There are many ways to manage and leave behind assets for loved ones. While doing so by a last will and testament is an option for many, it may not necessarily be the best option for the unique circumstances of your family. The creation of a trust can be a useful tool for Michigan families wishing to maximize assets, avoid probate, minimize tax liabilities and ensure family members are cared for according to your wishes.
The exact type of trust will depend heavily on the goals to be achieved. There are benefits to both a revocable trust and an irrevocable trust. Outlining clear goals and communicating those goals with estate planning professionals and family members is the best way to ensure a beneficial path is chosen before a trust is even needed.
There are several type of trusts that can serve the needs of individual families. A minor children’s trust may be the best way to ensure that child is cared for and funds are available as you see best. Life insurance trusts, charitable trusts, credit-shelter trusts and other types of trusts can help the recipients minimize taxes and maximize protection of hard-earned assets and funds.
The goals of a family and ways to maximize each dollar of a trust can be complicated and having so many options can feel overwhelming for some. When Michigan families are educated about the options, they may feel more secure in the choices made and the future stability of family assets. Our website has more information regarding trusts and how families can ensure comprehensive estate planning.