Bannon & Associates, PC
Estate Planning
& Probate
Protecting Your Family, Preserving Your Wishes, and Planning for the Future
Estate planning involves more than preparing a will. It includes deciding how assets will be managed, who will make important decisions if you become incapacitated, and how property will be distributed after death. Kevin M. Bannon has practiced law since 1987 and holds a Master of Science in Taxation from Walsh College.
Call (248) 643-3343Plan for Your Family
Estate services
at a glance.
Wills & Living Trusts
Wills & Living
Trusts
A will records instructions for matters such as the distribution of property at death and nomination of a personal representative. Depending on your family and property, planning may also involve a revocable living trust and beneficiary arrangements.
A will does not automatically avoid probate. A revocable living trust generally must be properly funded—assets must be transferred or otherwise arranged as intended—for the trust to serve its planned purposes. The right combination of documents and ownership arrangements depends on your circumstances.
Estate planning also means considering who can manage financial affairs if you become unable to do so and coordinating your documents with the way your property is titled and beneficiaries are designated.
Planning for Incapacity
Choose who can
act on your behalf.
A durable financial power of attorney can authorize someone you choose to handle specified financial matters if you are unable to manage them yourself. In Michigan, a Patient Advocate Designation names a patient advocate to make medical treatment decisions if you cannot participate in those decisions.
Choosing a trusted person, considering the authority you want them to have, and coordinating these documents with the rest of your plan can help ensure your preferences are understood. These decisions are personal and should reflect your wishes and circumstances.
Estate Planning for Children
Estate Planning
for Children
Parents can use estate planning documents to nominate a guardian for minor children and identify alternate guardians. A separate trustee may manage money intended for a child, helping distinguish personal care decisions from financial management.
Parents may consider who will serve as trustee, the ages or conditions for distributions, and how a child's needs may change over time. Coordinating guardianship nominations with trust terms and beneficiary arrangements can help make your intentions clearer.
Planning for a Beneficiary With a Disability
Consider needs
beyond the inheritance.
Leaving assets to a beneficiary with a disability may affect eligibility for means-tested government benefits, depending on the benefit program, the beneficiary's circumstances, and how assets are held. Planning should consider both the beneficiary's long-term support and applicable program rules.
Trust structure, trustee selection, distribution language, and coordination with knowledgeable advisers may be important. No single approach fits every family, and benefit eligibility should be assessed for the specific situation.
Advanced Planning
Advanced Estate
Planning
Strategies depend on your goals,
assets, family, and applicable law.
For some families and business owners, a more involved plan may call for considering one or more of the following:
- Irrevocable trusts
- Family limited partnerships
- Family limited liability companies
- Qualified personal residence trusts
- Life insurance trusts
- Charitable giving strategies
- Multigenerational trust planning
- Business succession planning
- Estate and gift tax considerations
These arrangements have distinct legal, tax, administrative, and cost implications. Their suitability depends on individual circumstances and applicable law; no particular strategy guarantees tax savings or asset protection.
Probate & Estate Administration
Probate & Estate
Administration
Settling a loved one's affairs after a loss can feel overwhelming, especially while family members are grieving and important paperwork still needs attention. Kevin can help personal representatives and families understand the steps involved, identify estate responsibilities, and work through the process of administering and distributing estate property. Probate is the court-supervised process used for some estates, but not every asset passes through probate.
Kevin can discuss estate administration matters such as:
- Whether probate may be necessary for the assets involved
- Personal representative appointments, authority, and duties
- Identifying estate assets and liabilities
- Creditor issues and required notices
- Preparing required documents and filings
- Estate, fiduciary, and income tax matters
- Distributions and steps toward estate settlement
Some assets may pass outside probate through a trust, joint ownership, or a beneficiary designation. The effect of each arrangement depends on the account, title, and governing documents.
Trusts, Tax & Estate Matters
Connected legal
and tax guidance.
Trustees and personal representatives may face fiduciary duties and tax-reporting responsibilities as they manage and settle an estate. Kevin's Master of Science in Taxation from Walsh College and tax-return experience inform his work involving estate, gift, trust, and individual tax matters.
Kevin advises individuals who are serving as trustees and is available to discuss acting trustee and successor trustee appointments. See Professional Trustee Services for details about trustee service and advisory support.
Tax rules and filing requirements depend on the assets, transactions, beneficiaries, and facts of the particular estate or trust.
Direct, Personal Attention
Talk with Kevin about your plans.
Kevin M. Bannon · Michigan attorney since 1987