Knowledge & Guidance
Whether you're a family planning for the future or a financial advisor seeking a trusted estate planning partner, you'll find answers, guides, and tools here.
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Estate planning doesn't have to be overwhelming. These guides cover the essentials for Michigan and Florida families at every stage of life.
Learn how a living trust works, why it's one of the most powerful tools for avoiding probate, and whether it's right for your family.
Discuss With an Attorney โProbate in Michigan is public, slow, and expensive. Discover the legal strategies that keep your estate out of the courthouse.
Learn More โMany people assume a will is enough. We explain when a trust is the better choice โ and why both have an important role.
Get Clarity โFlorida's homestead laws and probate rules are unique. We help Michigan clients with Florida assets navigate both states seamlessly.
Ask Us How โNursing home costs can devastate a family's savings. Learn how proactive Medicaid planning can protect what you've worked for.
Protect Your Assets โWithout a succession plan, your business could be forced to close or sold at a loss. Learn your options now, before it's too late.
Plan Ahead โFrequently Asked Questions
These are the questions we hear most often from Michigan and Florida families. Click any question to read the answer.
Yes. Estate planning is about more than wealth โ it determines who raises your children, who makes medical decisions if you're incapacitated, and who inherits your property. Without a plan, Michigan law decides for you, which may not match your wishes. A basic plan is affordable and essential for anyone with a family or property.
Probate is the court-supervised process of distributing a deceased person's estate. In Michigan, it is public record, often takes 12โ18 months, and costs attorney and court fees that reduce what your heirs receive. With proper planning โ including a living trust โ your estate can transfer privately and immediately, with no court involvement.
We recommend reviewing your plan every 3โ5 years, or after any major life event โ marriage, divorce, birth of a child or grandchild, death of a beneficiary, significant change in assets, or a move to a new state. Michigan and Florida laws also change periodically, which can affect your plan's effectiveness.
Absolutely โ this is one of our specialties. Attorney Wakefield is licensed in both Michigan and Florida, so we can address the unique rules of each state under one roof. Florida's homestead protections, for example, require careful coordination with a Michigan-based estate plan to function properly.
A durable power of attorney authorizes a trusted person to manage your financial affairs if you become incapacitated. Without one, your family may need to go to court to obtain guardianship โ a slow and costly process. We strongly recommend this document for all adults, regardless of age or wealth.
If you die "intestate" (without a will), Michigan's intestacy laws determine who inherits your assets. The result may surprise you โ for example, a surviving spouse does not always inherit everything. Your assets will also pass through probate, which is public and time-consuming. A simple will or trust prevents this.
We believe in transparent, reasonable pricing. Costs vary depending on the complexity of your plan, but we discuss fees openly at your free initial consultation โ before you commit to anything. Most basic estate plans are far more affordable than people expect, and far less costly than probate.
Yes. Medicaid planning is a critical component of our elder law practice. We help clients structure their assets well in advance of needing long-term care, so they can qualify for Medicaid benefits without first spending down their life savings. Early planning is key โ reach out as soon as possible.
Use this checklist to assess where your plan stands today.
A Partner You Can Trust
Your clients trust you with their financial futures. When estate planning questions arise โ and they always do โ you need a legal partner who is responsive, collaborative, and aligned with your client-first philosophy.
Wakefield Law, PC has built long-standing relationships with financial advisors, CPAs, and wealth managers across Michigan and Florida. We integrate seamlessly into your client service model, handle the legal work with care, and keep you informed every step of the way.
We never compete for your client relationships. Our goal is to make you look great.
"We consider ourselves a natural extension of your advisory practice. When your clients' legal and financial plans are aligned, everyone wins โ especially the families you serve."
โ Wakefield Law, PCMany of your Michigan clients have Florida retirement homes or winter residences. We handle both states' legal requirements under one roof โ no need for multiple referrals.
We welcome coordination with your team. We'll review beneficiary designations, align trust structures with investment accounts, and communicate directly with your office when appropriate.
When you refer a client to us, they get prompt attention and clear communication. Your professional reputation is on the line โ we treat every referral as a reflection of your practice.
We make referring clients to Wakefield Law simple and stress-free. Here's what to expect from first contact through completed plan.
Contact us directly โ Call or email to introduce your client and share any relevant background. We handle it from there.
Free initial consultation โ Your client meets with our attorneys at no charge to discuss their goals and receive a clear proposal.
Plan design & drafting โ We craft a customized plan and keep you in the loop, especially on matters that affect account titling or beneficiary designations.
Signing & implementation โ Documents are signed, assets are properly titled, and your client leaves with a complete, coordinated plan.
Educational Topics
Use these summaries to initiate estate planning conversations with your clients โ or share them directly as educational touchpoints.
Naming a trust as IRA beneficiary requires careful drafting. We explain the rules and work with advisors to ensure tax-efficient distributions under current law.
Florida's homestead exemption is a powerful protection โ but it has strict rules when transferred into a trust or inherited by non-spouse beneficiaries. We navigate both states' rules for your clients.
For clients with appreciated assets, the interplay between step-up in basis and estate tax exposure is critical. We coordinate with your tax planning to optimize outcomes.
As clients age, Medicaid planning becomes urgent. We help structure assets to preserve wealth while maintaining eligibility โ protecting both the client and their heirs.
Leaving assets outright to a disabled beneficiary can disqualify them from government benefits. A properly drafted Special Needs Trust preserves both the inheritance and the benefits.
Business-owner clients need succession plans that work in tandem with their investment portfolios and life insurance. We draft agreements that hold up under real-world conditions.
"The best time to create an estate plan was yesterday. The second best time is today."
Whether you're a family planning for the future or an advisor looking to refer a client โ we're here to help.