My office has recently been inundated with calls and emails from people with questions about the rising importance of Medical Powers of Attorney and advance directives during this coronavirus crisis. Here is an overview of what I have been sharing with them:

WHY HAVE ADVANCE DIRECTIVES AND MEDICAL POWERS OF ATTORNEY BECOME MORE CRUCIAL DURING COVID-19?

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Who will make decisions about your finances, your health and possibly even your life if you get COVID-19?

The COVID-19 pandemic has affected all of us, literally everyone, and on a global scale. It has forced all of us to face our fears in some way, whether it’s the fear of becoming ill, losing a job, closing our business, or having to be isolated and alone. All of these anxieties and unknowns are creating a sudden and crucial need to get our affairs in order.

Not knowing what symptoms we may experience or how extreme they may be should we contract COVID-19, it is certainly important to be prepared if you do need to be hospitalized. It is scary to think about getting sick or not being able to make decisions for yourself, but an estate plan is meant to handle such situations and manage those fears. Having a plan with trusted people in place to help you in making health and financial decisions can provide peace of mind and directly eliminate the uncertainty of “what if”.

The fact is, everyone should have an estate plan, even if there is no looming health threat. And if you don’t have one, there’s no better time than now to put it together.

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This is one of those lessons that is so painfully obvious it’s difficult to understand why anyone would bother to teach it. If we truly can’t change something then why would we ever spend any time on it? And yet, if you’re human like me, you know all too well that we spend a disproportionate amount of time thinking and acting on things that are fundamentally outside of our control. This element of human nature can have distracting and damaging consequences. As human beings, we have the capacity to be proactive. We can focus on the things that we can actually do something about, or we can add to the stress in our lives by worrying and fretting over the things we have no control over.

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Script Your Family's Future:  Why You Need an Estate Plan

Event Details • Wed, Feb. 5, 2020 at 6:00-7:30 PM

Ciao's Italian Bistro, 110 S Leroy Street, Fenton MI 48430

When it comes to your estate, even if you've taken no action at all, you still have an estate plan. Your "default plan" may be determined by the laws of your state.

We will discuss strategies you may want to consider when preparing your estate plan. Lee Napier of Edward Jones and Matthew Abraham of Abraham Law will be presenting and answering your financial and estate planning questions.  

Join us for dinner and learn valuable information.

SPACE IS LIMITED • RSVP: Please call 810.629.6589

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At large gatherings of friends and family, the rule is you don't talk about politics, religion, or personal finances. So, who wants to discuss estate planning at Thanksgiving? After all, it’s a time to slow down and enjoy your family before the true holiday rush officially gets underway. Seventy percent of Americans say that their family is what they’re most thankful for as they gather around the dinner table… SO TAKE THE STEPS NECESSARY TO PROTECT THEM. It is easier than you think.

At Abraham | Law we provide practical legal services on a common-sense basis tailored to the specific needs unique to each client.

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Think Estate Planning is For You? Here are the Important Facts.

Estate planning may bring to mind an elderly besuited man sitting across a plush desk from an attorney, quietly discussing the disbursement of his sizeable assets to his next of kin. The notion that an estate plan is only for rich people and their business needs is simply not the case, and who better than an estate planning attorney to address this misconception?

Whether you belong to the wealthy or middle class, no matter if you’re young or old, estate planning offers necessary benefits that require your attention now.

At Abraham | Law we provide practical legal services on a common-sense basis tailored to the specific needs unique to each client.

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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.

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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.

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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.

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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.

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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.

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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.

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