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Trust Administration Archives

What is a spendthrift trust?

You want to leave your assets to a family member or friend in trust, but frankly you do not trust they have the maturity to manage a large lump sum disbursed to them responsibly. You may be worried they will spend it recklessly on frivolous things, leaving them without the ability to care for themselves and their loved ones as the trust intended. When that situation arises, you may be advised to establish a spendthrift trust - but what is a spendthrift trust, and is it legal in Michigan?

How to benefit charities after death

Philanthropists in Michigan who want to make significant charitable contributions upon their death may want to consider setting up a charitable trust. This type of estate planning can ensure money and other assets benefit particular charities, and there are also tax incentives associated with them.

What is a constructive trust?

Many Michigan residents are familiar with a trust in regard to estate planning. However, fewer know about constructive trusts, which have a completely different purpose than regular trusts do. A constructive trust is court-ordered when someone obtained the property of someone else in a wrongful way.

When a spendthrift trust is recommended

People in Michigan who want to manage their finances both while they are living and after they have passed should have a trust. This, along with a will, can aid in estate planning and ensure finances are taking care of effectively when the owner becomes incapacitated. For those who are worried the beneficiaries will wile away the money in an irresponsible manner, a spendthrift trust is highly recommended. 

How can I obtain an estate tax closing letter?

When it comes to trust administration and other estate-related matters, many facets of the law can leave people with questions. Our law office knows that it is crucial for you to find answers and review any issues that are relevant to your case. For example, if you are wondering how you can access an estate tax closing letter, it is important to know that you are able to do so but you will need to fulfill certain requirements. In Detroit and cities all across Michigan, finding answers to these types of questions can provide a sense of peace and also help people who are struggling with estate matters move forward.

Making changes to a living trust

Life changes often create the need for estate planning changes, but when modifying a trust in Michigan, it is important to do it right. According to the American Bar Association, a trust amendment is a document that attaches to the existing trust, rather than a rewriting of the trust. In fact, if a person takes out a page, changes it, and puts it back in, this could lead to challenges and disputes later. 

Asset protection with a spendthrift trust

Ensuring that your family members are able to benefit from the assets you leave behind is one of the primary goals of estate planning in Michigan. We at the Bingham Legal Group PC often recommend spendthrift trusts to people who have concerns about their beneficiaries' ability to handle wealth responsibly.

Things to consider before joining a pooled special needs trust

Parents in Michigan who are concerned about their adult child with disabilities may be looking for a solution to ensure his or her quality of life is maintained after their death. According to FindLaw, special needs trusts are often the estate planning tool that fulfills this goal. There is more than one type of special needs trust, though, and for some families, a pooled-account trust may be the best option.

Should I agree to become a trustee?

The responsibility of trust administration in Michigan involves quite a few financial duties, and if someone has asked you to be a trustee, you should consider it carefully before agreeing. The American Bar Association explains that your role depends heavily on instructions in the trust, so you should discuss the specifics of issues such as investments and distributions with the trustor to learn what the appointment will entail.

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