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Two of the best tools you can use to pass your assets on to your loved ones are wills and trusts. At Herbert Machnik Law Firm in Kalamazoo and Jackson, we work with people throughout Michigan from all walks of life to create practical estate plans that may include wills and trusts, as needed.
As estate planning attorneys, we educate you about your rights so you can make the right decisions for you and your family. In doing so, we provide straightforward guidance coupled with cost-effective methods. We are detail-oriented but focus on the holistic picture to make sure you stay on track to achieve your goals.
There is a common misconception that wills, trusts and other estate planning documents are for only very wealthy individuals. This could not be more inaccurate. Every adult should have a last will and testament to identify their beneficiaries and let their surviving loved ones know who receives which assets and property. A will can also prevent in-fighting or a drawn-out court process that frequently results when someone dies intestate.
A trust is a formal financial arrangement where you can place certain assets such as money or real estate into the care of a third party called a trustee. Through a trust, you can distribute money or property to the beneficiary at designated periods while shielding the assets from tax penalties. If you want to help your inheritors avoid the costly, stressful and emotionally draining process of probate, one of your best strategies is to use trusts strategically. Our estate planning and elder law attorneys can also help you use trusts to qualify for Medicaid.