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Trusts Archives

Do charitable trusts have a tax advantage?

When people are estate planning a Michigan, they often need to determine how to distribute their assets following their deaths. People have many options when it comes to asset distribution. In some cases, people may choose to give their assets to family and friends. However, people may also want to give to those in need. One way to do this is through the use of a charitable trust.

How is a qualified domestic trust taxed?

When a couple is married, they generally pool their resources together in order to accumulate wealth. They may use these resources to raise a family, purchase property or support themselves. As people approach their retirement, their assets may be significant. They may rely on these assets to support them as they move away from working.

The prudent investor rule for Michigan trustees

When people are planning their estates, they have a variety of options to choose from. Depending on their specific situations, Michigan residents may turn to a trust in order to help ensure that their assets are put to the best use following their deaths. A trust can help to protect an inheritance while still providing a benefit to the beneficiaries.

What is a special needs trust?

There are many estate planning tools available for a Michigan family to choose from. When people are making their estate plans, they need to consider all their options to ensure that their plans fit their needs. For families with a mentally or physically disabled family member, a special needs trust may be one tool that they choose to use.

What are the basics of trust administration?

Trusts can be an important vehicle for estate planning because they help protect a person's estate and ensure that a beneficiary's needs are adequately met during his or her lifetime. One of the key elements of a trust is that it creates a distinction between the income of the trust and the principal of the trust. Trusts can be created in many different ways, with various types of provisions, so the specific trust administration will depend on those provisions.

Millionaire uses trusts to distribute charitable gifts

Many people who make charitable donations a regular part of their lives while living look for ways to continue their legacy of generosity after their deaths. In addition, arranging for charitable gifts after one's death can also be an important part of tax planning. Although trusts have many different potential purposes and uses, many people choose to use them to make bequests to organizations they wish to support.

Pros and cons of naming a trust as retirement plan beneficiary

Comprehensive estate planning generally involves more than just drafting a will, although will creation is a great place to start. Many Oakland County residents have a range of needs and plans they want to prepare for and careful estate planning can help them achieve their goals. Trusts and trust administration can be an important component of estate planning, but many people are not aware of the functions they can serve.

Taxation concepts related to Michigan trusts

Trusts are an important, yet commonly overlooked, part of Michigan estate planning. Many other people who are considering creating a trust for their estate planning needs do not understand the various tax implications associated with the different kinds of trusts. Choosing the correct trust for a person's needs requires understanding the relevant tax consequences, however, in addition to understanding the different ways each kind of trust functions and the different benefits.

The basics of a living trust

Although they are commonly overlooked, trusts constitute an important and valuable part of estate planning. Trusts can take a variety of different forms, but they all generally provide ways to protect an estate and ensure that the trust creator's wishes are carried out. In essence, a trust is a legal word or concept that describes a relationship between two people in which one person holds the legal title to property for the benefit of the other person. In many cases, there are three primary people who are involved with a trust: the settlor, trustor or grantor, the trustee and the beneficiary.

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