As an estate planning attorney, I work hard to provide my clients comprehensive estate-planning services. I stay informed on the most recent changes in elder and probate law, and I also work closely with other professionals who are experts in certain areas that overlap frequently with planning someone’s estate. These individuals include tax accountants and financial planners. They have expertise that I simply do not have, but the services they offer my clients protects the assets covered by the client’s plan I prepare. I always recommend working closely with a financial planner or advisor regarding your retirement assets, as well as future preparation, including long-term health care planning.
During your first meeting with me, I will ask you to provide the different assets you have, describing the nature of each and estimated value. For many individuals, the great majority of their wealth is tied up in some type of retirement account, whether it be a 401(k) through an employer, an IRA, a pension or a combination of many different types of accounts. These accounts are considered non-probate assets, which means they are not subject to the jurisdiction of the probate court in the event you have a will or die without an estate plan. Instead, they go directly to the beneficiaries designated on each account. Therefore, these assets will not be included in the probate inventory fee and will not be handled by probate court.
However, if you choose to prepare a trust as part of your estate plan, your financial accounts do play a part in your planning. Depending on the types of accounts, their value, and the age of the proposed beneficiaries on the accounts, many different considerations play into what you do with these accounts. One of the first questions during our consultation that I will ask is if you work with a financial advisor. If the answer is no, I will always refer you someone who can meet with you to discuss the best options for you when it comes to planning for your future. With your permission, I also will work closely with that individual to ensure that the estate plan protects what the financial planner has in mind for your accounts.
An estate plan is a continual process. Over time, your needs will almost certainly change, and your estate attorney should work with your financial planner to ensure that you are covered on all fronts. Consider it a type of “annual check-up,” just like you would schedule with a doctor or other medical professional, and check in yearly or every other year with your attorney and advisor to make sure your assets and legacy are protected. If you need a referral for an estate attorney or for a financial advisor, these professionals frequently will know of individuals they trust implicitly and will refer you to that person. In fact, referrals are always a safe and efficient way to make sure you are finding someone who can produce quality services for you.
At Sullivan Law, we offer estate planning packages at a flat and reasonable fee. We also offer free consultations to discuss what your needs are, what you would like to do, and how that can be best accomplished. Everyone’s needs are different, and your wishes should be clearly listed and understood. Sullivan Law is also a provider law firm through the Hyatt Legal Plan and regularly helps clients employed by many of the regional companies in the Greater Detroit area.
Call us at 248.917.1351 or email at asullivan@sullivanlawonline.com to schedule your free consultation today. We look forward to working with you!