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Wednesday, February 1, 2017

February Estate Planning News

Most of us make New Year's resolutions and many of us give up by the time February hits. However, estate planning should not be one of the things that you quit on. It is a delicate subject for sure, but an essential one.

Lets look at an all to common scenario, a young couple a few years into their marriage, just had a new baby, and all things are going well, well enough in fact that they were able to save enough to get a great house. They put a large down payment from their wedding monies and things were moving along.  Then Bam! car accident. Husband is hit and severely injured, in a coma. Bad news, the young couple had no planning in place, no medical directives, no power of attorney, and no will. More bad news, the house and biggest bank account are in the husbands name only (they were meaning to get that transferred to joint accounts) because they were his accounts before they married, and they did not change them yet, even after a few years. Husband is in grave condition, and his wife and daughter are stuck, they cannot access the bank account, and they have little cash on hand. Fast forward, and husband dies as a result of the accident. Now what! Still cannot access the bank account, and now the house that has some equity will now need to pass through probate (it was not a joint asset). CALL ME AT 313-343-9930 to find out what the horrible outcome to this scenario is.

Let us look at a all to uncommon scenario. Your father passed away 5 years ago. You remember the pain and the sadness that you felt. How, everything was crazy, things were moving so fast. But your father was a bright man, he knew that this day would come, sooner or later, he was a practical man and he made the right plans. He made sure you and your mother were taken care of. He did all the right estate planning and took all the right precautions. He had a WILL, a DURABLE POWER OF ATTORNEY and a MEDICAL DIRECTIVE, in addition he had assets and accounts set up that made your mothers life, and transition a little bit easier. What did dad do! CALL ME AT 313-343-9930 to find out!

You need to protect yourself, your family and your assets, if you don't the State will.

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