Binghamlegal group
248-952-8783 888-794-3433

Trust Administration Archives

Should I choose an individual or an institution as trustee?

When you are setting up a trust, one of the components is designating a trustee. The trustee has significant responsibility, so it is important to find just the right person. Or should you choose an institution instead? According to the American Bar Association, both trustee options have benefits, but they each also come with downsides.

Pets are people too: Providing care through a trust

A pet parent in Michigan may not have the same concerns as the parent of a minor child. However, a cherished cat or dog companion is in a vulnerable position after an owner's death, and will need someone to take over its care. According to UPI, one woman ensured her cats would never want for anything by choosing guardians and setting up a trust to provide for their needs. She designated $300,000 from her estate to fund this pet trust, which stipulated that the money be spent on grooming needs, health care and food, as well as any other expenses that arose.

Federal estate taxes and the benefits of having a trust

Someone who is making estate plans in Michigan may believe that a trust is his or her best option to avoid costly estate taxes. This is not necessarily the case, but there are a number of important and valid reasons why a trust may still be the most effective way to ensure that his or her estate is managed the way it should be.

Revocable vs irrevocable trusts: It’s about control

In planning long-term financial goals, including estate planning and end-of-life issues, people may be interested in all the benefits of trusts. According to MichiganLegalAid.org, a person, known as a grantor, who chooses to create a trust designates another person or entity, the trustee, to hold the title of an asset. The type of trust will affect who can be the trustee, and also who may receive the benefits of the trust. It also determines control.

What parents need to know about spendthrift trusts

When planning for the future, a person in Detroit should consider how his or her beneficiaries may handle their inheritance. For many people, the goal is not merely to distribute assets, but to allocate them as provision for their children’s future. Not everyone understands how to be responsible with money, though, particularly when there is a lot of it. NerdWallet explains that in these cases, a parent can choose someone else to manage the child’s inheritance for him or her through a spendthrift trust.

Tax advantages and income benefits of charitable trusts

One of the primary goals you probably have when you begin the estate planning process in Michigan is to keep as many of your assets as possible from being taxed so that you can preserve them for your heirs. Trusts are tools that may achieve your objectives. At the Bingham Legal Group PC, we often advise people about the benefits of charitable trusts.

What are the duties of a trustee?

As a trustee in Michigan, you agreed to take care of certain tasks for the settlor. According to the National Paralegal College, you must perform your responsibilities with the level of care that you would use if the property or assets in question were your own. If you are not a professional fiduciary, you would not be held to the same standard that would be expected from a trust company or financial institution. However, you could be held personally accountable for losses that come about because of any negligence in your duties.

Life insurance trusts for minor children

If your children are under the age of 18 when you die, they will need a guardian, but the best person for the job may not be the one who has the financial assets to provide for them. The attorneys at the Bingham Legal Group PC often work with parents who have these concerns for their children’s future.

What is the cy pres doctrine?

If you have decided to set up a charitable trust, you may believe that taking the proper steps now will ensure that your wishes are honored after your death, regardless of circumstances. However, what happens to your trust if the purpose you wanted it to fulfill is no longer possible? In this type of case, the court may invoke the cy pres doctrine, which would allow the funds to be used in a manner that matches your original intentions as closely as is feasible.

Two words changed your rights to a special needs trust

When you have medical needs because of a disability, having your own assets in Michigan can sometimes ironically become a liability. While you may have enough to take care of things right now, that amount of income may quickly be depleted due to the high costs of your care, and when you need help later, it may not be accessible. Not only that, you may be currently ineligible for many services that are essential to your well-being. Our team at Bingham Legal Group PC understands when a special needs trust is the right option, and the avenues that have recently become available to you.

proper representation is important.schedule a meeting to review your case andlearn more about how we can help you.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

have you already made an appointment?review our address information and get driving directions to our location.

Bingham Legal Group PC
30100 Telegraph Road, Suite 360
Bingham Farms, MI 48025

Fax: 248-642-3207
Bingham Farms Law Office Map

Phone: 248 952 8783
Toll Free: 888-794-3433
Contact the Team

Review Us