Marital Trust Attorney Detroit, Michigan
Michigan Estate Planning Options Lawyer
At The Prince Law Firm, our dedicated team of estate planning-focused lawyers and staff strive to help clients structure their estates in order to preserve their assets and legacy for the future. In addition to handling AB living trust creation, there are many other types of trusts that can be created in the best interests of a married couple. Below are some of the other types of marital trusts that we can assist you in establishing. For additional questions or concerns, contact an attorney at our Bloomfield Hills, Michigan, office today.
Qualified Domestic Trust (QDT or QDOT)
The marital deduction allows transfers of unlimited amounts between the spouses at death, but only if both spouses are U.S. citizens. The outcome is that the surviving spouse does not have to pay any tax on the estate of the first spouse to die, provided the surviving spouse is a citizen. The rationale behind the creation of a QDT is a need to preserve the marital deduction when one spouse is not a citizen of the U.S. and trust assets are generally subject to the federal estate tax.
Qualified Personal Residence Trust (QPRT)
By establishing a QPRT, certain aspects of the law may be taken advantage of in order to allow a gift of the QPRT by the creator of their personal residence at a discounted value. While this can be beneficial for a child or other loved one receiving the residence, it can also benefit the estate by removing the asset from the estate, therefore reducing potential estate taxes upon the death of the trust creator.
Qualified Terminable Interest Property (QTIP) Trust
A QTIP trust is often established in order for better asset control, but not necessarily to save on any estate taxes. Often established in conjunction with an AB living trust, a QTIP can be used in order to hold any additional assets that a couple controls. Since the QTIP is created at the time of death, any assets above the personal exemption amount are placed in this type of trust. This type of trust is often beneficial for individuals that have children from a prior marriage or have concerns that a spouse may be unable to effectively manage assets in the future.
Contact a Marital Trust Lawyer
It is essential that as a couple, you both ensure that your assets are effectively protected. To further discuss your marital trust and estate planning options, call or e-mail our firm to find out if a marital trust is the right solution for you.
From our offices near Detroit, our probate litigation attorneys and estate planning lawyers assist 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.