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Posts tagged "Trusts"

Trust used as an important estate-planning vehicle

It is common to want to pass on your belongings to your loved ones upon your death. But when it comes to your important financial accounts and property, you want to make sure this pass your assets along to your heirs and beneficiaries without any issues or pitfalls. One vehicle frequently used to address these problems is a trust. A trust can be a very important estate-planning document, making it important for individuals to understand what role it could play in their lives.

Helping you understand your options when it comes to trusts

Protecting your finances and safeguarding your loved ones are important steps to take in your lifetime. Individuals in Michigan could accomplish this through estate planning and by creating a trust that specifies their wishes. While the task might seem daunting and something that can be pushed until off later in life, it is certainly a step that should be taken as soon as possible.

How can changes in tax laws impact trusts?

Drafting and completing an estate plan is often looked at as an accomplishment. You may feel great that you were able to finalize something very resourceful that is very difficult to approach. However, just because you were able to initiate and complete the process does not mean that you do not need to revisit it again. In fact, if you have not touched your estate plan in the past few years, it is likely that your estate plan documents are no longer functioning the way you intended. Because tax laws can have an impact on trusts, these documents may need attention throughout the years.

Understanding the purpose of a marital trust

Getting married means making a wide variety of important decisions. And for some Michigan couples, it means protecting their future interests. While most married couples will go through the process of developing an estate plan together, this usually entails drafting a will and ensuring that their named beneficiaries match each other when it comes to specific assets and property. But what about taking steps to protect the other spouse in the event of one's own death? No matter what age one is or how long a marriage has lasted, it is important to take estate planning measures to protect the interests of both spouses in the event of incapacity or death.

Helping you draft the proper trusts for your estate plan

Drafting a trust is often a paramount step to take in an estate plan, especially if individuals seek to protect their assets and property. There are various types of trusts available. This can often make it challenging when it comes to deciding what trusts to include in an estate plan.

Should I discuss estate planning with my parents?

Estate planning is one of these topics (think relinquishing a driver's license or making long-term care arrangements) that can cause difficult conversations between adult children and their elderly parents. For one thing, your parents might get the impression that you are being greedy when you are just trying to help them. The reality is, though, if you have to ask yourself whether to have this conversation with your parents, you probably should. Here are some tips to make the talk go over well.

Understanding the responsibilities of a trustee

If a loved one has previously established a living trust and has passed away, its instructions will typically indicate who should be responsible for the execution of the trust and other essential functions. One of the most important roles to be identified is that of trustee. This person is tasked with managing the assets that are included in the trust. There are several other important responsibilities that a trustee should be ready to fulfill, too, including the following.

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