MICHIGAN CITY ESTATE PLANNING
Estate planning is necessary for anyone who has assets and wants to make sure those assets are (1) managed properly to maximize their worth and (2) protected for the benefit of beneficiaries. There are multiple ways one can plan his or her estate. An experienced estate planning attorney in Northwest Indiana can review your assets, listen to what your intentions are with those assets, and then advise you on your best options.
At Guy DiMartino Law, our legal team is committed to the needs of our clients. We have a thorough and comprehensive understanding of estate law and help our clients benefit the most from his or her assets and estate planning. Below is a summary of some of the services we offer.
ESTATE PLANNING: WHAT SERVICES DO YOU NEED IN INDIANA?
Not everyone needs a trust and not everyone needs family-owned business planning, but there are some things, like wills and powers of attorney that at some point all persons will want and/or need. At Guy DiMartino Law, we first like to sit down with you and review all your assets and any documents you may have and discuss your intentions, concerns, and overall plans. Then, based on this information, we will advise you of what services may be employed in your unique circumstances to benefit you the most.
Common estate planning services we provide include:
Drafting, administering, and managing last wills and testaments
Drafting, administering, and managing living wills
Drafting, administering, and managing trusts
Managing and protecting assets
Litigating in probate court
Challenging wills or trusts when necessary
Planning, providing guidance, and managing family-owned businesses
Creating and managing powers of attorney
Establishing and managing guardianships
Providing many more services to customize our legal counsel to your personal needs.
We will make sure we take a comprehensive approach to your estate planning needs. We will look at what you have and compare it to the law to ensure that we take advantage of what the law offers.
ESTATE PLANNING: WHEN DO YOU NEED AN ESTATE PLANNING LAWYER IN MICHIGAN CITY?
Estate planning is important for just about anyone, as already mentioned, but there are specific purposes when you need an estate plan and a competent, resourceful estate planning attorney to help you with it.
Making sure your beneficiaries avoid probate court is probably one of the main reasons you want an estate plan and one of the main reasons you need a qualified attorney to help you plan it. Estate laws can be complex and an unclear plan (or no plan at all) can foster disputes and challenges. Having an attorney devise and manage your estate plan is key to making sure your assets are distributed in the manner you want them to be distributed with minimal hassle and in accordance with the law.
REDUCE ESTATE TAXES
In Indiana, there are no state estate taxes, but you still must abide by federal estate tax law — and federal estate taxes can be significant. An attorney will make sure that, if you qualify for federal estate taxes, you follow the rules accordingly. But an experienced estate planning attorney will also make sure your estate plan is put together to reduce or avoid taxes altogether through the use of things like trusts or other advanced estate planning techniques.
Beneficiaries — whether they are family members or other loved ones or even entities like charities — will not be protected if your estate plan is not strategic and fool-proof. An airtight estate plan will protect:
minor beneficiaries by appointing a guardian or conservator of your choice as opposed to a state-appointed one;
adult beneficiaries who may be inclined to make bad decisions, particularly bad financial decisions, via the influence of outside entities like credit card companies or ex-spouses;
pet beneficiaries who you want cared for and protected after your death; and/or
charities that are close to your heart and who you want to benefit from your years of hard work.
Well-thought out and designed estate planning protects beneficiaries by providing clear instructions and reducing the potential for family discord or challenges to the estate.
Estate planning can protect your assets from things like third-party threats (e.g., potential lawsuits). Once you are sued or your assets are otherwise threatened, it is too late to devise a financial plan to protect your assets. So, having one in advance is critical.
When you get older, you want to make sure more than at any other time in your life that your estate is in order. You also want to make sure you have named a power of attorney to handle all things related to you, especially if you become mentally incapacitated or so ill you are unable to speak for yourself.