Our Michigan readers who are familiar with previous posts here know that when it comes to protecting inheritance, there are numerous options available. Whether the primary goal is tax planning to pay the minimum amount necessary, or to make absolutely positive a designated beneficiary receives exactly what the estate planner wants them to receive, trusts can be one of the best options. However, our readers are probably also familiar with the fact that the United States Congress recently passed some new tax laws. In light of those changes, how are trusts going to be affected?
Protecting inheritance is important, and, when it comes to the potential for arguments among family members, the documents which are drafted specifically to distribute an inheritance can be of the utmost importance. That's why in one fight involving a high-profile individual, the fight was over almost as soon as it began.
Residents in Oakland County who are involved in estate planning may be wondering if living trusts offer any kind of asset protection.