Helping Frankenmuth Residents With Estate And Probate Law
Travis Dafoe is a trustworthy local estate planning, wealth preservation and wealth transfer attorney from Frankenmuth. Mr. Dafoe is skilled at helping individuals and couples review their existing estate plans, or creating them if they do not already have them in place. He focuses on building relationships, not just estate plans.
He understands that estate planning is very important. That is why it is one of the most active areas of practice at Dafoe Law, PLLC. This includes:
- Financial powers of attorney
- Medical powers of attorney
Everyone needs a will, and Mr. Dafoe is glad to assist with this basic service. He can help you orchestrate the transfer of real estate and assets into individual trusts and plan for other trust funding as necessary. He will also review beneficiary designations with the individuals involved to make sure that they are congruent with your estate planning goals. You may also want to take measures that involve caring for an elderly loved one. He has experience assisting caregivers with the legal, medical and financial aspects of elder care.
“As a longtime Frankenmuth resident, you might say I know the territory – which means I am familiar with the living and working conditions here in the Saginaw County area. Since I live here and work here, you won’t have to explain to me the kind of details that might be a mystery to a big out-of-town firm.” – Attorney Travis Dafoe
Protecting Your Assets
What is asset protection? It is the use of legal tools to protect against the claims of others. These can include:
- Michigan Domestic Asset Protection Trusts
- Qualified personal residence trust (QPRT)
- Other irrevocable trusts
- IRAs, life insurance
Asset protection is a prudent part of many financial plans. Not every legal tool is right for everyone, but asset protection should be a part of your overall plan.
What To Know About Standalone Retirement Trusts
What to do with IRAs, 401(k)s and other retirement accounts? Until recently, the use of a trust to control a retirement account was fraught with the possibility of a large tax bill. However, recent changes made by the IRS allow us to use a standalone retirement trust to control the asset and still enjoy the benefit of the stretch. So, why should you consider the use of a standalone retirement trust?
- Creditor protection: A 2014 Supreme Court of the United States decision changed how inherited IRAs are protected from creditors.
- Control and structure: As with any trust, timing and the nature of the payments are able to be structured for the benefit of your beneficiaries.
This helps you preserve assets and remain in control of your wealth.
How Does Probate Work In Michigan?
Probate refers to the handling of an estate after someone dies. In the state of Michigan, the first step is for the court to appoint a personal representative to manage the process. The personal representative will oversee the gathering and valuation of the decedent’s assets as well as repayment to their creditors. After these steps, the remaining assets can be distributed to the surviving beneficiaries.