More and more people who are interested in estate planning are learning about domestic asset protection trusts (DAPTs), which offer an important advantage regarding estate taxes and income. DAPTs allow you to appoint yourself as a beneficiary of the trusts. DAPTs are not a wise estate planning tool for everyone, however. Instead, DAPTs work best… [Continue Reading]
Should You Choose a Professional Trustee or a Family Member to Manage Your Trust?
One major consideration when setting up a trust is whom to appoint as the trustee of the trust, responsible for managing the trust assets. Some people choose to appoint family members or friends as trustees, while others prefer to use professional trustees. There is no right or wrong choice when it comes to making the… [Continue Reading]
What Happens to Your Property if You Die Without a Will in Michigan?
People are often advised to write wills as part of their estate planning. Wills are important because they allow a person writing the will the opportunity to decide who gets property from his or her estate. Using a will in conjunction with other estate planning tools can help avoid probate and ensure that family and… [Continue Reading]
Powers of Appointment
When a person creates a trust to distribute his or her assets upon his death, that person may sometimes name someone and grant him or her power of appointment. Power of appointment in the context of an estate trust refers to a power granted to a person to distribute the trust assets as he or… [Continue Reading]
Choosing a Trustee for Your Michigan Estate Trust
Once a person has decided to establish a trust as part of his or her estate plan, another important decision needs to be made in order to complete the trust formation process – choosing a trustee. Choosing a trustee is important because the person or organization the trust settlor selects to serve as trustee bears… [Continue Reading]
Pet Trusts in Michigan
Pets are considered family members by many pet owners. The owners therefore worry about what will happen to their beloved pets after they die and can no longer look after them. Pet owners in this situation may want to ensure that their pets are taken care of by establishing a pet trust with the pet… [Continue Reading]
Charitable Trusts and Estate Planning
There are many different tax issues that a person wishing to pass on his or her estate must consider. One of these considerations is the tax burden of the estate on future beneficiaries. One way that a person can reduce the tax burden is by passing assets or using income from a trust for charitable… [Continue Reading]
Using a Domestic Asset Protection Trust
Asset protection in the context of marriage is usually done through the use of a prenuptial and sometimes postnuptial agreement. However, this is not the only way to protect a person’s assets from being divided in a divorce. People with significant personal wealth who do not wish to use a traditional prenuptial agreement can use… [Continue Reading]
Passing on Bank Accounts Through Totten Trusts
There are many ways in which a person can pass on property to others upon death. Some methods take longer than others to get through the probate process, while other methods avoid probate altogether. In fact, most people are advised to use estate planning tools that avoid probate, and this is true in situations where… [Continue Reading]
The Difference Between Revocable And Irrevocable Trusts
Trusts are an often recommended method of transferring assets after death. Trusts generally have many benefits, including the ability to avoid probate proceedings. There are different kinds of trusts that a person may establish, but they fall into two broad categories – revocable and irrevocable trusts. With both a revocable and an irrevocable trust, the… [Continue Reading]
