Have you ever considered setting up a trust for your estate? Or perhaps
you have and just have never really know exactly what that entails or
what the benefits are of setting up a trust. The first thing that you
should know is that setting up a trust requires someone who is knowledgeable
about the laws of the state. This area of expertise falls into the hands
of a seasoned
Oakland County estate planning attorney. Because of the complexity and variety of trusts and the laws that are
applicable to each, it is important to have all of your bases covered
to insure that your trust is carried out effectively. Some of the benefits
that a trust can provide are:
Avoiding unnecessary taxes. By setting up a trust, you have the ability to avoid estate taxes on life
insurance if you set up an irrevocable life insurance trust. This allows
the proceeds from your policy to get put back into your estate.
You can avoid probate. By setting up a trust and keeping certain property out of your probate
estate, you can avoid a lot of the hassles that come with having the state
run probate on your estate.
Protecting your estate. A trust can insure that your money goes where you want it to, when you
want it to. So if you have in your estate plan that your money is going
to go to you irresponsible son, and you have a fear that he is going to
blow it all on a weekend getaway, through an established trust, you can
have the money released over time.
Benefit other charities. By setting up a charitable trust, you can have your money be given annually
to assist a charity while you are still living and to give greater amounts
upon your death.
By knowing all of the benefits of the various trusts that you can create,
an estate planning attorney such as Stuart Lee Sherman can help guide
you in the right direction.
Contact our firm today to see how we can protect your legacy by setting up the right trust for you.