Trust Lawyers in Traverse City, Michigan
The trust lawyers in Traverse City, Michigan at the Neumann Law Group offer a range of estate planning services, including helping individuals with trusts. For some individuals, a trust might be a better estate planning option than a will. However, trusts aren’t right for everyone. They can cost more to establish and can cost more to maintain, but they come with some important benefits, which include helping your heirs avoid probate and they may be able to be structured in a way that helps lower your family’s tax burden, when the time comes. The trust lawyers at the Neumann Law Group in Traverse City, Michigan may be able to assist you with establishing a trust or with your various estate planning needs.Types of Trusts
There are several types of trusts that can be used for estate planning and that can be utilized to help your family avoid the probate process. When it comes to choosing the right structure for estate planning, it can be helpful the discuss your situation and needs with a trust lawyer, like the attorneys at the Neumann Law Group in Traverse City, Michigan. Reach out to the trust lawyers at the Neumann Law Group today to review your options.
- Revocable Trusts. These types of trusts can be changed once they are established and they can be used to help you family avoid the probate process. With a revocable trust you can put property into the trust, therefore avoiding having the property go through probate. If you own property in more than one state, this structure could make the estate planning and transfer process easier for your family. Because this kind of trust can be modified or terminated at will, this trust can be subject to estate taxes and may not shield you from creditors or other parties in a lawsuit.
- Irrevocable Trusts. An irrevocable trust cannot be changed once it has been established. What individuals lose in flexibility, they gain in added protection and lower tax obligations. An irrevocable trust can be protected from creditors and lawsuits, and also from estate taxes. However, this kind of trust can be complex to establish, so it is helpful to have a lawyer assist you with establishing one.
- Charitable Trust. If you plan to donate part of your estate or assets to charity, one way you can do this is by establishing a charitable trust. This kind of trust could also lower your estate and gift tax obligations.
- Special Needs Trust. If you plan to pass on your assets to a person who is disabled or who benefits from government aid and government benefits, a special needs trust allows your loved one to inherit, while not losing out on government benefits. A person who has assets or income can potentially lose access to government benefits. In order to avoid this issue, a special needs trust, which is not in control of the disabled person, may be able to be used to fund the individuals’ other needs, needs which may not always be covered by government benefits. This can include transportation, entertainment, travel, gifts, and more. While there are limits to how this trust can be used, it can be incredibly important especially if one of your heirs is disabled and receives government benefits.
These are just some of the kind of trust options available for estate planning. There are many others. Estate planning can get complicated, especially for individuals planning to establish trusts. If you need help with your estate planning, reach out to the trust lawyers at the Neumann Law Group in Traverse City, Michigan. We are here to help.Revocable Living Trust Lawyers in Traverse City, Michigan
The Neumann Law Group is a revocable living trust law firm in Traverse City, Michigan that may be able to assist you with establishing a revocable living trust that may be able to help your heirs avoid probate after you pass away. Probate is the process by which a will is validated after an individual passes away. During the process, the will must be taken to court, assets must be accounted for, creditors notified, debts paid, and assets distributed in accordance of the will. With a revocable living trust, individuals can set up an estate plan that doesn’t require the family to go through the probate process. An added benefit of avoiding probate is that it keeps your transfer of family wealth private. Anything that goes through the courts ends up on the public record.
It is never too soon to begin planning your estate. A trust can offer a range of benefits, and a revocable living trust is just one option available to you. The Neumann Law Group is a trust law firm in Traverse City, Michigan that may be able to assist you if you need help with establishing a trust. Reach out to our trust lawyers today.