Any time a Michigan resident gets into a legal conundrum they usually start to wonder immediately if they are taking the right steps in their unique situation. This can be true no matter what the problem is, from employee-employer issues, family law concerns or coming up with a plan for protecting inheritance. Most lawyers would be the first to admit that there are very few areas of the law where quick and easy solutions are available. But, no matter how complicated an issue can seem, it is always good to know that getting more information can at least make a Michigan resident more comfortable with the situation, as well as familiarize the ultimate decision maker with all available options. A recent article sought to do just that by demystifying the world of trusts.
Any reader who is familiar with previous posts here probably knows that when it comes to estate planning the options can seem endless. That is because every individual or family will have their own concerns to bring to the table, and there are a wide variety of ways to accomplish the stated goals. For some, a simple estate plan including a will and some power of attorney forms may satisfy their needs. For others, trusts may be part of the equation.
When it comes to considering a trust as part of an estate plan, the door opens on even more options. The thing to remember is that all of the different kinds of trusts are usually established with a very specific goal in mind. Some people chose to establish a trust when they have children with special needs. Others will want to take advantage of the tax planning benefits that come with establishing a trust. Different goals will result in a different trust as a potential solution.
Source: Business Spectator, "Welcome to the tricky world of trusts," Leon Gettler, Aug. 29, 2013