Estate planning is the process of arranging, during a person's life, for the management and distribution of that person's estate during the person's life and at and after death, while minimizing any tax consequences. Not all estate plans are created equal and should be specific to each person, couple, or family and tailored to their unique needs. Estate planning is one of the most important steps any person can take to make sure that their final property and health care wishes are honored and that loved ones are provided for in their absence. This should include financial planning and guardian designations for any minor children as well.

Unfortunately, many people postpone even rudimentary estate planning decisions because of common misconceptions based on prevalent estate planning myths.  As an experienced Michigan estate planning lawyer, Mathew Abraham often receives calls from people after they have already experienced the consequences of inadequate estate planning that results in frustrated intentions, unnecessary probate, personal family turmoil, or tax expenses and loss of control of health care decisions.  This article is intended to dispel some common myths about estate planning to help promote better planning and decision-making.

While estate planning objectives and the best options for achieving those goals can vary dramatically, all adults can benefit from at least a simple estate plan.  A range of factors might dictate an individual’s specific estate planning needs, such as a simple will, living trust, financial power of attorney, advance health care directive and more.  Unfortunately, many people postpone even rudimentary estate planning decisions because of common misconceptions based on prevalent estate planning myths.  As an experienced Michigan estate planning lawyer, Mathew Abraham often receives calls from people after they have already experienced the consequences of inadequate estate planning that results in frustrated intentions, unnecessary probate, personal family turmoil, or tax expenses and loss of control of health care decisions.  This article is intended to dispel some common myths about estate planning to help promote better planning and decision-making.

Benjamin P. Hardy contributed an article to Inc.com that I believe might be one of the most insightful articles I've read this year.  We all know much written by Mr. Hardy in this article to be true. Take a read and see for yourself. It may just give you a clearer perspective to move you forward in your endeavors, whatever they may be.

If you want to make your startup a success, the first thing you need to do is get into the right mindset. This might be your first venture, or you may be a veteran at launching new businesses—it doesn’t matter.

The fact is this: It’s easy to become the biggest obstacle to your own success. Your thoughts and your emotions can hold you back and get the better of you. If you don’t go into the office every single day in the right frame of mind, you’re going to end up making bad decisions.

You need to focus on what really matters if you want your startup to grow fast and succeed. Here’s what you need to focus on if you want your mindset to be a strength rather than a weakness.

Time to update: Make sure your estate plan documents fully support your interests and those of your heirs.

An estate plan is like a car or a house: It needs regular maintenance to function as intended. Yet unlike your car or home, external events can create the need for adjustments. Among such events is legislation like the tax bill Congress passed in late December.

So this is an important time to schedule a meeting with your estate planner and be certain your plan is up-to-date. Even if your estate plan won’t be affected by the new tax law, it’s smart to confer with your estate planner periodically to be certain your current wishes are reflected in your estate planning documents.

The Value of Setting up a Trust for Your Children

The thought of your minor children growing up without you is enough to bring a lump to any parent’s throat. You plan to be with your children to see them grow and enjoy life, but what if something happens to both you and your spouse? You have hopefully planned to leave money for your children through life insurance. What about who would become their legal guardian? If you have significant life insurance and/or assets, your minor children could become wealthy overnight. How would they handle that responsibly?

The answer is that they would need help.

You can take one critical step now to empower yourself to have a say in how your children are raised, no matter what. By creating a will with a trust component, you will be able to choose who acts as a caretaker for your children, who handles their finances and how the assets should be distributed to reflect your wishes.