From Special Needs Trusts to Medicaid Planning, We Offer a Wide Variety of Legal Services Throughout SE Michigan
(Patient Advocate Designation)
A Patient Advocate Designation, which is commonly referred to as a Health Care Power of Attorney, is a document that allows you to nominate an individual to make health care decisions on your behalf if you are unable to do so. This document also allows you to express your wishes regarding life-sustaining treatment if you become comatose or terminally ill.
Having a Patient Advocate Designation in-place is vitally important to individuals of all ages, and is a part of any comprehensive estate plan. To ensure that you are adequately protected, the Nakisher Law Firm includes a Patient Advocate Designation in each estate plan we draft.
A Durable Power of Attorney, like a Patient Advocate Designation, is a document that allows you to nominate someone to make decisions on your behalf. But, instead of healthcare decisions, the Durable Power of Attorney allows the named individual to make decisions regarding your finances, property, and other beneficial interests. A Durable Power of Attorney can become effective immediately upon signature, or upon your incapacity, depending on your specific needs.
Having a Durable Power of Attorney in-place is vitally important to individuals of all ages and is a part of any comprehensive estate plan. To ensure that you are adequately protected, the Nakisher Law Firm includes a Durable Power of Attorney in each estate plan we draft.
If you have a loved one who is no longer able to effectively manage his or her day-to-day responsibilities due to mental incapacity or physical limitations, it is important that someone helps. And, if your friend or family member has not properly nominated someone to make decisions for them through a Patient Advocate Designation and Durable Power of Attorney, things can get complicated. Without a comprehensive estate plan in place that includes these documents, the court may be the one to decide who will make personal, financial, and health care decisions for your incapacitated friend or family member. The skilled attorneys at the Nakisher Law Firm will fight to make sure that the right person is appointed as Guardian and Conservator for your loved one, whether that be you or someone else.
Some families must assume special responsibilities in order to care for a loved one who will require help through adulthood due to physical or mental challenges. To help these families, the Nakisher Law Firm offers Special Needs Planning. This planning uses state and federal trust laws to protect the assets of a person with disabilities.
Such planning can be used to effectively coordinate your loved one’s care needs and to enhance the quality of your loved one’s life. Sometimes called “Supplemental Needs Trusts,” Special Needs Trusts can help preserve assets to care for an individual with special needs after becoming eligible for government benefits, including Medicaid.
Qualifying for Medicaid can mean the difference between having necessary medical care and having no care. Many elderly and disabled individuals could not afford essential nursing home care, in-home care, or other essential medical care without the help of Medicaid. Other individuals are misinformed that they must pay out of pocket for these expenses until estate assets are depleted.
At The Nakisher Law Firm, we can help you understand how Medicaid laws apply to your situation, dispel common misconceptions, and provide the sound legal guidance necessary to assist an elderly or disabled relative so they can qualify for Medicaid benefits.
If you are starting a business, The Nakisher Law Firm will help you choose the most effective structure to achieve your personal and financial goals.
If you already have a business, we will make it easy for you to pass on your business to the next generation, or sell it for a fair price. Business exit planning is a process we guide clients through so they can leave their businesses when they want and with the income they will need to maintain their accustomed standard of living. With our assistance, business owners can leave their businesses to family members, partners, or key employees or sell it on the open market. Every business is different, so we don’t take a 'cookie-cutter' approach.
Unmarried partners need to take special care in estate planning to ensure that their needs and wishes are met. As such, same-sex couples and unmarried opposite-sex couples should consult with an estate planning attorney to discuss their options. The legal specialists at the Nakisher Law Firm understand the unique estate planning needs of domestic partners.
Domestic partners need to rely on trusts—not wills—to transfer property after the death of a partner. Wills are easier to contest, and a blood-related family member may claim property despite the existence of a properly executed a will.
Financial powers of attorney and health care powers of attorney are essential if the partners want to be able to make decisions for each other. Without the powers of attorney, a domestic partner has no legal standing. You will also need HIPAA medical release forms so that you have access to your partner’s medical information when necessary.
Protect your partner and yourself. Contact us immediately to schedule a consultation if you have questions about estate planning for same-sex couples or unmarried opposite-sex couples .
With nearly half of all U.S. marriages ending in divorce, a marital agreement may be appropriate for couples with a great disparity in earning power, as well as couples who simply want to take an extra measure of precaution. A marital agreement will protect the assets of each party and create clear provisions for the division of property and inheritance of debts upon divorce or death of a spouse.
There is a common misconception that marital agreements are only necessary for the very wealthy. Although marital agreements are not essential for every couple, persons with fewer assets can benefit from having an agreement in place. We encourage you and your partner to think about creating an agreement if:
- One party owns a home, stock, or other assets that could be profitable.
- One party is a business owner.
- One party may be receiving an inheritance.
- One party is significantly wealthier than the other.
- There are children from another marriage.
- One party has a large amount of debt or a history of financial instability.
While it may be uncomfortable to talk about creating a marital agreement, our lawyers can further explain the benefits and importance of having an agreement in place to protect the interests of each spouse. The Nakisher Law Firm can help you and your partner create a pre/postnuptial agreement and will ensure that the document is legally binding, allowing it to be upheld in court in the event of divorce or death of a spouse.
Direct bequests to charity are fully deductible for estate tax purposes. If you have a taxable estate and decide to share your estate with charity, it can drastically reduce your estate tax liability. Leave your entire estate to charity, and you'll owe no estate taxes at all.
In addition to tax advantages, contributing to charity is a good way to leave a legacy in your community, or to instill in your heirs a sense of social responsibility. But, what if you want to make a partial bequest to charity and a partial gift or bequest to your natural beneficiaries? A trust can be the answer, and the Nakisher Law Firm can help.