For someone who is going through the process of establishing a trust during the estate planning process, selecting a trustee is a critical. After all, this is the individual who will be tasked with executing the terms of the trust in accordance with the settlor's wishes.
Many people may be familiar with Medicaid, a program operated by the state and federal governments to provide medical coverage for people who meet certain income and health-related qualifications. In addition to providing basic medical coverage, Medicaid benefits can also be used to cover the cost of long-term care.
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.
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.
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.
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.
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.
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.
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?
Many people have two simple goals in mind when they start to consider what to include when establishing an estate plan: protecting inheritance and avoiding probate. Both are laudable goals, as heirs and beneficiaries will appreciate an estate planner who is cautious and considerate with their assets and who knows that the probate process isn't always the easiest way to transfer assets. When a Michigan resident has these two goals in mind, they will often find themselves weighing the pros and cons of a living trust.