Southfield Lawyer reveals keys to Good Estate Planning

FOR IMMEDIATE RELEASE

Southfield, Michigan (10:37am) February 8, 2011

    This may be hard to believe, but as a Southfield Lawyer it happens to me all of the time. When I sit down with a new client we review both their family situation and financial status. The financial information is important for two basic reasons:

1. Will the client have any estate tax issues.
   
2. Who will inherit the client's property after the client dies.
   

    With the new $5 million estate tax exemption, reason number 1 is not really a concern for many people. But you may be surprised at how many people I sit down with who have no idea how their assets are titled. Is it in the wife's name? Is it in the husband's name? Is in joint names with the wife and husband or with one of the children? Is it in the name of the wife's revocable living trust? And that's not where it stops - what about life insurance, IRAs and annuities? Who owns these types of asset s and who is named as the primary and secondary beneficiaries?     

    At a recent weekly Empowering Women meetup Southfield lawyer and noted author, Joseph J. Dadich (online wills, asset protection, guardianship in Oakland county, and conservatorships in Oakland county) spoke out on the critical steps family's need to start their estate planning. "Not only is it critical for me to see whose name assets are titled, but as a Southfield attorney (Detroit estate planning attorney and Michigan Probate Litigator) I have to know if the family is in a 2^nd marriage, divorced, widowed, step-kids."

    Joseph went on to state that ". . . too many busy family's don't realize that a Will is not enough to protect small kids."

    For a Southfield attorney (Detroit estate planning attorney and Michigan Probate Litigator) the real key to good estate planning is understanding what you own, what it's worth, and, most importantly, how it's titled. Why? Because how a particular asset is titled will dictate who inherits it after you die and if it will need to go through probate.

    Yes, the real key to good estate planning is that simple. And it's not enough for you to think or believe that you know how something is titled, you need to be 100% sure. Otherwise it may not end up where you want it to end up after you die. While this may appear to be a simple concept,

Joseph is the noted author of 'Celebrity Estate Plans Gone Bad – Secrets Every Woman Needs to Prevent Emotional and Financial Turmoil when a Spouse Dies' contact 'Empowering Women Now! Media' at freereport@willsandtrustslawyeroaklandcounty.com or for an interview contact Joseph J. Dadich at contact@1estateplanningmichigan.com or 248.358.6965.

 

    He services the Detroit Metropolitan area, which includes Birmingham, West Bloomfield, Waterford, Clarkston, Royal Oak, Ann Arbor, Livonia, Lake Orion, Auburn Hills, Detroit, Grosse Pointes, Warren, Sterling Heights, Clawson, Madison Heights, Novi, Belleville, Farmington, Farmington Hills, Northville, Plymouth, Romulus, Southfield, Lathrup Village, Huntington Woods, Ferndale, Berkeley, Rochester, Rochester Hills, Troy, Oxford, and Ortonville.

Southfield, Birmingham, Bloomfield Hills, West Bloomfield Hills, Farmington Hills, Farmington, Novi, Oak Park, Detroit, Warren, Centerline, Sterling Heights, Fraser, Roseville, Eastpointe, St. Clair Shores, Clinton Twp, Mt. Clemens, Harrison, Chesterfield, New Baltimore, Macomb, Shelby, Washington Twp, Ray Twp, Armada Twp, Bruce Twp, Richmond, Lenox, New Haven and neighboring cities and communities.

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