If you live in Michigan and are planning your future, setting up a trust is often a smart move, but there are various types of trusts to choose from. If you are philanthropic and are looking for your own estate tax benefit, a charitable trust may be a good option.
Parents in Michigan often leave the proceeds from their estate to their children and grandchildren. However, if a child has special needs, having a trust that provides for them after your death is critical. The team at Bingham Legal Group PC has experience helping clients assess their situation and implement the type of trust that best meets their needs.
You have many options if you are thinking about setting up an estate plan, whether you decide to go forward with a special needs trust for one of your loved ones who struggles with a disability or some other type of estate plan. It is important to consider many factors, and there are a number of situations which can impact an estate plan. For example, the end of a marriage can lead to estate plan revision because a former spouse was listed as a beneficiary or was given authority that is no longer desirable. Moreover, if one of your beneficiaries splits up with their spouse, you may also want to think about how this could impact your plans.
When it comes to trusts, there are many different options for people to choose from. However, it is essential to find out which trust will suit your needs best. In this blog, we will examine some of the ins and outs of testamentary trusts, which can be a bit confusing at first glance. These trusts offer a number of benefits for some people and help them ensure that their assets are passed on to their loved ones properly. As with any type of estate-related issue, it is imperative to make sure you thoroughly review the details beforehand.
Living trusts are a great estate planning tool. However, it’s important to understand exactly how trusts are created, as well as what they can do, to ensure your needs are met. There’s a lot of misinformation surrounding living trusts, which The Balance attempts to dispel with the following information.
When creating a trust in Michigan, you’ll need to select a person to administer it. This person will be responsible for a number of duties, from managing property owned by the trust to ensuring beneficiaries receive their allotment of assets. To make sure your trust is in the right hands, TheBalance.com offers the following tips.
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.
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.
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.
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.