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Law authorizes new type of trust in Michigan

A person can have many different goals for a trust they are including in their estate plan. This could include protecting their assets. There are various different kinds of trusts that can serve asset protection purposes.

A new law here in Michigan is making a new type of asset-protection-related trust available in the state. The law goes into force on March 8, 2017. The type of trust that it authorizes is called a domestic asset protection trust. Among the things such trusts can do is provide trust assets certain protections from creditors.

There are currently 16 other states that authorize domestic asset protection trusts. However, the rules for such trusts vary among the authorizing states. The new Michigan law outlines the unique rules in the state for things such as what kinds of protection from creditors such a trust provides and what it takes to form such a trust.

As this underscores, each type of trust has its own particular rules and processes connected with it. What rules and processes a given trust has are among the things that can impact how well-suited that trust would be for a person's particular estate planning goals.

Now, when a person is thinking of setting up a trust for asset protection or other purposes, there can be a wide range of things for them to consider when deciding what trust to go with. Skilled estate planning attorneys can advise such individuals on what trusts might be the best fit for them, given their particular goals and situation.

Source: Forbes, "Michigan Debuts The Latest State Asset Protection Trust," Ashlea Ebeling, Feb. 10, 2017

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