Estate Planning and Loss of Income in Grand Rapids
Many people visiting their will and estate lawyers in Grand Rapids are unprepared for the news that their income might change drastically with the death of a spouse. For example, the spouses of veterans are often surprised to find that VA benefits can end when the veteran passes away. Unfortunately, this is something that sneaks up on a lot of folks who haven’t considered this with their Grand Rapids will and estate lawyer.
VA benefits aren’t the only type of income that can come to a halt in these situations, either. Union pensions can also stop when the union member dies. Likewise, Social Security benefits may be at risk. This is distressing news for those left behind who planned to live on these sources of income.
This is just one of the many surprises that can be in store when it comes to a surviving spouse’s ability to support himself or herself. The loss of those forms of revenue can be catastrophic, with widowed seniors suddenly finding themselves having to return to the workforce and/or depend on government programs just to get by.
A good Grand Rapids will and estate lawyer will help you to plan for this contingency. There are several ways that the various forms of income can be replaced, such as through insurance policies and other types of strategic planning. The key, of course, is to anticipate these needs in advance so they can be provided for in the estate plan.
To do this, your Grand Rapids will and estate lawyer will help you determine what income you have now and what your expenses will be later. The goal of this type of planning is to develop strategies that work with your current situation in order to protect you when the time comes. For example, a younger couple might need to consider college funding for their children, so the estate planning lawyer will help determine what kinds of funds or trusts could be used to make sure the money is there later. On the other hand, an older couple might not have that particular need and could therefore plan a different approach.
Losing a loved one is hard enough without the added financial burden that would come from losing his or her income, too. Make sure you discuss all your sources of income with your Grand Rapids estate planning lawyer so that you can examine the requirements of each and know what will be available and what will not. Then, you and your lawyer will be able to pinpoint where there might be shortfalls and plan accordingly to make sure you aren’t left in a lurch later.
If you would like to speak with a professional Grand Rapids wills and estate lawyer, please contact Eyestone Law Offices at 800.667.5291 to schedule a free initial consultation today! We provide services throughout West Michigan and have three offices conveniently located in downtown Grandville and Muskegon, and another in Grand Rapids near Woodland Mall.