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 are expected to triple over the next several years as baby boomers reach retirement and above.
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.