Seven Threats To Your Estate
Proper Planning is Crucial
I recently interviewed Hugh Woodrow of the Cronin Law Firm, located in Bloomfield Hills, Michigan. We discussed the topic of Seven Threats To Your Estate. The following scenarious are all situations that people find themselves in and are important issues to be aware of.
- Losing control or access to your assets. This can happen when you least expect it. It can be due to an accident, a medical emergency such as a heart attack or stroke.
- Not knowing the law. It is important to talk to an expert attorney regarding estate planning and elder law. Looking up a form on the internet is not the right answer.
- Not knowing your predators. You would be surprised at how often a family member or close friend will use your trusting nature to take advantage of you and take your money.
- Your health fails. We never know what tomorrow may bring. A heart attack or stroke can come without any warning. Alzheimer’s or dementia can change our lives irrevocably. We are now in the middle of the Coronaviris Pandemic. These are all reasons why it is important to have an estate plan in place to cover as many contingencies as possible.
- Failing to plan when you can, as opposed to when you can’t. Look at your options, talk to your family and have an estate plan to protect you and your loved ones.
- Not working with qualified professionals. You need an expert in estate planning to assist you. Get referrals from attorneys, check credentials and experience. Don’t hesitate to ask questions.
- Don’t know costs. There are attorney fees to prepare a proper estate plan. Think of the costs of failing to do so. Elvis, Prince and Aretha Franklin are prime examples of people with substantial estates who failed to have a will or trust. The costs in taxes and litigation for failing to do what is necessary can be enormous and wars between heirs are not what you want.
We covered a lot on our interview with the goal of helping to make you aware of positive solutions. If you have ideas or questions, please share them with us.