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Posts tagged "Trusts"

What is an AB trust?

Trusts may seem like complicated estate planning tools, but, with the right help and a trustworthy legal counselor, a Michigan resident can confidently execute this important testamentary device. There are many different types of trusts that individuals can use to meet their estate planning goals. One popular form of trust is the AB trust, which is often used by married couples.

Special needs trusts

The estate planning process is designed to create protections for the future. Depending on the needs and wishes of an individual, an estate plan can include various documents.

Flexibility and trusts

Changes to the federal tax laws in 2017 increased estate exemption amounts and provided other benefits for a trust. But, this law is complex and may expire in 2025, if not earlier. Because of this unpredictability, trusts may need more flexibility.

Planning an inheritance trust

Heirs often assume that their inheritance is protected from creditors, taxes, divorce and undue influence, if there was an incapacity. But, there may be little support for this assumption unless inheritance trusts were properly planned. Several components should be considered.

Estate planning for pet protection

Pets are a beloved member of 68 percent of American households and rising because many couples without children have pets and the use of comfort and emotional support animals is growing. Leaving pets out of estate planning, however, could lead to the unintended euthanizing of the pet or its placement into a shelter. Pet trusts are an effective measure to help assure the pet's future well-being.

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