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.
At our law firm, we understand that it is not an easy process to draft a trust or any other document in an estate plan. Thus, we are devoted to helping residents in the Detroit area navigate this process and protect their rights and interests. Our legal team will take the time to evaluate your situation, helping you come up with a rational and workable plan that will meet your needs and goals.
We often suggest that clients include a living trust. This type of trust is used to protect an estate from estate taxes, income taxes and probate fees. It is also a mechanism that provides a safety net for vulnerable family members during trust administration. If you are considering a revocable or irrevocable trust, we may be able to help you assess how these documents could benefit your estate plan.
The most common type of trust is what is known as an “AB living trust.” This type of trust is also known as a marital trust and credit shelter trust, and it is designed to allow married couples to take full advantage of the federal estate tax exemption. Additionally, a credit shelter trust allows a surviving spouse to use the assets within the trust and then pass them along smoothly to the couple’s heirs.
To learn more, please visit our law firm’s trusts website. While there are various types of trust, it is important to understand that these documents can be extremely helpful with asset protection. Whether you include one or several types of trusts in an estate plan, it is important to understand how these documents will impact you and your future.