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Trust Administration Archives

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.

Additional considerations for pet trusts

In several posts on this blog, we discussed setting up a trust plan to make sure your pets are taken care of if you are incapacitated or pass away before they do. As we pointed out, a pet trust may be the most effective way in ensuring the needs of your “fur babies” are met. At the Bingham Legal Group PC, we understand that you and other Detroit residents want to be sure your loved ones, including your pets, are provided for.

Are trusts only effective for the wealthy?

You may be considering setting up a trust fund to benefit your loved ones after your death. Like many Detroit residents, you might also be thinking about developing a trust that can be put into effect while you are still alive, especially if you are worried that you might become incapacitated during your later years and unable to make legal decisions. You might, however, have heard from well-meaning friends and family members that trusts are only for the extremely wealthy. This is a common belief, but the truth is that nearly any family can benefit from a well-planned trust.

When should possessions be placed in a trust?

A revocable trust has many advantages for people who not only want to keep their assets safe for heirs, but who also want to have a certain amount of coverage for themselves while they are still alive. The law is precise as to when possessions should be placed into this kind of financial vehicle.

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