Galloway and Collens, PLLC
248-284-1990
248-284-1990

Trust Administration Archives

How Facebook insiders are using trusts to avoid estate taxes

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 avoid paying hundreds of millions of dollars in estate and gift taxes on their Facebook shares.

Should you consider a testamentary trust in your estate plan?

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 estate, however the information is general and the laws do vary from state to state. Check with an estate planning attorney in your area to learn more about estate planning laws applicable in your state.

Powerball winner creates a sweet trust with $336 million prize

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 family member just so she could purchase a lottery ticket. She learned of her winning numbers while watching the announcement only a few hours after returning home from her visit to the local Stop and Shop.

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