The transfer of wealth from one person to another, or one generation to another, can be a complicated and highly personal venture. If someone chooses to pass wealth through the use of a trust, the responsibility of trust administration is a challenging responsibility. Michigan beneficiaries and residents embarking on the
No two families are alike, so the ways families choose to distribute wealth and assets will vary considerably depending on the unique circumstances of each family. Before Michigan families begin making decisions about estate planning and trust administration, it is important for them to understand their options. Understanding the different types
Creating a trust and managing a trust can be an ideal way to handle assets and funds for loved ones. However, trust management responsibilities should be taken very seriously and require an understanding of the different types of trusts that may suit different needs. Michigan families may want to explore
A trust can be an essential tool for the estate planning process. Once you have decided that leaving funds to beneficiaries through a trust is wise, your trust management options may hinge on the type of trust you decide to create. Trusts can meet varying needs, which makes understanding the
Some people may wrongfully assume trusts are only created for those who have a significant amount of wealth to hand down to loved ones. Regardless of the size of an estate or the amount of money being considered as part of an estate plan, creating the right kind of trust
When deciding on the kind of estate plan to put in motion, it is important to understand the various options for giving or bequeathing assets. One tool is the creation of a trust. However, before leaving trust management responsibilities to any one party or taking on the task of creating
When people think about creating a trust, they may automatically think about leaving sums of money to kids and determining how to ensure that those funds are spent appropriately. The truth is that there are many types of trust funds and trust management options from which Michigan families may choose.
One very important aspect of estate planning for many parents includes passing their inheritance to their children. Deciding how much inheritance to give your kids can be a difficult task, especially since many parents are unsure of how their children will manage their inheritance after they pass away. A new
In Michigan, trusts may have a reputation that they are only for the rich. People think of trust funds and with that rich people who are trying to avoid taxes. However, many people do not understand that trusts can be useful for middle class families in a variety of situations.
Americans — including Michigan residents — are quickly ageing. With these increased ages come more medical problems. One medical issue that is particularly difficult is dementia. According to the Alzheimer’s Association one in three American seniors dies with one form of dementia — including Alzheimer’s — or another. These numbers
Most people want the best for their families when they pass. They want to ensure that their families have the financial security and support they need. Other times, people have valuable property that needs to be maintained for years after a person’s death. People may feel like they have no
People work their entire lives in order to be able to live comfortably. Over time people acquire personal property that help people enjoy life and eventually retire. A lot of the time, people will have money or other assets that they want to be able to pass on to their
Let’s talk about joint ownership of estate assets in Michigan. In particular, let’s talk about when a parent decides to add his or her child to an account. In all likelihood, when the parent dies, ownership of the whole account will pass to the child. But what if there are
How can people in Michigan plan for the unfortunate but real possibility that their heirs and beneficiaries will encounter debt problems or some other financially draining event such as divorce? This question too often goes unaddressed in estate planning, and the money that well-meaning estate planners intend for their loved
Estate tax laws have changed in the United States, and many Wayne County residents will need to revise their estate planning documents to keep up with the times. In anticipation of the changes, high-earners throughout the country established trusts in 2012 and took other estate planning measures to protect assets
The success or failure of a business corporation often depends on how smoothly the ownership and administration of the business is passed from the deceased founder to the heirs. Merely focusing on proper estate planning and ignoring estate administration can lead to prolonged litigation, which may affect the overall stability
Incorporating an endowment into an estate plan allows Michigan residents to lend financial support to cherished foundations beyond the planner’s own lifetime. Estate planning strategies typically include establishing specific conditions to preserve assets, regulate distribution and prevent inappropriate spending. A recent dispute involving a Michigan church demonstrates the role a
In many cases, trust beneficiaries are disabled, and Michigan residents who are in charge of trust administration may need to take steps to better a disabled beneficiary’s life. In doing so, it’s important to be aware of the legal rights of everyone involved. Readers in Oakland County might be interested
After filing a request with the probate judge, the family of the late Joe Paterno was able to get his will sealed and thus unavailable to the public. The family recently reversed that course and gave up their quest to keep his will private. Why did they switch course? Most
A Chihuahua named Conchita has proven the old adage that every dog does indeed have his day or her day in this case, after a home that was bequeathed to the pooch and two others was recently sold for $8.4 million. Many Michigan residents can probably relate to pampering their
Facebook is in the news for more than launching its first initial public offering these days, as one news article reports. We thought Michigan residents might be interesting in learning how Facebook founder Mark Zuckerberg and several company insiders are using a legal tactic called a “grantor-retained annuity trust” to
Michiganders might be interested in a recent article by a retired probate judge who offers advice on some of the most common estate planning mistakes people should avoid when preparing for their families’ futures. In this particular article he discusses the use of trusts to protect the assets of an
No doubt Michiganders have heard about the 81-year-old woman who won over $336.4 million in a Powerball jackpot last week, and all thanks to a family member who had a craving for something sweet. Asked if she wanted anything from the store the woman decided she would go with her
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