A Living Trust is probably the most well-known estate planning documents, but they are regularly misunderstood. Often the term suggests someone who is wealthy and is able to live off of the money in their trust. While this is possible, it is not the main reason that many people have a trust drafted and is also not the only purpose of a trust. There are several different types of trust that an attorney can draft for you.
Revocable Living Trust
The Revocable Living Trust is the most commonly used estate planning document for a client’s estate plan. The main difference between a Trust and a Will is that a Trust does not pass through the Probate Court, whereas a Will does. A Trust lays out who should handle your affairs during your incapacity and after you pass away. It also lays out how you would like your assets divided upon your death and keeps that information private as it does not need to be filed with the Probate Court. There are a number of enhancements that can be included in a trust that allow for planning for many situations such as avoiding estate taxes and planning for blended families. For more information on how to begin the estate planning process, schedule a consultation with Trust Attorney today to talk about your options.
Irrevocable Asset Protection Trusts
An Irrevocable Asset Protection Trust is a trust that cannot be revoked by the person who creates it, called the Grantor. This type of trust is often used when doing planning for public benefits such as Medicaid or Veterans Benefits. A trustee is designated and that persons manages the assets inside of the trust to allow the Grantor to qualify for public benefits. It is important when creating a plan that includes this type of trust that you work with an attorney experienced in this area. For more information call our office and schedule a consultation with Attorney today to talk about your options.
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Planning for the expected and unexpected can be daunting. If anyone has an understanding of the importance of having an estate plan, it is Michigan Justice. The practice focuses on estate planning, business planning, elder law, special needs planning, and settlement planning.