designed to cover a person’s whole life span in matters related to their life and death.

Facts Surrounding Estate Plans

• You can hire an attorney that specializes in estate planning to assist you in establishing a reliable plan of action for your estate. This is helpful in case of your untimely passing or if something should happen to incapacitate you.  It allows your wishes to be known and followed through on.
• Having an estate plan in place not only offers you as an individual protection but your family as well.
• Estate planning allows you to avoid probate court and give protection to your family members and friends.
• An estate plan allows you to keep your money and property while you are living and transfer it legally to family.
• Many different benefits are derived from creating an estate plan. One benefit that is important is that you can nominate a person who will use the property at your death so that the property and other important belongings can remain safe from unauthorized access.  It also allows your property to be transferred to the desired people.
• Often times an attorney specializing in estate plans in order to get the biggest benefits. Professionals can offer up a number of options for users to choose from when they are creating plans for their estate.

All of these options will help make reliable selections when creating a detailed estate plan.  With the help of an estate planning attorney you get legal protection for your money, property, and other important things. Detailed investigation and reporting will be done and legal steps will be followed to make sure that you are going to use the property and transfer it to your desired persons.

These types of plans are important as these help in legal transfer of property from one person to another. Property matters are complex and take a lot of time to settle. In case of estate plan it is possible to transfer the property to the legal owner at the death of original owner.

Estate plans are reliable and legal in order to help users to remain safe from problems in transfer of property. There are many types of problems in connection with transfer of property when the original owner is dead. Estate plan is giving details about the legal owner who will use the property after the death of original owner.

The original owner is able to transfer the property and other things to desired persons with the help of estate plan. If you want to use the property and transfer it to legal owners of your choice after your death then you must use estate plan. You can hire attorney specializing in estate plans in order to get these types of services.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.