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Trusts Archives

Trusts serve many purposes, provide inheritances to children

Because people work so hard for their money during their lives, they often want to be the ones to decide where it will go and how it will be used after their deaths. Many Michigan residents fail to make plans and arrangements involving their money until it is too late, however. This often means that their wishes are not fulfilled and conflicts easily arise among family members about inheritances. Trusts provide an effective vehicle to prevent these problems and ensure that a deceased's wishes are carried out after-or even during-his or her death.

Real estate can also be included in a charitable trust

Going through the process of estate planning is all about making sure an individual's assets and property wind up in the right hands upon passing away. Although close relatives are often top candidates to receive these assets, people may also have strong connections to certain charitable causes or organizations.

What is a pour-over trust?

When taking the first steps to create an estate plan, people might hear a lot about wills and trusts. As this happens, it's natural to wonder if specific types of estate planning instruments will actually be beneficial. One increasingly common strategy is to use a pour-over trust in conjunction with a will as people take important steps to protect their legacies.

Paul Walker took the right steps to protect estate

Michigan car enthusiasts probably took notice in November of last year when Paul Walker, the actor most famous for his roles in the "Fast and Furious" franchise, died in a car accident. It was a sad event for a number of reasons, but mostly because Walker was only 40 years old and in the prime of life.

Using trusts to protect estate -- and the pet?

There are many reasons for Michigan residents to put together an estate plan. And, for as many different reasons that there are to get started, there are just as many different options to consider. For instance, for some people, protecting inheritance and making sure that assets get passed to the right person is the main goal. Others will want to make sure that they are taking advantage of every tax planning tactic available to ensure that the most amount of assets possible will be passed on. For each different goal different options will be relevant. However, for a growing segment of the population, making plans to make sure a beloved pet is cared for is a top priority.

Can Michigan residents transfer homes into revocable trusts?

Many Michigan residents employ trusts of all kinds to help implement and protect estate planning goals. But, there are still many people who don't know how a trust could help in their specific circumstances. A recent article demonstrated one particular estate planning goal that most people can identify with: preserving ownership of the family home.

Do Michigan residents know the basics of a trust?

Trusts are becoming a popular option for many Michigan residents when they prepare an estate plan. The wide variety of options and uses for trusts can't be understated. There are those that are designed with the primary goal of protecting inheritance, while others are intended to benefit children with special needs. Whatever the purpose behind the trust, there is no doubt about these instruments' ability to protect an estate.

When should Michigan residents consider a trust?

For Michigan residents considering which estate planning instruments are the right ones for their unique situation, the wide variety of options can be daunting. However, for the most part, the basic building blocks of a good comprehensive estate plan are, at the very least, a will, powers of attorney and an advanced medical care directive. These documents will provide directions on how to distribute assets, appoint the right people to make crucial decisions if needed by the incapacity of the planner and express wishes as to what type of care the planner wants in an end-of-life medical situation. But what about trusts?

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