Estate Planning | Numerico | Certified Public Accountants Livonia, MI
Every person has a certain net worth, which gets calculated based on the value of their property and possessions. This net worth is called an estate and is transferred to your relatives when you die. Estate planning is the process of drawing up a document that identifies who will receive a portion of your estate, what they’ll receive, and when they’ll receive it.
It’s vital to have an estate planning checklist in place that not only addresses what happens after you die but also addresses the following:
- Instructions for care if you should need it before your death
- Finding a way to care for family members with special needs without compromising their government benefits
- Instructions for passing on values as well as personal possessions
- Identifying a guardian for any minors
- Minimizing the tax your family has to pay on your estate
Let our team at Numerico help you and your family with your estate planning needs.
Do I Need An Estate Plan? | Numerico | Livonia, MI
Most people only start searching for ‘do I need an estate plan’ when they get older, but it’s something everyone needs to consider. Accidents can happen at any time, and it’s better to be prepared for any eventuality before it’s too late.
Another common misconception is that only wealthy people plan their estates. While it’s true that wealthy people spend more on estate planning, it’s a valuable process for people with modest assets as well. People who have smaller assets benefit more from a good estate plan and long-term financial planning because it ensures their children and loved ones get the most assets possible, setting them up for the future.
What Is The Difference Between An Estate Plan And A Will?
Many people get confused about the difference between an estate plan and a will. Both of these documents share a similar purpose, in that they explain what you want to happen to your assets after you die.
However, a will needs to go through your state’s probate process, which can take a long time to complete. Some families report their will taking up to two years to resolve, which adds a lot of stress to an already grieving and stressed family.
With an estate plan, you can eliminate a lot of this stress by getting one set up with the team at Numerico. Let us help you.
Elder Care | Numerico Certified Public Accountants Livonia, MI
As our loved ones get older, easy tasks get progressively more difficult. Elder care refers to a whole host of services designed to assist the elderly and help them live the fullest life possible.
The most difficult thing about elderly care is deciding when to offer help and what type of help your loved one needs.
One of the biggest steps you can take to help your elderly loved one is becoming an Agent Power of Attorney. This power grants you the ability to handle your loved one’s finances and to sign for them, while they are still alive. You might be able to set up an estate planning trust for them, as one example. It allows your loved ones to relax while living in elder care, without making decisions that may end up being harmful.
Things You Need To Know About Elder Care | Numerico
It’s important to discuss elder care as soon as you notice changes in your loved one’s behavior or ability to function. If this is the case, start to look for ‘estate planning near me’. If you decide to take up Power of Attorney, keep the following estate planning checklist in mind:
- Organize their documents
- Prepare an inventory of their net worth
- Learn about what estate planning basics they’ve already done
Don’t let these things catch you by surprise. Let our team help you make sure your loved ones are taken care of.
Numerico | Your Estate Planning And Elder Care Experts | Livonia, MI
It’s vital to have an estate planning checklist in place, no matter what your age. It’s especially important in elderly care, where you may need to take on Power of Attorney for your aging loved ones.
Numerico is the leading elder care and estate planning accountants in Livonia, MI. We offer estate planning tips for both the young and elderly alike. If you’re considering how to provide elder care for your loved one, or want to find the best estate planning near me, don’t hesitate to get in touch.