Develop A Trust With An Experienced Attorney

Choose A Top Oakland County Trusts Lawyer

A trust is a legal device that allows an individual, called the trustee, to hold property for the beneficiaries of a grantor. Trusts are created by grantors, who are able to include a variety of provisions in their trusts.

These estate planning tools offer a variety of benefits, including allowing the grantor to create terms for the trust. As long as it does not break the law, you can include whatever type of provision you would like in a trust. Our Oakland County estate planning attorney has more than 20 years of experience and is prepared to assist you in selecting the best type of trust for your needs today.

Get In Touch With Our Firm Today By Calling (248) 919-8029

Types of Trusts

The two main types of trusts are revocable trusts and irrevocable trusts.

Revocable Trusts

Revocable trusts can be altered or terminated at any time by the grantor. If the grantor creates an irrevocable trust, he or she is unable to change or terminate the trust before the time specified in the document. There are a variety of specific types of trusts, including:

Grantor-Retained (Irrevocable) Trusts

If you are interested in saving on estate tax, we can help you create this type of irrevocable trust. They are generally useful for reducing the size of your estate and providing inheritance for your beneficiaries. There are three types of grantor-retained trusts:

  • Grantor-retained annuity trusts: trusts that pay you a fixed amount on a regular schedule
  • Grantor-retained uni trusts: trusts that pay you a specified percentage of trust, which can vary from year to year
  • Grantor-retained income trusts: trusts that allow you to use the property you put in the trust for a certain period of time before being passed to beneficiaries

Special Needs Trusts

An individual with disabilities may lose government benefits if he or she receives a large amount of money that disqualifies him or her from Supplemental Security Income (SSI) and Medicaid. A special needs trust, or supplemental trust, allows an individual with disabilities to receive financial support while remaining eligible for benefits.

Expertise Where & When You Need It

At The Law Offices of Stuart Lee Sherman, PC, we are problem solvers. We assess the problem and then take the time to explain your legal options. After we have determined the best course of action, we aggressively pursue the most favorable outcome for your situation. Clients are our first priority, and we pride ourselves on providing them with the attention they deserve. With a bachelor's degree in accounting, his Juris Doctorate, and an LL.M. in taxation, Attorney Stuart Lee Sherman understands both the legal and economic importance of creating a trust.

Due to his legal expertise, Attorney Stuart Lee Sherman has been selected for inclusion in the Michigan Super Lawyers® Edition of 2006, an honor bestowed on less than 5% of attorneys in the state. Take advantage of free case evaluation to learn more about your legal matters. For information about our client-centered services, contact us today!

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