The Leading Trust and Estate Litigation Firm in Michigan

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, and if appropriate, 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, contact 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 increase 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 the 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.

Call Prince Law Firm today at 248-419-1968, or e-mail our firm, to find out if a trust is the right solution for you.

Estate Planning Law Blog


Can you challenge a trust in Michigan?

When planning an estate, choosing to create a trust can be a sure way of protecting assets. Planners may choose to draft revocable or irrevocable trusts. In Michigan, there are circumstances that dictate whether a person may challenge a trust. If you are wondering...

How an inventory of assets protects the executor of an estate

One of the earliest steps in the administration of an estate will involve creating an inventory of assets and financial liabilities. You will need this inventory to present to the probate court along with the last will and other important documentation.  The inventory...

Revisiting estate planning goals after the end of a marriage

There are a variety of scenarios in which a change in life circumstances could leave you facing a need to reassess your goals for the future. Should you and your spouse choose to part ways, the end of your marriage could leave you facing a variety of difficult...

Estate planning is a gift

Some of those who have not yet done their estate planning simply have not found a compelling reason to get started. They know that they need a plan someday, but it does not seem all that urgent or important. They resolve themselves to the idea of doing it later. This...

Should you leave your business to your heirs?

Estate planning is, in part, the process of passing assets to your heirs. You need to create a plan to do this effectively. Common assets include the family home, a life insurance policy, your investment portfolio, your bank accounts and the minor assets at your home,...