10 Reasons You Should Have a Trust

 

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.