Trusts can be established for a number of reasons. Among them:
· Protect beneficiaries from poor judgment and waste;
· Avoid court-supervised probate of trust assets and keep them private;
· Protect trust assets from the beneficiaries’ creditors;
· Protect premarital assets from division between divorcing spouses;
· Set aside funds to support the settlor when incapacitated;
· Manage unique assets e.g. vacation homes, pets, recreational vehicles, etc;
· Manage closely held business assets for planned business succession;
· Hold life insurance policies and collect the tax-free proceeds to care for beneficiaries, fund closely held stock redemptions or purchases, and provide liquidity to the estate;
· Provide structured income to a surviving spouse that protects trust assets for descendants if the spouse remarries; and
· Reduce income taxes or shelter assets from estate and transfer taxes.
Learn more about why you should establish a trust here.
Get Started Today: Schedule Your Consultation
If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.
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