Tag: grand rapids estate planning lawyer

The Biggest Misconception About Wills

April 17, 2011 /

As a Grand Rapids Estate Planning attorney, I regularly hear misconceptions about estate planning.  A recent conversation reminded me of what I believe is THE biggest misconception about Wills.  During the conversation, a friend said “so I have my will or trust, so I don’t have to worry about going through probate…”

The Myth: having a Will means you don’t go through probate.  And the buzzer says “bzzzzzt,” wrong.  Just having a Will virtually guarantees that you go through probate.  A Will serves as a “roadmap” for the probate process – it allows you to say who you want to do certain things and how you would prefer they be done (and if you have minor children it is one of the ways to name guardians, but definitely NOT the “best” way, in my opinion).  If you’re curious to know more, you can read my previous blog post on the topic by clicking here.

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

Tips On Keeping Your Michigan Estate Out Of Court

March 20, 2011 /

As a Michigan Wills, Trusts and Estate Lawyer, one of my main goals is to help my clients avoid or manage conflict, either now or after a tragedy (death or incapacity).  This goal is one that I feel “traditional” estate planning pays less attention to than is deserved.  It is an area where the “counselor” part of “attorney and counselor at law” becomes keenly important.

Why?  Because the alternative in many cases is a costly lawsuit and/or hurt feelings.  For example, I recently ran across this article, which hints at the results of poorly counseled estate planning and gives real examples of what can lead to problems mentioned above.  And notice that the article is written by an estate litigation attorney.  These are “real life” examples.

As the article points out, many seemingly “benign” decisions can potentially lead to disastrous results if they are not the result of proper counseling and planning.

Here are just a few of the examples the article author gives as leading to courthouse controversy over estates:

  • Do It Yourself (DIY) estate planning – you can read my previous blog post about DIY planning here.
  • Not having even a basic estate plan.  Without this, you are left with the State of Michigan’s plan for you.  A court will decide who gets what and who makes your healthcare decisions.
  • Picking the wrong person to be in charge.  Many families pick certain people out of a sense of obligation, not based on how well they would perform the task for which they were chosen.

I encourage you to read the rest of the examples given in the article.  And if you’re ready to take steps to make sure your legacy isn’t left to squabbling and undesired court involvement, call us at 616-827-7596.

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

 

Asset Protection with Discretionary Trusts

March 13, 2011 /

Many Grand Rapids families that I talk with have never considered anything other than giving their assets to their family outright – it could be immediately when they pass away or at some later age.  As a Grand Rapids, Michigan estate planning attorney I consider it my privilege to let them know the downside to that approach and what can be gained by putting some restrictions in their Michigan will or trust.

I came across an excellent example in a recent Michigan Court of Appeals case (read it here).  The basics of the case are this: the beneficiary of the trust had been jailed and the State of Michigan was seeking reimbursement for those costs from the trust.  Guess what?  They couldn’t get to the trust assets!  Why?  Because it was a “discretionary” trust.

What is a discretionary trust?  It is a trust that does not distribute the assets outright, but rather leaves the decisions on what is distributed and when it’s distributed to the discretion of the trustee.  You can find the Michigan Trust Code definition here (MCL 700.7103(d)).  You see, because the “inheritance” is not given outright to the beneficiary and the beneficiary does not have a right to demand that the trustee give him or her any of the trust assets, the trust assets are not considered the beneficiary’s assets.

The best part – even though the trust assets aren’t considered the beneficiary’s assets, the beneficiary can benefit from the trust in the trustee’s discretion as guided by the trust language itself.  Think of it this way . . . by setting up your trust this way you are benefiting your family and at the same time protecting them from creditors, predators, divorce and possibly their own poor spending habits.  Now THAT is truly creating a legacy.

Call us at 616-827-7596 to discover how you can provide these incredible benefits to your family!

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

Michigan Legacy Planning . . . Not Your Regular Estate Plan

February 27, 2011 /

As a Grand Rapids, Michigan estate planning attorney I’ve heard a lot of “chicken little” comments among some of my colleagues as a result of the recent changes to estate tax law.  You see, many attorneys who draft estate plans relied on fear of the estate tax as a way of attracting new clients.  With the tax law changes far fewer families will be affected by the estate tax (at least temporarily).

And yet at the same time, as a Grand Rapids, Michigan wills and trusts attorney who focuses on helping families create a legacy through Whole Family Wealth™ Planning, I’m seeing an increase in families becoming part of the Lichterman Law family.

Which leads me to this USAA article I recently came across.  Besides being a good overview of the recent changes to the estate tax and a reminder of the importance of having your plan reviewed, it points out the importance of viewing “estate planning” as what it truly is . . . “legacy planning.”  As the article points out, “there’s far more to estate planning than just taxes.”

What “more” are they talking about?  As the article says, “the real point of an estate plan is to make it as easy as possible for your heirs to carry on and to ensure your assets go where you want them to.”  I agree with that, but think they left out one very important thing . . . the key behind Whole Family Wealth™ Planning.  That is to use estate planning to pass on who you are and what is most important to you – your values, insights, stories and experience.  To me, that is truly a lasting legacy.

Why would you want to leave your family guessing about what to do, where to go and how to handle your assets?  Do you want to leave them without your most valuable asset . . . who you are as a person?  Call us at 616-827-7596 right now to take the important step of starting your legacy plan.  Mention this blog post and we’ll waive the Peace of Mind Planning Session fee ($750 value!).

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.


The Importance of a Flexible Estate Plan

February 13, 2011 /

I have been emphasizing the need for flexible estate plans since I first opened my practice.  It seems that most people believe that estate planning is either for the “hear and now” or for the “way down the road.”  If that is your view, your missing out on the “everything in between.”

I recently read this NY Times article, which sheds some light on the importance of a flexible estate plan.  As the article points out, the “certainty” that Congress brought to estate tax planning in late 2010 will only apply for 2011 and 2012.  After that it is anyone’s guess.

I can’t agree more with the part of the article that says “people…need to refocus their estate plans, … toward flexible plans for distribution, protection and management of their assets no matter how Congress tinkers with the tax laws.”  And that is just the estate tax law.  Don’t forget that each state, Michigan included, changes their estate planning laws from time to time too.

This is why I focus on planning for life, not death.  It’s really about who you are and what’s important to you.  How can estate planning pass on who you are?  By structuring your plan in a way that guides and directs your loved ones if something happens to you and that shares your Whole Family Wealth™ with them – not just what you have, but more importantly your values, insights, stories and experiences.

One last thing…note the many advantages of trusts that are stated in the article and how it is not just about tax planning.  My favorite advantage of trusts that they wisely state in the article is “protection against creditors, permitting the beneficiary to continue enjoying benefits from the trust even if bankruptcy were to occur.”

If you already have an estate plan in place, take this opportunity to have it reviewed and updated for flexibility by an attorney who focuses on estate planning.  And if you don’t have an estate plan…why not?  You are leaving your family’s future in the hands of the court system.  Is that what you want?

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

You Pay For What You Get

January 30, 2011 /

“You get what you pay for,” is a phrase that we’ve all heard so much it is has become almost a cliche.  What I’ve come to realize is that, although “you get what you pay for” may not be true in all cases, “you pay for what you get” seems to be true in all cases.  Whether the “cost” is money, like we typically think, or something intangible such as lost time, lost opportunity, worry, regret or pain.

You may have read my post about the Honda, the big screen and estate planning.  The idea being that we “pay” (money, time, emotions, etc.) for something based on the perceived value it has to us.  I was reminded of this when I talked recently with a nice gentleman.  At one point he said, “that’s more than I’m willing to pay.”  It doesn’t matter the context – estate planning or business planning – there’s a lot going on behind the scenes in that statement.

It could be a reflection of lack of concern, lack of understanding how things work (estate planning or business planning), not fully understanding the situation, or valuing other things higher than the estate planning or business planning being considered.  Ultimately, I think it is a combination of all of these (and more), although I see the value comparison being the deciding factor in most situations.

I’m not saying any decision is good, bad or indifferent.  I think it is good for us to understand how we make purchase decisions and to not forget all the non-monetary considerations that come into play and how they, ultimately, lead us to the decision we make.

How do you make a decision between two or more “purchases”?  Maybe it’s getting an iPad versus purchasing more life insurance, maybe it’s leasing a new car versus purchasing a new one, or getting a “discount” haircut versus going to a salon.  When you stop and think about the monetary and non-monetary considerations, how do YOU make your choices?  I would love to hear what you think of this!

Michael Lichterman is an estate planning and business planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

Intangible Assets and Your Burning House

January 23, 2011 /

As a Grand Rapids, Mi estate planning lawyer who focuses on helping you plan for your Whole Family Wealth™, I consider it my calling to determine what my clients truly care about and then, and only then, move forward with helping them plan to make sure their wishes are followed if something happened to them.

The tragedy of several West Michigan homes burning down (or partially down) over the past month has provided a prime example of what this Whole Family Wealth™ is.  I think most would agree that having your home burn down is a horrible tragedy, only made better if nobody is injured.  So what does a home burning down without any human injury have to do with estate planning?

Ask yourself this question: if your home was on fire, would you reach for the money you may have hidden in a drawer  or would you try to save the photo album that has the only pictures of your children as babies?  If you answered the way I expect you did, ask yourself if “traditional” estate planning is right for you or if you need something more.  Traditional estate planning focuses on money and assets . . . who you are and what is important to you is not a consideration.

Give it some serious thought because your answer (and more importantly your action or inaction) is what will shape your legacy.  Don’t make the mistake of thinking a “legacy” is something you have to wait until the end of your life to create. Call us at 616-827-7596 to schedule a Peace of Mind Planning Session to discover how you can share your values, insights, stories and experiences . . . not just your “stuff.”  Mention this blog post and we’ll waive the planning session fee (a $750 value!).

Michael Lichterman is an estate planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on estate and asset protection planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses and pet planning.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

5 Priceless Presents You Should Give Your Family

December 22, 2010 /

A recently read a great blog post by my colleague and Oregon estate planning lawyer, Candice Aiston. I am re-posting it hear for my readers, with Ms. Aiston’s permission.   Please take the time to read it, as it could make a HUGE difference in your families future.  Make it a point to give these important gifts in 2011.  You never know what could happen to you, and delaying these gifts could be disaster.

The end of the year is a time when I think a lot about the state of my life, family, and career.  I like to reflect on how the year went, whether goals were accomplished, what my goals are for the coming year, and how those goals match up with my values.  I try to think about what my overall purpose is and realign with that.  It is so easy to get caught up in the small details in life, that sometimes the big picture is lost.  I like to reassess each year and make sure I am always keeping my eye on what is important.

This year as I reflect, I find that my life, family, and career goals are really very interwined.  My family goal is to be a loving and responsible parent, and it turns out that my career goal is to help loving and responsible parents as well.  My life’s work happens to be helping loving parents to create estate plans that protect their families if something tragic happens.  Estate Planning is part of being a loving and responsible parent, but it is just one piece of that bigger goal.

If you are reading this, you probably feel similarly to the way that I do about parenting.  It is serious business, and it is our responsibility to provide the best care possible for our kids and to make sure they are protected and that they have every opportunity to succeed in life.  If we can toast to that, I want to share with you 5 Priceless Presents that you should give to your family.  If you have not given these to your family yet, there is no time like the New Year to get started.  Make it a resolution, a Responsible Parent’s Manifesto, if you want to call it that.

1. A Comprehensive Estate Plan
A Comprehensive Estate Plan is the first thing that any parent needs to get in place.  Why is this first?  Because you can have all of the things listed below, but put your family through hell trying to access it and pay all of the fees and taxes associated with your death or incapacity if something happens to you.  Without meeting with an attorney and discussing your particular situation, you have no idea what type of situation your family faces if something happens.  You need a plan that dictates the care of your kids (both short and long-term) and the handling of your assets in a way that saves your family the most time, money, and heartbreak. So, if you are a parent without an estate plan, this is your first step.  Call an estate planning attorney today.

2. Life Insurance
Life insurance is an essential part of most parents’ estate plans.  Most parents do not have enough in savings or assets to allow their families to live a similar lifestyle if a parent died.  Life insurance replaces lost income and it can be used to pay for childcare.  If you do not have life insurance, make it a priority in 2011 to get insured.  The longer you wait, the more difficult and expensive getting life insurance will be.  Keep in mind that life insurance makes your estate worth more, so you should consult your estate planning attorney before buying it.

3. An Emergency Savings Account
Every parent should have an emergency savings account.  This economy has taught us that little is certain in life.  It is not certain that you will have your job next month.  It is not certain that your business will be around next month.  It is not certain that your health will be good next month.  It is extremely important to plan for a situation where you may not have income for 6-12 months.  Otherwise, you could lose everything you have worked so hard to gain.  People who lose their jobs and do not have emergency savings often have to cash in retirement accounts with severe penalties and have their homes foreclosed upon.  It really can pay to sacrifice in the short-term to have that security long-term.

4. A Plan for Retirement
Retirement takes decades to plan for, and many parents do not know what they are doing when it comes to saving for it.  Seeing an experienced financial advisor is such a good idea when it comes to retirement.  Retirement is the biggest event for which you will ever plan.  An advisor can project what you should be putting aside based on your income, expenses, projected age of retirement, and rate of inflation.  They can also describe to you the various types of accounts and how each type can benefit you.  They all involve different tax rules and have different rules for distribution.  Your company’s retirement plan or pension may not be enough to support you during retirement.

5. A Plan for College
You would think that planning for college would be at the top of this list if you are a loving parent, right?  Wrong.  You first take the steps to protect your family from the worst situations, then you plan for the time when you can no longer work, and then you plan for college.  The reason for this is that if there is no college fund, your child can apply for loans and grants and get a job during college.  It is not ideal, but it is a heck of a lot more ideal than your grown child having to support you in your old age because you do not have the means to support yourself.  It is a lot more ideal than your child flunking out of high school because when dad died without life insurance, mom had to get two jobs to make ends meet and there was no one to make sure the child was doing what he was supposed to be doing.  But once you have taken care of the other things, providing a college education for your child can help your family for generations.  Without having to pay back student loans, your child can start saving, planning, and living prosperously a lot earlier on than you were able to do so.

Candice N. Aiston is an Estate Planning Attorney for families in the Portland, Oregon area.  She helps loving parents to prepare their families for a lifetime of security, prosperity, and guidance.  If you would like to receive her free report, “The 9 Common Planning Mistakes Parents Make,” please visit http://candiceaistonlaw.com/.

The Downside to Leaving Your Estate to Heirs

November 28, 2010 /

I’m sure you’re wondering, “what are you talking about?  Isn’t it good to leave my estate to my heirs?”  Well . . . not necessarily.  As I mentioned in this earlier post, an “heir” is someone who inherits from you if you do not have a Will or a Trust.  That is, they inherit from you based on what Michigan’s “intestacy laws” say.

Before you assume that is “well and good,” consider these situations:

  • Second marriages – you may be surprised at the amount your children receive (or really what they do not receive).
  • Charitable gifts – if you want to benefit a charity, you better have a Will (or better yet, a Trust), because they are not “heirs.”
  • Special needs child – if receiving governmental assistance is important to their quality of life, too bad, because they are set to get their share outright as an “heir” when they turn 18.
  • A child (or spouse) who is a spendthrift or has substance abuse problems – in these cases one of the worst things you can do is give them a significant sum of money, yet they are entitled to it as an “heir” if you haven’t planned otherwise.

There are many more situations when being an “heir” may not be a good thing.  These are just some of the more common ones I’ve observed.

The great thing is that you can avoid these pitfalls by taking the time to setup an estate plan with a lawyer who focuses in estate planning.  These and many other undesired outcomes can be addressed through careful planning that centers on what is most important to you.  And it can help you leave the family legacy that is important to you.

If you find yourself in any of the situations listed above, call us at 616-827-7596 to schedule a Peace of Mind Planning Session to discover how you can “have your say.”  And if you mention this blog post, we’ll waive the planning session fee ($750 value!).

Michael Lichterman is an estate planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, and family owned business succession – and he is privileged to do so from a Christian perspective.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

Estate Planning for Young Professionals … What You Don’t Know CAN Hurt You

November 21, 2010 /

I recently read this post by my colleague and friend, Steve Worrall, an estate planning attorney in Georgia.  Mr. Worrall points out several reasons why an estate plan is of critical importance for young professionals.  I’m not going to re-print the list here, you’ll have to read his post.  And I believe the items he mentions are just as important to Grand Rapids Young Professionals . . . hey, that’s catchy . . . I belong to a group by that name!  I assure you that estate planning is critically important whether you belong to the group or not.

As a young professional myself, I have a strong passion for reaching out to fellow Grand Rapids young professionals to make sure they have a plan in place for themselves and their family if something happened to them.  I’m happy to say that the idea of estate planning is typically warmly received.  I think the biggest struggle for Grand Rapids young professionals and planning is that nobody has ever explained the importance of estate planning to them.  As a matter of fact, if I were not an estate planning lawyer I probably wouldn’t have heard about the importance of estate planning either!

And that is why I try to get the word out through speaking engagements and networking with my fellow young professionals.  Being one, and knowing many, let’s me know that young professionals do recognize the importance of estate planning…as long as someone will care enough to talk with them about it.  You’ve worked hard in college, your job, and possibly post-graduate work and you surely don’t want all you’ve worked for to be lost to court proceedings, costs and potentially not benefiting those for whom you cared the most.  And you don’t have to be married or have children to benefit from estate planning.

Finally, don’t forget to work with a grand rapids estate planning lawyer who plans for life by having systems and processes in place to make sure your estate plan is kept up to date.  With all the hustle and bustle of life as a young professional, there is no doubt that your life, your assets and the law is going to change throughout your life.  You should make sure that your estate plan changes to keep up and that your estate planning attorney doesn’t leave the responsibility for the changes all on your shoulders.

Don’t let Michigan law determine what will happen to what you’ve worked so hard for.  Call us at 616-827-7596 to find out what would happen if something happened to you and how YOU can have a say in how things are handled.

Michael Lichterman is an estate planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, and family owned business succession – and he is privileged to do so from a Christian perspective.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

Who is a Michigan Heir

November 8, 2010 /

I’ve had several people ask me, “what is an heir?”  Well, it is better said, “who is an heir?”  Michigan law says that an “heir” is a person who is entitled to inherit according to Michigan law from someone who died without a will or trust (MCL 700.1104(n)).  “Person” is a loose term as it also includes the State of Michigan.  Doesn’t that make you feel all warm and fuzzy?  If you don’t have anyone who survives you and is entitled to your property according to Michigan law, the property goes to the state!

So why does this matter?  Well, one example is if you have charitable inclinations and would want a charity (or multiple charities) to receive something if you passed away.  Or, at the very least, receive something rather than having it go to the State.  Sorry, it’s not going to happen if you don’t have a will or trust because state law does not list charities as an “heir.”

Or, say you have several children, one of which is financially very well off and does not need to inherit anything from you (or doesn’t want to).  They are still an “heir” if you do not have a will or trust that says otherwise.  Or a relative who has a substance abuse or addiction problem.  Many people feel bad about “disinheriting” someone, and I understand that.  Even saying the word makes it sound mean.  But there are certain situations where it may be desirable, such as the previous examples.

The key here is that a Michigan “heir” really matters to only those folks who have not planned for their family’s protection and well-being if something happened to them.  Here’s the good part – you CAN  say who receives what!  You just have to take the time to meet with an estate planning attorney who take the time to help you put your goals and desires into action.  Sure there is a cost, but what is the alternative…having the State make that determination for you?  To many, that is a far more costly situation as it leaves what happens to your legacy up to the State, not you.

If you want to have your say in your legacy, call us now at 616-827-7596 to schedule your Peace of Mind Planning Session.  Mention this blog post and we’ll waive the planning session fee ($750 value).

Michael Lichterman is an estate planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, and family owned business succession – and he is privileged to do so from a Christian perspective.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.

National Child Safety and Protection Month

October 31, 2010 /

Did you know that November is Child Safety and Protection Month?  No?  Honestly…I didn’t either.  I tend to think of the safety of our children as a minute-by-minute consideration not just something to think about one month out of the year.  And I’m sure many parents feel the same way.  It is nice that there is a month dedicated to raising awareness of such an important topic.  It may be cliche, but our children are the future.

If you peruse the website and periodicals for information on this topic you will find information on preventing childhood accidents, advice for childcare providers, ways to make your home safer for your children, and many more topics.  Whoa – something is missing!

I didn’t come across any articles on taking the critical steps to make sure your children are protected and provided for if something happened to you.  As a Grand Rapids estate planning lawyer,I’m sure you knew I would bring up estate planning.  I’m glad someone did!  Now maybe I’m just not a good “googler,” but I think the fact that I was unable to find a single article about the importance of Estate Planning in the context of this month says a lot about how most people view estate planning.  They likely think it is for “old” people who need to plan for their death.  Quite the contrary!

I firmly believe that estate planning is most important for Grand Rapids parents with minor children and that planning for life (yours and theirs) is the key to an estate plan that brings the added peace of mind we all desire.  Yet, as parents, we tend to think of “child protection” and “child safety” only in the physical sense – not getting physically hurt.  I have come to learn through conversations with people whose parents passed away when they were children, the emotional hurt of losing their parents is far worse . . . and worse still if they are thrown into “the court system” and a judge determines who cares for the children.

None of us are invincible . . . you only need to read the daily news to know that life happens.  So I encourage you, let this Child Safety and Protection Month be a “wake up” call to get an estate plan in place for your family and have the added peace of mind of knowing your children will be provided for and cared for if something happened to you.

Call our office at 616-827-7596 in the month of November to schedule a Peace of Mind Planning Session and I will waive the session fee ($750 value!).  Make sure to mention this blog post to take advantage of this special offer!

Michael Lichterman is an estate planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™.  This goes beyond merely planning for finances – it’s about who your are and what’s important to you.  He focuses on planning for  the “experienced” generation, the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, and family owned business succession – and he is privileged to do so from a Christian perspective.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.