Estate Planning Attorney in Frankenmuth
Travis Dafoe is a trustworthy local estate planning, wealth preservation, and wealth transfer attorney from Frankenmuth, MI. Contact us today for any legal advice that you may need! To schedule an appointment with us you can call us at (989) 321-2330 or you can submit an online form by clicking here.
Estate Planning is so important, that is why it is one of our most active areas of practice. This includes: wills, trusts, financial powers of attorney and medical powers of attorney.
“As a longtime Frankenmuth resident, you might say I know the territory – which means I am familiar with the living and working conditions here in the Saginaw County area. Since I live here and work here, you won’t have to explain to me the kind of details that might be a mystery to a big out-of-town firm.”
Dafoe Law is skilled at helping individuals and couples review their existing estate plans, or creating them if they do not already have them in place. Everyone needs a will, and we are glad to assist with this basic service. But you may also want to establish a valid trust, power of attorney and medical power of attorney to cover whatever contingencies may arise in your family’s future.
We can help you orchestrate the transfer of real estate and assets into individual trusts and plan for other trust funding as necessary. Dafoe Law will also review beneficiary designations with the individuals involved to make sure that they are congruent with your estate planning goals.
What is asset protection? Asset Protection is the use of legal tools to protect against claims of others. When we are doing estate planning, we are often protecting against your children or grandchild’s creditors. Who can be a creditor? The easy answer is anyone that you owe money to, but it can also include divorcing spouses.
Asset protection is a prudent part of many financial plans. Not every legal tool is right for everyone, but asset protection should be a part of your overall estate and financial plan.
Asset Protection Tools
- Michigan Domestic Asset Protection Trusts
- Qualified Personal Residence Trust
- Other Irrevocable Trusts
- IRA’s, Life Insurance
Standalone Retirement Trusts
What to do with IRAs, 401Ks, and other retirement Accounts? For many individuals and families the majority of their wealth is held in retirement accounts. Typically these accounts are passed through use of a beneficiary designation. The beneficiary is required to take RMDs (required minimum distributions). A non-spouse who inherits may take distributions over their life expectancy. Until recently the use of a trust to control a retirement account was fraught with the possibility of a large tax bill. However, recent changes made by the IRS allows us to use a Standalone Retirement Trust to control the asset and still enjoy the benefit of the stretch. So, why should you consider the use of a standalone retirement trust? (1) creditor protection: a 2014 U.S. Supreme Court decision changed how inherited IRAs are protected from creditors; (2) Control and Structure: as with any trust, timing and the nature of the payments are able to be structure for the benefit of your beneficiaries.
WHY TRUST YOUR PERSONAL ELDER LAW MATTERS TO A BIG, IMPERSONAL FIRM…
When a local attorney from Frankenmuth can get you the results you really want?
Local attorney Travis Dafoe is a Saginaw County native with seven+ years of legal experience. His Frankenmuth legal practice focuses on estate planning, probate, trust administration, real estate law, business law and elder law.
Mr. Dafoe is admitted to practice law in Michigan state and federal courts, and he is well qualified to assist you with your personal legal matters.
Practicing law since 2009, Travis Dafoe has been working hard to accomplish a lot for his clients. Here is just some of the accomplishments that the law office has had.