Questions to Ask Yourself When Planning Your Estate

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How Do I Make An Estate Plan? | Law Offices of David L Carrier
Deciding what will happen to your estate after your death can be an emotional and difficult process, but it can also save a decedent’s loved ones a significant amount of stress and worry. Fortunately, in Michigan, there are a variety of ways to plan for the disposal of an estate. Many residents choose to create a will specifically designating who will gain ownership of certain assets upon his or her death. Others choose to create a living trust or a testamentary trust, which are agreements under which assets are held and managed by an individual for the financial benefit of another. Whether you choose to establish a trust or write a will, it is important to have the advice of an < experienced estate planning attorney who can help you create a legally binding agreement that will protect both you and your loved ones.

Planning An Estate

Before planning an estate, it is important to take a few preliminary steps, including:

  • Identifying all living relatives who are to receive assets under the terms of the will or trust, including their addresses and relationship to the testator;
  • Listing all real estate property, financial assets, and personal possessions, including their values and their locations;
  • Estimating expected estate taxes, legal fees, and funeral expenses; and
  • Creating a rough plan for how the assets will be divided.

What to Include in an Estate Plan

It is critical to include certain information when drafting a will or trust, including:

  • Who will receive the testator’s property, including real estate, personal items, stocks, bank accounts, and retirement funds;
  • The names of alternate beneficiaries who will inherit the assets in the event that the original beneficiaries predecease the testator;
  • Who will act as an executor and administer the estate after the testator’s death;
  • The identity of a back-up executor;
  • The name of the person who will act as a trustee and manage assets in the trust until they are distributed;
  • The name of the person who will act as a guardian to any minor children;
  • A provision conferring power of attorney on someone to manage the testator’s financial affairs in the event of illness or mental incompetence;
  • If establishing a trust, a provision stating when the beneficiaries will receive the assets contained in the trust;
  • Any bequests intended for charity;
  • Instructions for how the testator’s business should be operated; and
  • The testator’s signature and the signatures of two witnesses.

Contact an Experienced Estate Planning Attorney Today

Although contemplating death is emotional and often painful, it is in the best interest of all parties to make plans for that eventuality. For instance, knowing that his or her family will be financially provided for can put both a testator and his or her family member’s minds at ease. Organizing and dividing up assets and property can be a complex process, so if you or a loved one have not written a will or established a trust, please contact The Law Offices of David L. Carrier, P.C. by calling 616-361-8400 and a member of our dedicated legal team will help you schedule an initial consultation with an experienced Michigan estate planning attorney.

It’s our Portage Grand Opening Celebration!

David Carrier Law Portage MI Office Grand Opening
Join us October 13, 2016 between noon and 4 p.m. for the Grand Opening Open House celebration of our new Portage office location! Don’t miss the official ribbon cutting ceremony done by our very own Terri DeBoer at 1 p.m.

Where: 3275 Cooley Drive, Portage MI

When: Noon to 4 p.m., Ribbon cutting at 1 p.m.

R.S.V.P.: Call (800) 317-2812 by October 10th please.

We hope to see you there!

Guinness World Record Attempt Marriage Vow Renewal Ceremony

Attempt to break the Guinness World Record for most vow renewals in one place, at one time. Recommit to your sweetie in an outdoor symbolic ceremony.

The event will be held on the Grand Lawn of Heritage Hall at Western Michigan University

  • Saturday, October 8, 2016
  • Guests are encouraged to arrive between 2:30 to 3 p.m. The ceremony begins at 3:30 p.m. sharp.
  • The event will include commemorative photo stations, interactive couple activities, live bands performing romantic hits, wedding cake and desserts, and a Champagne toast

For more details and to register, visit MyWMU.com/vows

The Steps to Setting Up an Estate Plan or Family Trust in Grand Rapids, Michigan

Setting Up Your Estate Plan in Michigan

There are few things that are more important than careful estate planning. All adults, no matter how young or old, need a well-crafted estate plan. It is imperative that you consult with an experienced Grand Rapids estate planning lawyer who can help you set up a plan that fully protects your legal rights and the interests of your family. When setting up your estate plan, the following three issues must be addressed:

  1. Protection for yourself: The simple fact is that there may come a day when you will not be able to make decisions for yourself. To protect your legal, financial and medical interests, you should set up a durable power of attorney and an advance healthcare directive. By doing so, you will empower trusted loved ones to make important decisions for you in the event that you are no longer able to do so.
  2. Protection for your family: If you have children, your estate plan needs to fully account for their protection. In fact, your estate plan should provide protection for anyone that relies on you. Whether it is a relative or even a beloved pet, your estate plan should make arrangements that considers their unique needs.
  3. Protection for your assets: Finally, a proper estate plan must account for the full extent of your assets. A will is one effective way to transfer property, though it is not the only way to do so. It is often also not the best way to do so. Many people in Michigan can benefit from other estate planning tools, such as a family trust.

Setting Up a Family Trust

A Michigan family trust is an estate planning tool that will allow you to efficiently distribute your assets to your heirs. The following is a list of four basic steps that are required to set up a trust in Michigan:

  1. Select a trustee: The trustee is the person who is in charge of the assets within the trust. He or she will be responsible for collecting, managing and eventually distributing all of the trust’s assets.
  2. Select the beneficiaries: You also must select the beneficiaries for your trust. These are the people, or perhaps single person, who will eventually be able to claim the assets within the trust. In Michigan, a person does not need to actually be a family member to be selected as a beneficiary of a family trust.
  3. Determine what assets will be included: You will need to select the specific assets that will be included in your trust. A trust is not a ‘catch-all’ asset distribution tool. You must assign assets to the trust. A wide range of assets can be transferred to a trust, such as real estate, vehicles, money, an investment account, and even valuable heirlooms.
  4. Transfer assets into the trust: Finally, Michigan family trusts must be fully funded at the time of creation. This means that assets must be properly titled in the name of the trust or you will lose out on the important benefits that the trust provides. While this can be a complicated process, an experienced Grand Rapids family trust lawyer can help.

Do You Need Legal Assistance?

At The Law Offices Of David L. Carrier P.C., our team has extensive experience helping Michigan families prepare themselves for the future. If you are beginning to think about the estate planning process, please join us at one of our Grand Rapids LifePlan Workshops. Please do not hesitate to reach out to us today to learn more, we look forward to hearing from you!

The Walk to End Alzheimer’s in Grand Rapids 2016

[vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left” css_animation=”” box_shadow_on_row=”no”][vc_column][vc_column_text]Thank you…thank you…thank you, to all who walked or donated…family, friends, LifePlan members, friends of friends… Carriers Cavalry raised $5299.64 for the Alzheimer’s Association Walk to End Alzheimer’s®

It was a spectacular day with over 1,300 walkers.

Extra special appreciation and heartfelt thanks to my friend, Terri DeBoer, who emceed the Promise Garden ceremony. She generously shared her family’s personal journey with Alzheimer’s. We were blessed to have her there.

Vist our Carrier’s Cavalry team page here[/vc_column_text][vc_separator type=”normal” up=”20″ up_style=”px” down=”20″ down_style=”px”][vc_masonry_media_grid grid_id=”vc_gid:1476300057094-968c02ed-aa48-0″ include=”58665,58664,58663,58662,58661″][/vc_column][/vc_row]

What Can Be Done About the Cost of Long-Term Care?

As we age, we all need to accept the fact that we might need long-term care. You and your family must be prepared to handle the costs of long-term care. More than any other expense, long-term care costs drain the hard-earned life savings of many Michigan families. Did you know that the average cost of a nursing home in Michigan is now approaching $250 per day? Many facilities cost far more than that. The simple fact is that you can do virtually everything else right and you can still be sunk by long-term care costs. The good news is that you can protect yourself by contacting an experienced Grand Rapids Medicare planning lawyer who can help you prepare for long-term care issues.

The Cost of Long-term Care Sinks Many Michigan Families: What Can Be Done?

Self-paying for long-term care sinks far too many seniors in western Michigan. While Medicare pays for many of the much needed health costs of seniors, it falls far short when it comes to long-term care. Fortunately, Medicaid does offer some potential assistance. Many Michigan seniors assume that they will not qualify for Medicaid, and therefore, they never take advantage of this option. This means that they are stuck self-paying for care, as a result, they will quickly burn up their life-savings. Something needs to be set straight: as a Michigan senior, you have spent decades paying into the Medicaid system and you deserve your full and fair long-term care benefits. Do not simply assume that you will not qualify. If you are facing crushing long-term care costs, our team will help by:

  • Assessing your Medicaid eligibility: There are strict financial requirements for qualification, though many more seniors qualify than most people realize. Medicaid uses financial means tests that are extremely complicated. An attorney can help ensure that your assets are fairly calculated under these tests.
  • Setting up protection for your hard earned assets: It is also important that your estate, and assets, are properly structured. This must be done correctly, otherwise assets that are entitled to be protected may be exposed to long-term care bills.
  • Assisting you through the complex application process: As with many other government applications, the process for applying for Medicaid long-term care benefits can be confusing. A small mistake during the process could result in your application being denied or substantially delayed. As was mentioned previously, with nursing home costs averaging over $250 per day, a delayed application could quickly become financially devastating.

Ultimately, you need to ensure that you and your family are financially protected. If you have any questions about the cost of long-term care, or estate planning in general, please contact an experienced Grand Rapids elder lawyer for immediate legal assistance.

Contact Our Office Today

At The Law Offices Of David L. Carrier P.C., our team handles a wide variety of elder law and estate planning issues. This includes Medicaid crisis planning, probate, family trusts and much more. If you are in the Grand Rapids area and have estate planning concerns, we highly encourage you to join us at one of our upcoming LifePlan Workshops. Our friendly and experienced team will teach you what you need to know about estate planning. Please do not hesitate reserve your seat today.

When is the Right Time to Set Up A Family Trust?

Most people in Michigan have at least a vague understanding of how wills operate. This is certainly a good thing, as wills are extremely important and are an essential estate planning tool. However, they are far from the only asset distribution tool available. For many individuals in Michigan, a family trust is actually the best way to set up the distribution of their assets. If you want to know if a family trust is right for you, or if you have any questions about setting up a Michigan family trust, please do not hesitate contact an experienced estate planning attorney today to learn more about your legal options.

Family Trusts: Understanding the Basics

Wills and family trusts can both be used to pass on assets to heirs. For this purpose, a family trust often provides key advantages over a will. Family trusts are also cost-effective and relatively easy to set up. Even though a trust is a simple tool, it is an extremely powerful one. The basic process for establishing a trust is as follows:

  • You must determine who will be the beneficiaries of the trust;
  • You must select the specific assets that will be included in the trust; and
  • You need to consult with a qualified attorney who will be able to draft the trust document and who will ensure that your assets are properly transferred and titled so that they are fully protected by the trust.

Is the Right Time to Set-up a Trust Now? Four Questions to Ask Yourself

  • Do you want to keep full control over your assets?
  • Do you want a flexible estate plan that can be altered at any time?
  • Do you want to avoid the costly and time-consuming process of probate?
  • Do you want to reduce the risk that a dispute will arise over your assets?

If you answered ‘yes’ to any of those questions, you should consider setting up a trust today. In fact, for many people, the right time to set up a trust is now. Far too many people are not taking advantage of the full range of estate planning options that are currently available to them. In the unfortunate event that you pass away, your family trust will ensure that your assets are distributed as efficiently and painlessly as possible. Additionally, during your lifetime, you will always have full control over the assets that are in the trust. At any moment, you can make changes to your trust so that it is always updated to your current wishes. Further, you could even revoke your trust entirely. The bottom line is that with a family trust, you will never lose control of your assets or any flexibility to make changes.

Contact Our Office Today

At The Law Offices Of David L. Carrier P.C., our team has helped many families find the estate planning solution that best fits their needs. If you have any questions about family trusts, or estate planning in general, please do not hesitate to contact us today. Our firm has offices in Grand Rapids, Norton Shores, Holland and Portage and we proudly serve families throughout western Michigan.

The Dos and Don’ts of Choosing a Medicare Plan

When it comes time to choosing a Medicare plan, it can be difficult to know which type of coverage is best for you. We understand how complicated insurance plans can be, especially when you are an older adult in need of frequent medical care and prescription drugs. The important thing to remember is that different plans can be better or worse for your needs, and you can always seek advice from an experienced Grand Rapids Medicare planning lawyer.

According to a fact sheet from Medicare.gov and a pamphlet from the AARP Foundation, there are a number of questions that you should ask before choosing or changing your Medicare coverage. To better understand some of the questions you should be asking (and the types of answers you should be seeking), we would like to discuss some helpful “Dos and Don’ts” when it comes to selecting or changing your Medicare coverage.

Take the Following Questions Into Account When Choosing Medicare Coverage

What should you absolutely do before you select or change your Medicare coverage? The following tips from Medicare.gov and the AARP Foundation can help:

  • Inquire about how your specific medical needs will be covered by different plans;
  • If you visit your doctors’ offices with some frequency, do choose a plan that is most economically efficient in terms of monthly premiums and deductibles (keep in mind that lower monthly premiums usually mean higher deductibles, but if you go to the doctor enough, it might make sense to pay a higher monthly premium for a lower deductible amount);
  • Choose a plan with coverage that your doctors already accept, as you likely will not want to change physicians simply because you have selected a new insurance plan;
  • Find out if the plan you are considering will require you to get a referral in order to visit a specialist;
  • Ask about whether your current prescriptions are on the drug list of the plan you are considering (this is also known as a “formulary”);
  • Inquire about whether you will need to join a Medicare Prescription Drug Plan;
  • If you already have prescription drug coverage, do learn more about whether you will have to pay a penalty if you join a Medicare Prescription Drug Plan later on;
  • Find out how much your prescription drugs will cost under the plans you are considering;
  • Choose a plan that allows you to visit doctor’s offices and pharmacies that are nearby;
  • Ask if your plan’s coverage will continue if you travel outside of Michigan, including within the U.S. and outside the country; and
  • Last but not least, do seek help from an experienced Grand Rapids Medicare planning law firm.

Do Not Enter into a Plan Without Understanding Its Costs and Benefits

What should you avoid when choosing a Medicare plan? Based on the “Dos” we listed above, you might be able to guess as some of the “Don’ts,” but in brief, do not do any of the following when selecting a Medicare plan:

  • Do not choose a plan that will cost you more money in the long run;
  • Do not choose a plan that will prevent you from seeing your doctors or visiting your regular pharmacy;
  • Do not choose a plan that has a poor rating; and
  • Do not make a decision without consulting with an experienced elder law attorney.

Contact a Medicare Planning Attorney in Grand Rapids, MI

At The Law Offices Of David L. Carrier P.C., we know that a person’s choice in Medicare plan can have a significant impact on the type and quality of care they end up receiving. If you have questions about choosing the Medicare plan that is best for you, one of our dedicated Grand Rapids Medicare planning attorneys can help. Contact us today to discuss your options.

Top 3 Questions We Receive About Estate Planning in Grand Rapids, MI

Top Questions About Estate Planning | Law Offices of David L Carrier

You might have heard friends and family members discussing the values of estate planning, and you may have wondered whether you should be talking with an estate planning attorney. Generally speaking, nobody likes to think about estate planning, from questions concerning end-of-life care to wills and inheritances. Yet regardless of age, it is extremely important to think about estate planning and to discuss your options with an experienced Grand Rapids estate planning lawyer. Indeed, estate planning can help to ensure that your wishes are carried out regardless of your own mental or physical capacity, and safeguard can help to safeguard your requests with regard to your property and assets.

While many Grand Rapids residents recognize the importance of estate planning, this area of the law often leaves people with questions about how it works. The following are the top three frequently asked questions we received about estate planning in Grand Rapids, MI:

What is Estate Planning?

So, you have heard your neighbors, co-workers, and perhaps even family members talking about meeting with an estate planning lawyer. But what is estate planning, exactly? In short, according to the American Bar Association (ABA), estate planning is the process of planning for the legal disposition of your current assets and any assets you obtain in the future, as well as making arrangements for end-of-life care.

As such, estate planning allows you to determine who will inherit your property upon your death, but it also allows you to make decisions about who will handle your finances and medical care in the event that you are unable to do so yourself. We cannot stress enough that everyone, regardless of age or income, should speak with an estate planning law firm about the future. As the ABA points out, about 55 percent of all Americans die without a will or any estate planning documents, and this can create significant difficulties for loved ones.

What Documents Will I Need to Create?

Estate planning is complicated, and it is extremely important to seek assistance from an experienced Grand Rapids estate planning attorney. Some of the following documents that typically are part of an estate plan include but are not limited to:

  • Will: your will allows you to choose how your property will be distributed upon your death. Generally speaking, you can be as specific as you want to be, naming as many or as few beneficiaries as you see fit.
  • Financial (or “durable”) power of attorney: this document allows you to name someone who will handle your finances in the event that you become incapacitated and cannot handle your finances yourself.
  • Medical power of attorney: this document allows you to name a person who will make medical decisions for you if you cannot do so yourself.
  • Advance directive: this document allows you to make clear what your medical wishes are with regard to life-saving treatment in the event that you cannot communicate those wishes yourself.

What Happens If I Do Not Have a Will or Other Estate Planning Documents?

If you become incapacitated and cannot make decisions for yourself, the state of Michigan may appoint a guardian under Michigan law. If you die in Grand Rapids without a will, the will result in your assets being distributed to family members. Specific distribution depends on how many surviving family members you have at the time of your death.

Contact a Grand Rapids Estate Planning Attorney

If you have questions about creating a will, a power of attorney or other estate planning documents, you should speak with a Grand Rapids estate planning attorney as soon as possible. At The Law Offices Of David L. Carrier P.C., we have years of experience helping Michigan residents with various aspects of estate planning. Contact us today to learn more about our services.

Why Estate Planning Goes Beyond Just Avoiding Taxes

While estate planning is important for avoiding unnecessary taxes and for making sure that your assets are passed on to the next generation in accordance with your wishes, there is another benefit that is rarely talked about. Establishing a LifePlan and having your financial affairs in order can afford you a tremendous amount of piece of mind. You’ve worked hard for what you have and having a solid LifePlan can help you thrive and enjoy everything that you’ve worked for.

What Is A LifePlan?

A comprehensive LifePlan is much more than just a financial plan for the future. At The Law Offices of David L. Carrier we embrace a team approach and work with our clients’ banks, financial advisors, and brokerage firms to craft the financial aspects of your estate plan, as well as drafting the necessary legal documents that will make your plan a success. While each client’s needs are different, an estate plan can easily include the following documents:

  • Revocable Living Trust: A trust that goes into effect during the creator’s lifetime and can be revoked.
  • Protection Trust (Irrevocable Trust): A type of trust that cannot be changed or altered after it is created.
  • Last Will and Testament: A legal document that dictates who will receive your assets when you die. If you have minor children then your will can also appoint a guardian to take care of your kids in case you die while your children are still minors.
  • Health Care Power of Attorney: A legal document that names someone to make medical decisions on your behalf if you are incapacitated and unable to speak for yourself.
  • Financial Power of Attorney: A legal document that names someone to make financial decisions on your behalf if for some reason you are not able to speak for yourself.

Why Is Estate Planning Important?

Many people put off estate planning because they are uncomfortable thinking about a time in the future when they may be incapacitated or dead. While this sentiment is completely understandable, planning for the future is very important and is certainly worth the hassle. If you need a bit of convincing check out the American Bar Association’s list of things that estate planning can do for you. This list includes:

  • Providing for your family after you’re gone;
  • Allowing your beneficiaries to access their inheritance quickly;
  • Minimizing the taxes that your estate will be required to pay;
  • Easing the strain on your family by making funeral arrangements for yourself before you die; and
  • Ensuring that your business continues smoothly after you pass away.

Need Legal Advice?

If you live in Michigan and are ready to create a LifePlan, or if you are interested in modifying a plan that you already have, contact our offices for a consultation with David L. Carrier today. The documents involved in a LifePlan can be complicated, but our dedicated team is happy to answer any questions that you have. Let David Carrier use his years of experience in estate planning to help you craft a LifePlan that meets the needs of you and your family.

Client Success Stories…

We were very happy with the information at the workshop on Estate Planning [LifePlan workshop]. Amanda was very helpful in explaining the options we could choose from to protect our assets from excessive taxes.

All questions were answered in depth and in a manner that was very understandable. I left feeling confident that we can contact them at any time for help navigating the system.

The staff are incredibly professional. My mother was treated with utmost respect. Her paperwork was organized and concise. I dealt with David and Jim and they spoke in terms my mother and I could understand.

I was totally lost when my husband’s dementia got bad. David and his group helped me feel in control again. They are there to help me whenever I need them. I should have done this sooner.

Perfect balance of pleasant and professional. Starting with workshops with targeted info, to chit chat with David (and all the staff we met) – great experience. Thank you!

My husband and I just returned from your workshop in Portage…We are so pleased we attended and came away with so much information and insight. The workshop was well organized, well presented and your staff was wonderful. Patrick made things fun, and as he promised, the time flew by. Thanks you again for 2 very well spent hours.

Donna & Stephanie are extremely professional, on top of everything, friendly and just a joy to work with. Very prompt on phone calls, emails, etc. I am very thankful for these two people!

We have been extremely pleased with the professional service of David and the staff. It has been a pleasure working with everyone to make sure our future is secure. David was also very helpful finding an out of state attorney to help our parent’s address their Elder law needs.

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“The Law Offices of David L. Carrier is an estate planning and elder law firm located in Western Michigan. Our main office is in Grand Rapids, and we have 3 other conveniently located offices in West Michigan. We specialize in medicaid crisis planning, estate planning, elder law, probate, wills and trusts.

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