Grosse Ile Wills and Trusts

Individualized Estate Planning Solutions Grosse Ile MI

You can’t predict when death or tragedy will occur, but you can control what happens to your estate when the time comes. The Law Offices of John G. McNally, P.C., can assist you with getting your affairs in order to provide the greatest protection and peace of mind.

Attorney John McNally provides comprehensive estate planning services to a diverse clientele, from working class families to business owners and executives. Based in Trenton, he has practiced law in the Downriver area since 1992.

Creating a Will That Covers the Bases

A will comes into effect upon your death, and companion documents can take immediate effect if you are unable to manage your own affairs because of accident, illness or mental infirmity. We carefully draft these documents to your specific situation and your goals:

• A simple will names your heirs, which portion of the estate each will receive, and other special wishes you may have.
• A durable power of attorney appoints a family member or trusted friend to handle your financial affairs if you no longer can.
• A durable power of attorney for health care appoints someone to help with medical decisions should you become incapacitated.
• A living will or advance directive clarifies your wishes regarding life support and end-of-life care.
• A guardian declaration states who would assume care of your dependent children.

Without a will, the state of Michigan would dictate the distribution of your assets. Without powers of attorney, your assets and accounts are essentially frozen, and doctors cannot listen to what you “would have wanted.” Your loved ones would be forced to initiate expensive guardianship or conservatorship proceedings. Our methods of assisting clients with these matters is, without a doubt, the most cost-effective way of helping those before a crisis occurs.

Estate Planning Through Trusts

A testamentary trust provides for the education, care and maintenance of minor children. It sets aside funds for everything from braces and dance lessons to cars and college. The money is meted out by a trustee, and the trust can be structured beyond age 18 so that your children do not inherit the balance until they are ready.

A special needs trust sets money aside for an adult disabled child who would otherwise be disqualified from Social Security and Medicare by inheriting directly. The trust can pay for extras such as travel, clothing and entertainment.

An irrevocable trust may be useful:

• If your estate is large enough to trigger federal estate taxes
• For passing a business or capital gains to the next generation
• In a second marriage to provide for the new spouse and children from the prior marriage

Many clients do not need a trust at all. John McNally will help you determine what you need to safeguard your wealth and achieve your estate planning goals, without paying for unnecessary instruments that add no significant protection.