Welcome to Michael V. Riley and Associates
The legal team at Michael V. Riley and Associates, located in Michigan City, IN, is at your service. We offer reliable advice and assistance in legal matters with emphasis on estate planning matters, especially the use of Revocable Living Trusts. Learn more about the legal services we offer.
What Makes Us Different
The law office of Michael V. Riley devotes the vast majority of its client work to the area of estate planning. The estate plans Mr. Riley develops for clients are designed to reduce expenses at the time of a person's death and to prepare for the rapid transition of responsibilities in the event of incapacity. At the same time, Mr. Riley makes sure that the client's wishes regarding the distribution of assets at death are clearly confirmed through the use of effective estate planning documents. Many clients have elected to use Revocable Living Trusts as the vehicle for the inter-generational transfer of assets at death. This procedure avoids the need to probate assets in the name of the trust, when the creator of the trust is deceased. In order to help individuals learn more about their estate planning options, Mr. Riley offers a no-cost, no-obligation "face to face" consultation in his office.
Michael V. Riley's Background and Experience
Michael V. Riley is licensed to practice law in the states of Indiana, Illinois and Michigan. Mr. Riley is an estate planning attorney with over 48 years of experience in creating comprehensive, cost reducing estate plans for over 4,000 clients. in addition to his estate planning practice work, Mr. Riley taught courses at both Purdue University and Indiana University for many years. This experience helps him to explain complex matters in understandable terms. In addition, Mr. Riley always takes the time to carefully listen to his clients, so that he can better understand their needs and provide effective, cost saving, approaches to their estate planning needs.
What We Offer
Revocable Living Trusts: Trusts have become extremely popular as an effective alternative to the probate process and have a well established history in Indiana, Illinois and Michigan. While the probate system continues to work as a strong tool in passing assets to the next generation at death, it is always important to consider all estate planning options which could include probate avoidance. Some of the key reasons that individuals utilize trusts instead of a Last Will and Testament include avoiding probate costs and time requrements, and also protecting the privacy of their personal matters after death. IF YOU WOULD LIKE TO VIEW A BRIEF VIDEO WHICH GIVES AN OVERVIEW OF A TYPICAL TRUST PORTFOLIO, PLEASE GO TO THE PRACTICE AREA PAGE.
Probate Services: We offer complete probate services in Indiana, at competitive fees.
Free Initial Consultation: As with many other legal practitioners, our office offers a free, no-obligation initial consultation, so that individuals can be given answers to questions about estate planning and determine what estate planning options are available to them.
Business Succession Planning: Our office has assisted many small business owners in creating a clear and logical plan for the transfer of business ownership to the next generation. While each succession plan is specifically tailored to meet the needs of the business owner, the approach is always designed to minimize the complexity of a transfer.
Important Matters to Consider In the Creation of Your Estate Plan: Whether you decide to use a Living Trust or a Last Will and Testament as your primary method of transferring assets at your death, here are some important matters to consider in the creation of your documents:
- Whom do you trust to properly carry out your wishes, regarding the distribution of your assets, after your death? If that individual is unable or unwilling to act, who should take that person's place?
- Do you think it is best to have a Corporate trustee or executor act on your behalf, after your death, rather than a family member?
- How will your assets be distributed after your death? If assets are being distributed to children, will the distribution be on an equal basis, or do you prefer to use different percentages for each child?
- If assets are being distributed to a child, but that child predeceases you, do you want that child's share of your assets to be given to his or her children, or to his or her spouse, or to a combination of spouse and children?
- If assets could, ultimately, be given to a grandchild, do you want to restrict that grandchild's access to his or her share until an older age is reached, such as 21, or older?
- If a child predeceases you but does not have a spouse or children, would you want that child's share to be given to his or her siblings?
- If, when you are deceased, the persons named in your Will or Trust did not outlive you, do you want your assets to be given to a charity?
- If any of your assets could be distributed to a daughter-in-law, or son-in-law, do you want to have language stating that the individual must be married to your child, at the time of the child's death (and no divorce action is pending), in order to receive any of your assets?
- Do you know who would be the "best" person to make medical decisions for you, if you were unable to do so for yourself? If that person is unable or unwilling to act on your behalf, do you know someone who could carry out that responsibility?
- If you are terminally ill, near death, and unable to communicate with medical providers, do you want to have a Living Will that would direct medical providers not to take extraordinary measures to extend the dying process?
- Do you have named beneficiaries for your life insurance policies, annuities, and retirement accounts? If those beneficiaries do not survive you, have you named contingent beneficiaries?
- Have you made any written directions regarding funeral and burial arrangements?