For families with modest or significant wealth, establishing a trust can be an important part of a comprehensive estate plan. Depending on your estate goals, a trust can protect your assets, minimize taxation now and at the time of your death, help your family avoid probate, and ensure your loved ones are taken care of financially after you are gone.
Selecting and creating a trust can be extremely complex, and it requires the guidance of a highly skilled attorney. At Galloway and Collens, PLLC, we have an established estate planning practice and our Royal Oak-based lawyers are highly knowledgeable on the nuances of trust, estate and tax laws.
As your legal counsel, we will help you understand which type of trust may be right for you and your family. The first steps include assessing your estate and assets, and helping you clarify your estate objectives. At this point, we will fully educate you on your trust options. Our lawyers will explain the differences between living and testamentary trusts, as well as revocable versus irrevocable trusts.
Some of the specific trusts we may explore include:
Our law firm is ready to help. Contact the real estate and estate planning attorneys at Galloway and Collens, PLLC.