Estate Planning in Michigan requires that you follow specific steps. If you are doing it on your own, which is not recommended, you need to know your net worth and see to it that you handle your needs properly.
With that in mind, we have been making a series of articles on Estate Planning in Michigan. As Southfield family lawyers, our law firm is always here to make sure that you can have the best kind of legal help.
In this article, let us look at what you should do next after you know your assets and liabilities.
Doing the Math
Once you know where you stand in terms of your net worth, you must do your math. Your assets add value to your net worth while your liabilities will be used as deductibles to your net worth.
The amount of estate that is left behind after you add your assets and subtract your liabilities is what is considered your net worth.
Can I start gifting my assets after knowing where I stand?
Not really. Once you know where you stand, any changes in your assets and liabilities will a change in your net worth. But, if you wish to specifically give an asset to a child or a friend once you pass on, you should always remind yourself that you should make an explicit statement to that effect on your Last Will and Testament, which we can also help you out with.
Any new asset or any new liability affects your total net worth so basically, your net worth is an ever-changing entity.
Haque Legal is Here To Help
We have been around. We have handled hundreds of cases on family law, custody battles, and parenting. We can help you fight for your rights and work your way around getting that parenting time that you deserve. Haque Legal is here. You can find that the best kind of experience for you is to hire our law firm.
Here at Haque Legal, we always have your back. Make sure that on your first free consultation, we tell you everything that you need to know about your divorce or custody case as well as the cost and the expenses that would be associated with it.
The consultation is free for the first time because we understand that you need to at least have that guidance coming from a reputable law firm and lawyer to assess your case. If you have concerns about your divorce or custody case and you need a lawyer to handle it you can always contact our law firm and we can talk about your situation and the best way that we can handle it, especially in terms of the expenses.
Let Haque Legal Help You With Your Case
If you require a lawyer who can assist you with ensuring that you protect your rights, it is important to know that you also have a team that can help you out with your specific needs.
Our law firm is dedicated to making sure that those who are innocent will be protected by the law and that the full extent of justice will be used.
Disclaimer
The article that you have read is based on general applications of the law. It is not legal advice and it is not to be construed as any legal consultation with the firm. No client-attorney relationship is created when you read the articles we have provided.
Let us help you out
If you need a Southfield family lawyer to help you during your proceedings, call us immediately. If you have any problem with the law or are seeking justice and truth, our numbers are standing by to take your call.
The post <strong>I Know My Net Worth, What’s Next?</strong> appeared first on Haque Legal.