Individuals may choose to set up a trust for a variety of estate planning purposes. One of the benefits of developing a trust is that it will keep part, or all of your estate out of the probate process. It may also be designed to reduce taxes, where possible. Finally, a trust is often the best method to provide for the needs of a beneficiary who will need continuing supervision due to age, disability, other special needs, or lack of financial sophistication. We recommend that all parents of minor or special needs children strongly consider the benefits of establishing a trust.
Trusts fall into two basic categories: testamentary trusts, a trust brought into effect on the donor’s death and inter vivos trusts, a trust created and put into effect during a donor’s lifetime.
There are two kinds of inter vivos trusts:
Testamentary Trust: is created by a will, and it does not come into existence until your passing. Such a trust has no power or effect until the will of the donor is probated. A testamentary trust will not avoid the need for probate and will become a public document, as it is a part of the will.
Supplemental Needs Trust: is used to enable the donor to provide for the continuing care of a disabled spouse, child, relative or friend. The beneficiary of a specially-drafted supplemental needs trust will have access to the trust assets for purposes other than those provided by public benefits programs. In this way, the beneficiary will not lose eligibility for benefits such as Supplemental Security Income, Medicaid and low-income housing. A supplemental needs trust can be created by the donor during life or be part of a will.
Credit Shelter Trust: is a way to take advantage of the estate tax exemptions. The amount that may be sheltered has changed considerably over the past decade and is expected to continue changing into the future. For this reason, if you already have a trust, it is wise to review the provisions with an attorney at least once every several years.
Potential trust litigation issues, which may include, but are not limited to:
Billmaier & Cuneo, LLC aggressively represents the legal rights of each and every one of our trust clients, while addressing all related issues that should be taken into consideration when representing your legal needs and goals.
If you need to set up a trust, or are involved in a trust litigation dispute in the Perrysburg, Toledo, Lambertville or the Northwest Ohio and Southwest Michigan areas, contact an experienced attorney at Billmaier & Cuneo, LLC today by calling 419.931.0067 in Northwest Ohio or 734.568.0136 in Southeast Michigan.
As a progressive law firm dealing with today's legal issues, we provide you the voice of experience, and quality legal representation in your goals regarding trusts, trust litigation disputes, or other estate and probate legal needs.
Ohio Law Offices
Phone: (419) 931-0067
Michigan Law Offices
P.O. Box 253
Lambertville, MI 48144
Phone: (734) 568-0136