Having an income-producing asset can be a significant source of revenue but, depending on how it is owned, can also be subject to estate taxation. One way to minimize tax and continue to receive benefits from this kind of resource is to place it in a Grantor Retained Annuity Trust (GRAT). Here are some facts… Read More »
Posts Categorized: Trust
Planning for the Silent Thieves: Dementia, Alzheimer’s and Parkinson’s Disease
I search your eyes, So empty and blue, Hoping for a flicker Of what used to be you.1 If you are the wife, husband, son or daughter of someone with, dementia, Alzheimer’s disease or Parkinson’s disease, you may be overwhelmed emotionally, physically and financially. You are consumed with the day-to-day care, behaviors like agitation and… Read More »
Special Needs Trust Planning
Planning for the future of a child or another loved one with a severe disability often requires family members to become well versed in different government benefit programs. When the individual’s disability is expected to prevent them from working or being able to fully support themselves as an adult, these public resources can be of… Read More »
Preparations for Adult Children with Mental Health Issues
When an adult has a severe mental illness, their parents are often tasked with helping them manage their symptoms. In the case of a debilitating condition, the child may not be able to work or otherwise provide for their own needs. Parents in this circumstance will naturally have concerns about how their child will be… Read More »
Legacy Trust and Your Family
Someone preparing an estate plan often wants to designate that certain funds, possessions, and resources be passed on to family members. When there are significant assets, the individual may wish to leave their estate in a manner which can continue to generate income and increase in value for the benefit of their family continually. In… Read More »
Common Problems of Trustees in Trust Administration
Trust can serve a variety of functions such as preserving family assets, avoiding estate taxation, and keeping wealth out of the probate process. While these invaluable legal constructs can serve to protect what you have built their management can be complicated. Here are some common problems of trustees in trust administration. The Trustee When a… Read More »
Irrevocable Trusts and You
Trust can be a mysterious concept. While many of us have heard of a trust, we may not understand the different types and how they may be advantageous for our circumstances. One key consideration when planning a trust is whether it will be revocable or irrevocable. In many cases, when an irrevocable trust is a… Read More »
Irrevocable Trust: How do they work and how can they be used?
When creating a trust, an important distinction is whether the trust will be revocable or irrevocable. In fact, this determination can have broad-reaching tax consequences and legal ramifications. In many cases, a properly created irrevocable trust will offer the benefit of tax savings and protection from creditors. However, in order to benefit from an irrevocable… Read More »
Asset Protection Trusts: What are they and are they right for you?
An essential goal of estate planning is to protect the assets you have worked all of your life to build. This planning may need to include protecting your assets from creditors while making sure that you are still able to benefit from them. Fortunately, for Michigan residents, there is an estate planning option which offers… Read More »
Contesting a Trust
For some, creating a trust is a valuable and important piece of their financial and estate plans. By placing estate assets into a trust, the creator of the trust can be sure that their assets will be able to benefit certain specifically named trust beneficiaries. Ideally, the trust will have been created in a manner… Read More »