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Trust Administration Archives

Trusts, beneficiaries and taxes

There are many estate planning issues to take into consideration, but some require special attention, such as tax matters. Whether you are a beneficiary and are unsure of your tax obligations after a loved one passed away or you are setting up an estate plan and are unsure of how it will be impacted by taxes, it is critical to handle these matters properly and find answers to your questions. Both estate planning and taxes can be confusing and stressful to deal with, but it is essential to work through these issues properly.

Finding the right special needs trustee

In one of our recent posts, we reviewed some of the reasons why special needs trusts are advantageous for some people. If someone you love has special needs and you are interested in helping them down the road, this option could be ideal. However, the Bingham Law Group also recognizes that a number of questions may arise for people in Detroit and other parts of Michigan who have decided to move forward with a special needs trust. For example, you may be unsure of who to choose as the trustee and finding the right person is paramount.

Examining other benefits of charitable trusts

Those who decide to set up a trust may have a hard time deciding which option is right, but charitable trusts are an ideal estate plan for some. Aside from being able to support a cause you believe in, charitable trusts offer many other benefits that you may want to review. It is important to make sure that whatever decisions you make with respect to estate planning are best for you and your loved ones and this may be the most sensible option for you.

What are express trusts?

When it comes to terms and options regarding trusts, there are many areas people may be unfamiliar with. Not only are there many different types of trusts that people can decide to set up, but they can vary considerably and some may struggle to find one that is most suitable for their needs. Moreover, there are so many terms with respect to trusts and estate planning in general that it can be confusing at times. For example, some people in Detroit and across Michigan may wonder what an express trust is.

Finding the trust that is right for you

We have written about many of the different options that people have when it comes to trusts, from special needs trusts to constructive trusts. For some people, a revocable trust makes the most sense, but irrevocable trusts work out better for others. It is crucial to take an individualized approach to your estate and pinpoint the type of trust that will work best for you as well as those you love. There are many different considerations when it comes to estate planning, but knowing that you have figured out the most practical trust can make you feel relieved and confident in your plan.

Going over some benefits of special needs trusts

There are a number of options when it comes to trusts and we have discussed many of the ins and outs of trusts and other estate plans on this blog. However, everyone who sets up a trust has a unique situation and some types of plans work better than others for certain people. For example, special needs trusts can be very beneficial for certain families, but it is essential to make sure that a special needs trust is the right choice for you and your loved ones. If so, there are a number of reasons why this route may be advantageous.

Avoiding probate with a living trust

There are many considerations when it comes to deciding which estate plan will work best for you and those you love. Our blog has covered some of the ins and outs of revocable and irrevocable trusts, special needs trusts and other options. In this write-up, we will take a look at living trusts and some of the benefits they offer, such as avoiding probate. By avoiding the probate process altogether, there are a number of advantages that your loved ones may appreciate and this is an excellent option for many people. However, it is vital to go over the individual details of your circumstances and make sure a living trust is right for you.

Should I choose a credit-shelter trust?

People who are working on estate planning in Michigan may be considering starting a trust to manage assets. There are multiple types of trusts, and each one has its advantages and disadvantages. One type is a credit-shelter trust, which has tax benefits for both your spouse and your children.

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.

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