Estate Planning Lawyer Petoskey Michigan
What is Estate Planning?
Estate planning is when an individual's assets are arranged to be transferred legally when that individual passes away. Mortimer Law Firm Specializes in Estate Planning in Petoskey, MI and Alpena, MI.
What is a Beneficiary?
A beneficiary is an individual that inherits assets in the estate plan.
Why are Wills and Trusts important?
Wills and Trusts allow individuals to distribute their assets and wealth to whom they want. Mortimer Law Firm's estate planning lawyers in Petoskey, MI and Alpena, MI have helped many individuals in Northern Michigan with Wills and Trusts. Our staff talks through all options and allows the client a peaceful state of mind when making important choices.
What if I don't have a Will in Michigan?
With no Will an individual’s assets will be distributed according to Michigan state law. In certain states assets could be divided between a spouse and children. If you have a Will you might want to review it and have changes made if you have an extreme financial change, divorce, new born children etc. An experience Wills and Trusts Attorney can ensure all requirements are met and the Will is executed professionally.
Mortimer Law Firm provides Living Trust services in Norther Michigan. We have helped many clients with arrangements such as naming trustees and beneficiaries.
How a Living Trust can Help you
A living will is a legal document to assign control over an individual's estate and/or decision making if that person is in a coma or unable to communicate. An individual can have an estate lawyer draw up a living will to order how future medical conditions will be handled.
Why do I need an Attorney for Estate Planning?
Estate planning enables individuals to protect their assets and investments for the future. It is important for every individual to plan for the future. An attorney will analyze your situation, plan accordingly, execute the plan of action and complete necessary paperwork. In the event that an individual passes away it is important to have the assets distributed to the correct individual(s).
Living Wills and Power of Attorney in Petoskey Michigan
Wills and Trusts
A Trust is a legal arrangement in which the grantor transfers legal title of property to a trustee to hold and manage for its beneficiaries. If the grantor is worried that he or she may lose the ability to manage his/her finances, the grantor could transfer legal title to a trustee. The individual known as the trustee is given the legal right to manage the home and other assets, regardless of the proficiency of the grantor.
A Trust has lots of prospective benefits. It can address distinct family issues, offer tax breaks, and protect possessions for family members. An additional advantage of a Trust, especially as compared to a Guardianship, is its versatility.
Generally, there are two kinds of Trusts: Living Trusts and Testamentary Trusts. A Living Trust is established while you are living. If revocable, you can alter it. If irrevocable, you cannot change it. A Testamentary Trust is established in your will. The Trust becomes irrevocable upon your death.
Power of Attorney
A Power of Attorney in Petoskey Michigan is a document a person signs to give someone they love the legal authority to represent them after they can no longer make decisions.
A Durable Power of Attorney is a document a person signs to give someone they trust the authority to help make decisions for them even if they can no longer make sound decisions. A durable power of attorney does not fail for the incompetency of the principal.
Protection of Family Assets
- Protect your current assets with a customized asset protection program integrated with an estate plan. It is important for individuals to have asset protection from creditors and/or possible lawsuits.
Long Term Care, Assisted Living & Nursing Home Elder Law Northern Michigan
- If you and/or your loved one is mistreated in assisted living homes, nursing homes, healthcare setting etc. contact us today. Our team of Northern Michigan attorneys have experience dealing with cases of mistreatment, negligence and wrongful death.
Handicap & Special Needs Trusts
- Individuals with certain disabilities and chronic illnesses can have assets held in a special needs trust.
Two Types of Special Needs Trusts in Michigan:
- First Party Trust ("Self Settled") is when the assets are funded by the beneficiary and/or assets
- Third Party Trusts is when assets are funded from an individual(s) other than the beneficiary and their spouse.
Medicaid Planning Elder Law Petoskey Michigan
Mortimer Law Firm consults clients in medicaid in regards to planning, applying, asset and estate protection.
Our team can help you pursue benefits owed to you through Medicare, Medicaid and the VA (Veterans Administration).
Why Mortimer Law Firm?
Mortimer Law Firm is a well known firm in Northern Michigan. Rory Mortimer has over 30 years of experience in general law and estate planning services. Mortimer Law Firm is located in Northern Michigan and has 2 office locations. Full service legal services available in Petoskey, MI and Alpena, MI.