PRLog - June 25, 2014 - REDFORD, Mich. -- Each of us should focus on planning his or her estate (retirement planning and how to pass their assets onto their children) now, more than ever before. If your estate is unprepared, you may pay more than you need to pay to the government, and your kids may suffer the slings and arrows of the American Probate court system.
John Keenan- Redford Probate Estate Planning Attorney
Some of the best advice ever offered is “be prepared.” Unfortunately, too few in Michigan are prepared for retirement, and even fewer know how navigate the Probate court system to ensure that they receive their inheritance.
Here are 3 Easy Steps to Help You With This:
1) Meet with an experienced Probate & Estate Planning attorney in addition to your CPA.
They know how to draft important estate planning documents which help your heirs more easily move through the probate court process. Without, at least, a Will, to let your wishes be known as to how you want to pass on your assets to your heirs, the distribution of your assets can become a free-for-all, and have the potential to destroy the relationships among your children.
2) If you would like, your attorney can draft a Trust, which can allow you to bypass Probate altogether.
3) Discuss possible ways to protect your assets from taxes with your probate & estate-planning attorney.
Meeting with an expert Probate & Estate-Planning attorney in Michigan, like John Keenan at Keenan & Austin P.C., will give you insider information about the probate court process, and how to plan your estate accordingly.
Two simple tips are to put your retirement funds into a Roth IRA instead of a traditional bank account, and as of 2014, you can give up to $14,000 as a gift to your spouse or children tax-free. You can pull money out of your Roth IRA tax-free after the age of 65, and, as an example of the tax-free gift, if you give $5,000 to your spouse, you do not pay income tax on that $5,000 and neither will your spouse.
“The gift tax exemption is one of the easiest ways to protect your annual income that many people fail to take into account.” – John Keenan, Redford, Michigan Probate & Estate Planning attorney.
If you have any further questions about estate planning or the probate court process, we encourage you to meet with your local Probate & Estate Planning attorney to discuss your options, and a plan that best fits your needs.
If you live in Southeastern Michigan, you can call John Keenan at Keenan & Austin, P.C. at 313-532-2100 to schedule an estate planning appointment or visit their website for more information.
or visit the homepage at http://www.keenanandaustin.com
If you'd like more information about this topic, or to schedule an appointment with John Keenan, please call John Keenan at 313-532-2100 or e-mail John at Keenattorney@
Keenan & Austin P.C.
Keenan & Austin P.C.