Estate Planning Services.
Working with Thompson Legal ensures you’ll receive a comprehensive estate plan to fit your specific needs.
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Wills and Testaments
A Will is one of the most basic and important legal documents a person can create. If a person dies without a Will, they have died “intestate” and Michigan law will determine how and to whom the person’s assets will be distributed. The preparation of a Will by an attorney ensures your valued assets are distributed in accordance with your wishes.
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Powers of Attorney & Health Directives
A power of attorney (POA) allows a person to act on behalf another person during their lifetime. These types of legal documents allow an agent to handle the allowed medical, legal, and financial affairs of the principal. If you want a power of attorney to remain in effect in the event of incapacity, it must be designated as durable.
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Trust Agreements
A trust is a popular tool that allows a trustee to hold assets transferred into the trust on behalf of a beneficiary. Depending on which type of trust, you can serve as the trustee of your own trust and assets can be used for your benefit in the event of incapacity. This tool is often used in addition with a pour-over will to ensure your estate is safely secured.
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Assest Protection Planning
Asset protection in estate planning is a set of legal techniques aimed at safeguarding assets from potential threats, such as creditors. You have worked very hard to secure generational wealth for your family, let us help you secure it. Our attorneys our experienced advisors on estate planning strategies to protect assets from creditors, lawsuits, and other potential threats.
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Estate & Gift Tax Planning
Strategies and legal techniques designed to minimize the impact of estate and gift taxes on an individual's wealth and assets, particularly when transferring them to heirs, beneficiaries. Estate and gift taxes are imposed by the federal government and, in some cases, state governments. Proper planning can help reduce or eliminate the tax liability associated with these transfers.
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Business Succession Planning
Business succession planning is the process of developing a strategy for the orderly transfer of a business's ownership, assets, and management to another person or entity when the current owner passes away or decides to exit the business. This planning process is crucial for ensuring the long-term success of the business as well as ensuiring as seamless transition.