Trusts are an integral part of our estate planning here at Casterline Law. For an estate plan to work effectively, it needs to do more than simply distribute your assets after you’re gone. It needs to include appropriate asset protection, tax planning, and planning for long-term care or incapacitation.
As part of our work, we aim to be flexible; we tailor asset plans to your circumstances. We’ll take care to learn about your situation and draft an effective asset plan perfect for you. It would be best to choose only a highly experienced attorney specializing in wealth preservation and estate planning for your estate plan, like the team at Casterline Law.
To ensure that your estate plan enables you to manage your legal and financial affairs, we employ a variety of trusts as well as other legal tools. For instance, we use:
- Revocable Living Trusts
- Irrevocable Trusts
- Charitable Trusts
- Wills
- Powers of Attorney
- Advance Healthcare Directive
What are Revocable Living Trusts?
A revocable trust is a trust that can be modified during your lifetime, enabling you to utilize your assets. A living trust is a trust that is created during your lifetime and is not subject to probate. Revocable living trusts are a valuable legal tool in the creation of an estate plan.
One of the main advantages of a revocable living trust or general trusts is that they are not subject to probate, meaning that you avoid the lengthy court proceedings involving probate. Probate typically takes a long time, and any proceedings in a probate court are public, meaning that a trust offers far greater privacy.
What are Irrevocable Trusts?
Irrevocable trusts are another useful legal tool used to help provide expert estate planning. Irrevocable trusts are trusts that cannot be amended. This type of document cannot be changed once set up. Legal systems make amendments to irrevocable trusts in certain circumstances, such as if a beneficiary suffers from mental illness or substance addiction. Depending on your estate planning goals, an irrevocable trust may be an essential part of your estate plan in Michigan.
What are Charitable Trusts?
Charitable trusts are used as part of an estate plan when you may wish to use your assets for charitable purposes. Charitable trusts are used in various ways depending on your goals for your estate plan in Michigan. For example, you may use your assets to create a charitable foundation allowing all or some of the interest that your wealth generates to go to the charity. You can also choose to have the assets signed over to the charity to control, or you may retain control of the trust, passing control over to a party of your choosing. Our experienced estate planning attorneys can work with you to create a charitable trust that meets your goals for the future of your legacy.
Casterline Law Offices, PLLC provides clients with personalized attention focused on each individual’s unique needs. Our legal services include Medicaid planning, estate planning, veterans benefits planning, probate, and real estate law for our Southeast Michigan community. Contact our St. Clair Shores, MI office or our satellite offices in Shelby Township or Novi, MI, to discuss your legal matters today.