Creating Trusts For Clients Throughout Detroit
At Prince Law Firm in Greater Detroit, our lawyers focus on trusts, estate planning, probate and trust administration, probate and trust litigation, and related areas, such as business planning. With that experience, we are able to see how all of these areas interact and offer exceptional counsel on tax planning and asset preservation.
Preserving Assets And Protecting Your Family
Our attorneys will evaluate your situation in relation to state and federal tax laws. If appropriate, we will suggest a trust to be funded during your lifetime (living trusts) to protect your estate from estate taxes, income taxes and probate fees or to provide a safety net for vulnerable family members.
If you wonder whether you should invest in a revocable or irrevocable trust as part of your estate plan, reach out to our Bloomfield Hills, Michigan, office to make arrangements for a consultation with one of our trust lawyers.
Making Sense Of Your Options
Trusts are an excellent tool that you can use to set aside assets for your loved ones and avoid the probate process. By designating beneficiaries, you can ensure that your assets go to the people you choose.
The person who controls a trust is called a trustee. Often, people name multiple trustees who are also beneficiaries. These people are called co-successor trustees. Another option is to appoint a corporate trustee, which is a bank trust department.
Historically, the most common living trust drafted by our attorneys is an AB living trust, also known as a marital trust and credit shelter trust. An AB trust is designed to allow a married couple to take full advantage of the federal estate tax exemption. The credit shelter trust allows a surviving spouse to use the assets and later pass them smoothly to the couple’s heirs.
However, with the steady increase in the federal estate tax exemption, planning has shifted to other areas, including income tax planning and the increasing use of joint trusts. As a result, we can also provide clients with information and options for marital trusts other than an AB trust.
Other revocable and irrevocable trusts can be designed to:
- Assist with tax planning, by taking advantage of growth by deferring income, such as that in retirement accounts, or through the use of irrevocable life insurance trusts (ILIT)
- Provide for the care of children with special needs through special needs trusts
- Enhance your quality of life if you need nursing home care
- Supervise funds on behalf of minor children and young adults
- Protect an inheritance from abuse by an unreliable family member
- Provide for charitable contributions
We’ll help you make sense of the Michigan Trust Code, and we can also provide trust administration services. In addition, we are well-equipped to resolve trust-related disputes, including trust litigation stemming from breach of fiduciary duty, undue influence and other concerns.
Do You Need A Trust? Ask An Experienced Detroit Trust Lawyer
A trust never replaces, but only supplements, the basic and essential estate plan package of a will, durable power of attorney and health care power of attorney that every adult needs, and not every estate will benefit from a trust. It is important if you are considering placing your retirement assets in a trust, you work with an attorney with extensive experience in that field.