Estate Planning, Probate & Taxation

Effective estate planning benefits estates of all sizes and ensures that the estate is administered according to the decedent’s wishes. One of the primary purposes of estate planning is to protect and preserve assets through minimization of money loss as a result of taxation. Wills, trusts and other legal vehicles enable legacies to be passed on to the rightful heirs of the estate.

Taxation and Asset Protection

At Colombo & Colombo, our lawyers employ thorough estate analysis to determine the most beneficial legal instruments for the estate. We advise clients regarding planned gifting programs, charitable gifting, trusts, wills, succession planning, and other options to protect assets. While working within the guidelines of federal and state tax codes, we assist clients in matters of federal estate tax planning, federal estate tax return planning, and state inheritance tax planning.

Wills, Trusts and Planning for the Future

Based on our client’s objectives, our lawyers generally prepare a will, devise a trust, or incorporate both a will and trust, depending on the financial circumstances and structure of the client’s estate. There are numerous types of trusts and we advise which type is most appropriate to meet estate planning objectives. Our lawyers also serve as legal counsel to and as personal representatives and trustees for various estates and trusts. Trusts offer the advantage of avoiding a lengthy and often costly probate administration process. Our attorneys also assist clients with administration of trusts.

A vital aspect of successful estate planning may also include placing into effect powers of attorney, a living will, an advance directive for healthcare, or a conservatorship to manage an estate, when the estate owner ages and his or her capability to deal with financial matters diminishes. Our firm also assists families by setting up guardianships, especially when other estate planning approaches have not been previously established.

Estate and Probate Administration

We assist clients who are executors of wills, trustees or personal representatives to administer an estate after the death of the owner. Our legal services include opening the estate, probating the will, identifying assets; payment of creditors, taxes and estate expenses; in addition to distributing assets to the estate’s beneficiaries. Assets are distributed according to the will or trust, unless the owner dies intestate (without a will) or has no trust, in which case, assets would be distributed according to Michigan law.

Whatever your needs regarding an estate, Colombo & Colombo has developed the experience and skills necessary to provide the best legal services possible to benefit and serve your interests. Please contact us online or through our office number at 248-645-9300 to arrange a consultation to discuss estate planning.