Trusts

Detroit Revocable Living Trust Attorney

Preserving Assets and Protecting Your Family

At The Prince Law Firm in Greater Detroit our lawyers focus on trusts, estate planning, probate and trust administration, probate litigation, and related areas, such as business planning. With that experience, we are able to see how all of these areas interact and offer exceptional counsel on tax planning and asset preservation.

Our attorneys will evaluate your situation in relation to state and federal tax laws, and if appropriate, will suggest a trust to be funded during your lifetime (living trusts) to protect your estate from estate taxes, income taxes, and probate fees or to provide a safety net for vulnerable family members.

If you wonder whether you should invest in a revocable or irrevocable trust as part of your estate plan, contact our Farmington Hills, Michigan, office to make arrangements for a free consultation with one of our trust lawyers.

The most common living trust drafted by our attorneys is an AB living trust, also known as a marital trust and credit shelter trust. An AB trust is designed to allow a married couple to take full advantage of the federal estate tax exemption. The credit shelter trust allows a surviving spouse to use the assets and later pass them smoothly to the couple's heirs. We can also provide clients with information and options for marital trusts other than an AB trust.

Other revocable and irrevocable trusts can be designed to:

• Assist with tax planning, by taking advantage of growth by deferring income, such as that in retirement accounts, or through the use of irrevocable life insurance trusts (ILIT)
• Provide for the care of children with special needs through special needs trusts
• Enhance the quality of life if you need nursing home care
• Supervise funds on behalf of minor children and young adults
• Protect an inheritance from abuse by an unreliable family member
• Provide for charitable contributions

A trust never replaces, but only supplements, the basic and essential estate plan package of a will, durable power of attorney, and health care power of attorney that every adult needs, and not every estate will benefit from a trust. It is important, if you are considering placing your retirement assets in a trust you work with an attorney with extensive experience in that field. Call or e-mail our firm to find out if a trust is the right solution for you.

Contact our firm's offices in greater Detroit to discuss a health care power of attorney or living will. A lawyer will get back to you. Our attorneys serve clients from communities throughout southeast Michigan and the Tri-county area, including Livonia, Dearborn, Grosse Pointe, Southfield, Troy, Farmington Hills, Royal Oak, West Bloomfield, Novi, Warren, Sterling Heights, Mount Clemens, Shelby, Utica, and Ann Arbor; Oakland County, and Wayne, Washtenaw, and Macomb counties. We offer a free initial consultation and accept MasterCard and Visa.