In Need of an Estate Planning Lawyer in Bloomfield Township?
Our esteemed estate planning lawyer, Douglas Kuthy, is a seasoned professional with over thirty-five years of experience in estate planning and probate law, just shy of the Bloomfield Township community’s median age of 45.
Bloomfield Township is a charter township in Oakland County, Michigan, a northern suburb roughly 20 miles northwest of downtown Detroit. At the last U.S. Census count, the township had a population of 44,253. In the past decade, it has been ranked as one of the most expensive communities in Michigan.
The township’s population was spread out over 16,804 households, of which 31.1% had children under 18, 68.1% were married couples living together, 24.4% were non-families, 21.6% of all households comprised individuals, and 9.3% had someone 65 or older living alone.
This is important because everyone in the Bloomfield Township community has different financial priorities, whether it is planning for their kids’ college, hardworking goals, or a long and happy retirement.
Our law firm operates as an extension of the community, possessing the experience and deep understanding of the legal landscape in Bloomfield Township, making our Michigan attorney an ideal partner for diverse estate planning needs. The risks and complications that can arise without an estate plan are significant—no matter your age—and it’s our mission to help you avoid them.
Contact Douglas Kuthy today to schedule a meeting to discuss your unique estate planning needs.
Douglas Kuthy: Bloomfield Township, MI Estate Planning Attorney Practice Areas
Our estate planning lawyer in Bloomfield Township knows that most people, no matter their age, find estate planning challenging due to its complex and multifaceted nature. It involves making critical decisions about the distribution of assets, tax implications, and long-term care arrangements. And that’s just the technical part. The emotional difficulty of confronting one’s mortality, coupled with the intricate legal and financial considerations, can make the process overwhelming.
Overcoming these obstacles typically begins with seeking guidance from a professional.
Our skilled Bloomfield Township estate planning attorney provides customized legal strategies for each of our client’s needs using a flat rate fee system that makes our services accessible to individuals, couples, and families throughout Michigan, including:
Our skilled estate planning attorney in Bloomfield Township provides our fellow Michigan residents with peace of mind at a reasonable price so they can confidently plan their futures, knowing that no decision or detail is left to chance. Contact Douglas Kuthy today to learn how he can help you establish and maintain your legacy while you are here to enjoy it and long after you are gone.
Already Have an Estate Plan? Ongoing Updates to Reflect Life Changes are Crucial
Whether you are just getting started and want to protect your children and family from the unknown by creating a legally binding estate plan or have allowed years to go by without taking a second look at your existing documents, keeping the estate plan current prevents potential legal disputes and ensures that the intended beneficiaries receive their rightful inheritance.
These updates are necessary to avoid unintended consequences, financial complications, and emotional distress for surviving family members and ensure they remain effective and aligned with your current wishes and circumstances.
Here are vital updates that should be made to reflect life changes:
Marital Status Changes
- Marriage: Update the estate plan to include the new spouse, adjust beneficiary designations, and consider creating joint assets or trusts.
- Divorce: Remove the ex-spouse from beneficiary designations, wills, and powers of attorney, and revise asset distribution plans.
Births and Adoptions
- Add new children or grandchildren to the estate plan as beneficiaries.
- Consider setting up trusts or guardianships to manage their inheritance until they reach adulthood.
Deaths
- Remove deceased individuals such as beneficiaries, trustees, or executors from the estate plan.
- Reassign roles and redistribute assets as necessary.
Changes in Financial Status
- Update asset inventories to reflect significant changes in wealth, such as acquiring or selling property, investments, or businesses.
- Adjust plans to address changes in tax obligations or estate tax thresholds.
Relocation
- Review and update the estate plan to comply with the laws of a new state or country, as estate planning regulations can vary significantly by jurisdiction.
Changes in Relationships
- Modify the estate plan to reflect changes in relationships with family members, friends, or other beneficiaries, including adding or removing individuals as circumstances evolve.
Health Changes
- Update healthcare directives and powers of attorney to reflect current health status and ensure trusted individuals can manage medical and financial decisions.
Changes in Tax Laws
- Adjust the estate plan to comply with new tax laws and regulations that could impact the distribution of assets and tax liabilities.
Trust Modifications
- Review and amend any trusts’ terms to ensure they align with your goals and reflect current financial and family situations.
Appointment of Fiduciaries
- Update the appointment of executors, trustees, guardians, and powers of attorney to reflect changes in your preferences or the availability of the chosen individuals.
Business Interests
- If you own a business, ensure that succession plans and the distribution of business assets are updated to reflect any changes in ownership, structure, or value.
Charitable Intentions
- Revise the estate plan to include or adjust charitable donations or establish new charitable trusts as your philanthropic goals evolve.
Regular reviews and updates, typically every three to five years or after any significant life event, are essential to maintaining an effective and accurate estate plan that meets your current needs and wishes. We can help.
Contact Our Dedicated Bloomfield Township Estate Planning Lawyer
You need and deserve an estate planning attorney who will explain things to you and, most importantly, solve your problems for a reasonable price. This is why we are here. Contact our dedicated Bloomfield Township estate planning lawyer today to get the peace of mind you deserve, starting with a free consultation.
