If you're currently creating an estate plan in Michigan, you may be considering adding a trust. While this is a very helpful estate planning tool, you'll need to choose a trustee that is capable of performing all necessary tasks, some of which may be complex. AARP offers the following advice to people who are in search of the right person to oversee their trust.
Sometimes, people become unable to care for themselves due to a devastating brain injury, dementia, Alzheimer's disease or some other hardship. In other instances, children with special needs may be nearing the age of adulthood and a family may be concerned about their care. Sometimes, special needs trusts are an excellent way to address these concerns and these trusts offer a number of benefits for many people. Our law office knows how challenging it can be for families in Rochester and all over Michigan to work through these issues, but identifying the right option and creating a trust that helps provide for a loved one with special needs can be very relieving.
One of the many decisions people in Michigan need to make when thinking about protecting assets and passing them to heirs is what type of trust they should open. There is a variety of options available including revocable, irrevocable, life insurance and generation-skipping trusts. Another type that some may want to consider is the credit shelter trust. While not for everyone, it does have some benefits that may be a selling factor.
After the death of a loved one or close associate, it can be far too painful to have to focus on technicalities such as will execution, including dealing with Michigan probate court and the practical realities of estate division. When you are already grieving and stretched thin, it is hard to think of dealing with such legal intricacies. Are there ways around probate court, and if so, what is the threshold for skipping the itemization and valuation of the deceased's estate?
While you have taken provisions to plan for the future by establishing a living will or trust, you may have questions concerning your furry friends if your pets happen to survive you. It is entirely natural to wish to see to your beloved pet's care, and to ensure legal provisions exist to mandate that a portion of your estate be set aside to care for your animal companion as you see fit. But are you able to establish a trust under Michigan law to ensure adequate funding for your pet's well-being?
Beneficiaries in Michigan who received an inheritance in 2017 may be facing this tax season with trepidation. Will they owe taxes on what they inherited? In most cases, the answer is no. Michigan does not have an inheritance tax, so receiving assets as a result of a descendant's death does not result in tax liability. However, if inherited property was sold, there may be taxes owed depending on the situation.
Losing a loved one can be devastating, but it can be even harder when your family member or spouse has passed away without leaving a will. While you are grieving, you hardly want to spend your time caught up in legal battles over division of the estate between surviving family members. Is there a legal precedent that allows for fair and equitable handling of your deceased loved one's estate under Michigan law?
People in Michigan who are worried their beneficiaries will waste their inheritances may choose to add a spendthrift provision to their trusts. This provision has other uses as well, and it is a powerful way to manage assets and ensure they will be protected long after the owner has passed.
People in Michigan who are looking to manage their assets may want to consider a revocable trust. Also known as a living trust, this is a popular tool people use for estate planning. In addition to a will, a trust helps many protect their money while they are still alive as well as after they have passed away. While a living trust is a good choice for many, people should also consider its downfalls before making a decision.
Choosing the right power of attorney in Michigan is important for a number of reasons. Finding a trustworthy person and filling out the proper paperwork is essential for things to go smoothly in the event something happens and the chosen person needs to make important decisions on behalf of the principal.