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Trusts

Michigan Estate Planning and Trust Attorneys

A trust is an excellent means for transferring your assets after your death. Without a trust, after your will is probated, your heirs will receive the assets all at once. But a trust can manage 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. To make an appointment, please call 734-418-0958 or send us an e-mail.

Basic Trusts

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. The assets are subject to death taxes after you die.
  • An irrevocable trust transfers ownership of the assets to the trust immediately. When you die, the assets are not considered part of your estate and are not taxed. Irrevocable trusts avoid the probate process.

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 upon your death. The assets will go through probate before the trust is created.

Additional uses for trusts include:

  • Naming a trustee, allows you to choose someone other than your spouse to maintain your life insurance benefits for children.
  • Creating a special needs trust allows you to leave money to a developmentally disabled person without disqualifying them from Social Security Income and Medicaid.
  • Creating a trust allows same-sex couples and GLBT individuals distribute assets to non-relatives.

Please call our Ann Arbor office at 734-418-0958 to schedule an appointment.