High value estates in Michigan, similar to those in other states, are subject to unique laws and regulations that extend beyond standard probate administration. Specifically, estates valued over $11.58 million are taxable at the federal level. This highlights the complexity of managing significant wealth and inheritance, necessitating specialized legal expertise.
At Sean J Nichols, PLLC, we bring a wealth of knowledge in both state (Michigan) and federal laws, with extensive experience in managing large estate probate cases. Our firm is uniquely positioned to handle intricate probate matters, offering the resources of a large firm while maintaining the personal touch of a smaller practice.
Probate Legal Services
- Estate Administration
- Complex Estate Litigation
- Estate Tax Avoidance or Reduction
- Estate Planning & Private Wealth Services
- Trust Administration
- Legal Disputes Involving Trusts
We are equipped to address the diverse estate planning needs of our clients, regardless of estate size.
What Defines a High Value Estate?
A high value estate is typically defined in two ways:
Federal Taxability: As per IRS guidelines, estates with assets and prior taxable gifts exceeding $11.58 million (as of 2020) require filing.
Complex Administration: Estates that involve intricate probate and various tax shelter trusts. Many estates can strategically avoid estate taxes, underlining the importance of expert planning.
High Value Estate Administration in Michigan
Michigan, like Florida, has its own legal procedures for asset distribution and inheritance through probate court. Coupled with federal laws on estate taxes, trusts, and annuities, it’s crucial to work with attorneys versed in Michigan probate law and federal regulations. This expertise can significantly reduce estate taxes and streamline the probate process.
Personalized Representation
While we may not match the volume of larger firms, Sean J Nichols, PLLC offers a more personal connection with clients. We strive to provide understanding and personalized attorney/client relationships, offering competitive advantages over larger firms.
High Value Estate Litigation in Michigan
Legal disputes in estate administration can lead to litigation. Our services cover various aspects of such disputes, including:
- Trust-related legal disputes
- Breach of Fiduciary Duty
- Mental Capacity Issues
- Undue Influence Claims
- Beneficiary Disputes
- Creditor Issues
- Excessive Trustee Compensation
- Contested Wills
Our estate litigation attorneys are adept at navigating complex disputes over high value estates, ensuring your legal rights are protected and upheld.