Michigan Trust Attorney
As an experienced trust attorney, Sean Nichols has helped many families with issues related to estate planning and estate litigation in Michigan. These issues include: setting up a new trust, modifying an existing document, planning for children with special needs, trust administration, disputes over trusts, and more. From the most simple, to the most complex legal issues with wills, trusts, and estate planning, Sean J Nichols, PLLC has the experience and dedication to provide a custom solution that suits your needs and resolves/prevents any legal issues with your trust.
If you, or a loved one would like to set up/modify a trust, or have other legal issues pertaining to estate planning, call our experienced lawyers today.
Revocable Living Trusts
The most common trust to have in place is a Revocable Living Trust, also known as “revocable trust,” or “living trust” for short. This trust that can only be changed by the person who has created it and yields several advantage. Advantages of a Revocable Living Trust include, but are not limited to:
- It helps avoid probate court.
- Living trusts lower estate administration costs.
- The document provides protection to the trust’s beneficiaries and is harder to challenge then a will. If you are to fall ill a living trust will keep the assets the trust owns out of probate.
Overall, a properly set up Revocable Living Trust hopes for the best and can handle the worst. It protects you and your heirs if bad life events happen.
Special Needs Trust
A Special Needs Trust (SNT) is also referred to as a “supplemental needs trust.” Simply put, this trust allows a disabled individual to receive assets/property for their benefit while receiving essential governmental benefits based on individual needs. Special Needs Trusts are a very specialized type of trust, it’s important to have a lawyer for wills and trusts who’s experienced in this specific document draft it for you.
Every parent or grandparent of a disabled child should consider special needs trust planning, whether the anticipated inheritance is large or small. By providing for the child’s extra or supplemental needs, while retaining government benefits, the child’s life can actually be enhanced by the inheritance.
Other Kinds Of Trusts
Apart from revocable and special needs trusts, their are a variety of other types including, but not limited to:
Irrevocable Trust – As the name suggests, an “irrevocable,” or “non-modifiable” trust cannot be changed by the grantor. In other words, the individual who created the trust no longer has control over the document and is bound by provisions defined within the trust.
Asset Protection Trust – Not every State has this type of trust available. In fact, they were only recently allowed in State of Michigan. In short, this is a irrevocable trust that protect assets from creditors, and in some cases, divorce.
Spendthrift Trust – This is another type of irrevocable trust. Simply put, this document helps prevent the beneficiary from the assets until they’re distributed. The laws regarding this document can be highly complex and vary widely from State to State; thus, it’s important to consult a lawyer for questions or concerns on spendthrift trusts.
Charitable Trust – The standard form of this trust is the Charitable Remainder Trust (CRT). As the name implies, these documents are used to make gifts to charities while still receiving benefit yourself. This can be highly beneficial to individuals who own property that is appreciating in value. In other words, this trust helps avoid tax increases through charitable contributions. This trust has several additional variations including: The Charitable Remainder Annuity Trust (CRAT), Charitable Remainder Unitrust (CRUT), and The Charitable Lead Trust (CLT); also known as the Reverse Charitable Remainder Trust.
Need To Speak With A Trust Attorney?
Whether you would like to simply set up/modify a trust, or your issue is more complex and involves litigation, our lawyers are well equipped in resolving your concerns. Therefore, if you, or someone you know need assistance with trusts in Michigan, talk to an experienced trust attorney at our firm today (734) 386-0224