Michigan Estate Planning and Trust Attorneys
A trust is an excellent means for transferring your assets after your death. If you only have a will and no trust, after your will is probated, your heirs will receive assets all at once. But a trust can provide for the distribution over time. Trusts can also be created to care for you if you are incapacitated.
Because there are several types of trusts, you need a lawyer who has the knowledge to help you decide which trust is right for you. We will work with you to determine the best solution for your family.
After discussing your financial goals and your family’s needs, we will customize a trust for you. Our attorneys will provide you with detailed instructions about how to handle each type of asset and account in the trust.
There are two types of living or inter vivos trusts:
- A revocable trust allows the grantor to retain ownership of the assets and make changes to the trust. Income from the assets or other sources are taxed to you despite the trust.
- An irrevocable trust transfers ownership of the assets to the trust immediately. An irrevocable trust is taxed separately.
You may set up a trust to provide for yourself in case you become disabled. You can also draft powers of attorney to protect yourself and your wishes.
A testamentary trust transfers ownership of assets to your trust upon your death. The assets will go through probate before the trust is funded.
Additional uses for trusts include:
- Naming a trustee allows you to choose someone to administer the trust and, e.g., maintain your life insurance benefits for children.
- Creating a special needs trust allows you to leave money to a developmentally disabled person without disqualifying him or her from Social Security Income and Medicaid.
Musser Love, P.C. in Ann Arbor, Michigan is ready to discuss your legal issue, please call one of our skilled attorneys at (734) 677-0776 or contact Musser Love online or via e-mail.