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February 2020 Archives

How assets in a trust are taxed

Income that is generated by a trust can either be kept in the trust or distributed to beneficiaries. In some cases, a Michigan trustee will have the ability to make distributions as he or she sees fit. However, it is also possible that the trust itself will limit the actions that a trustee is allowed to take. For instance, the document may not allow distributions to be made unless they are for educational purposes.

Beneficiaries are often notified when a family member dies

A will allows a deceased person to dictate what happens to his or her assets after passing. In Michigan and most other states, the will is verified during probate. The document can also name the executor of the estate as well as who would look after a minor child if the other parent is unable to. It is important for beneficiaries to understand that will readings generally don't take place in the 21st century.

Tips for using trusts to avoid estate tax

People in Michigan who are creating an estate plan may want to consider using a trust and a trust protector. The reason to use a trust in the first place is to protect the assets in case of divorce or other problems, such as a lawsuit. As an example, a living trust can be set up for an adult child with the child as the trustee and a sibling appointed as protector. If a problem arises, the child would lose access to the trust, and the protector would be in charge of it.

How an estate plan may change throughout a lifetime

All adults in Michigan should consider an estate plan, even when they are young and have few assets. At first, this may consist mainly of powers of attorney for finance and health care. These documents allow someone, often the parents, to make legal and financial decision on the person's behalf if the person is incapacitated. Assets could be passed with a simple will or using other documents, such as beneficiary designations, depending on what kind they are.

Why is probate taking so long?

After an elderly parent dies, there are many things to take care of. You may have funeral plans to make, extended family and friends to contact and last-minute details to attend to. Of course, your primary concern is to take comfort in those who shared your love for your family member.

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