Trust Lawyers in Bloomfield Hills, Michigan

Helping to Establish Your Finances For The Future

It is never too early to start thinking about your finances and how you want them to be handled in the future. If you have not done so already, now is the time to start thinking about setting up a trust. A trust is a fiduciary arrangement that allows a third party, a trustee, to hold assets on behalf of a beneficiary or beneficiaries.

One of the emotional challenges of setting up a trust is deciding how to distribute your assets. This decision can be difficult, especially if you have a large family or many close friends. Due to the legal complexities involved, it is wise to consult with Bloomfield Hills attorneys skilled in trust strategies to determine who should be listed as a beneficiary and how to best distribute your assets.

Creating a trust can help you protect your assets today and for your beneficiaries in the future. Kendal Law Group PC is a law firm dedicated to helping clients plan for the future. If you want to create a trust or learn more about our legal services, contact our Bloomfield Hill, MI, law office to schedule a free initial consultation.

What Is a Living Trust?

A living trust is a type of trust created while the grantor is alive. The grantor creates the trust and puts assets into it. The trustee manages the trust, and the beneficiaries receive the assets from the trust. You can act as the trustee as long as you are physically and mentally capable. However, should you become incapacitated, your successor trustee will manage the trust and its assets per your instructions.

Living trusts are revocable, which means that the grantor can change the terms of the trust at any time. Revocable living trusts are also flexible, which means they can be used for various purposes. For example, a living trust can be used to manage assets during your lifetime, protect your assets from probate, or provide for your loved ones after you die. As the grantor, you can add or remove assets and beneficiaries. Additionally, unlike an irrevocable trust that cannot be canceled within the grantor’s lifetime, a living trust can be dissolved per your wishes.

If you are considering setting up a living trust, consult with Bloomfield Hills-based attorneys for trust planning. The Kendal Law Group PC lawyers have experience helping people set up trusts and plan for the future.

What Legal Advantages Can Trusts Provide?

One of the most significant advantages of creating a trust is the flexibility it provides. Many different types of trusts can be set up for various purposes. The most common type of trust is a revocable living trust, which can be changed or revoked at any time by the person who created it. On the other hand, an irrevocable trust cannot be changed once it has been created. Both revocable and irrevocable trusts are frequently used for estate planning purposes.

Another advantage of setting up a trust is that it can help to avoid probate. Probate is the legal process through which a person’s assets are distributed after their death. If you die without a trust, your assets will go through probate and will be subject to public records. Probate can be a long and expensive process, and it can also be stressful for your loved ones. Sadly, in some instances, family members and other beneficiaries must wait for the probate process to be complete to access needed financial resources.

Finally, having a can help you manage your assets while alive. Having your assets in a trust can be especially helpful if you become incapacitated and cannot make financial decisions. A trustee can be appointed to manage the trust on your behalf. Hiring a trust lawyer in Bloomfield Hills, MI, is a great way to ensure that your legal services are covered and that you have a trustworthy law firm on your side.

Kendal Law Group PC has comprehensive experience in estate administration, estate planning, and trust litigation when things get complicated. Call our Bloomfield Hills attorneys to set up your estate plan today.

What Is The Difference Between a Will And a Trust?

Many individuals are still determining the difference between a will and trust. A will is a legal document that outlines how you want your assets to be distributed after you die. Conversely, a trust is a legal arrangement through which a trustee holds assets on behalf of the beneficiaries.

A will takes effect after you die, while a trust can take effect as soon as it is created and can be used to manage your assets while alive and after you die. Another difference between a will and a trust is that a will must go through probate, while a trust does not. As previously mentioned, probate can be a long, expensive, stressful process for your loved ones. However, if you set up a trust, your assets will not have to go through probate.

There are several differences between wills and trusts, depending on your needs and financial goals. If you are thinking about setting up a trust, it is essential to consult with an experienced trust attorney. The Kendal Law Group PC has lawyers with experience helping people create trusts. When you come to us for help, our attorneys can help you understand the different types of trusts and choose the one that is right for you. We can also help you understand the advantages and disadvantages of establishing trust.

Hiring experienced Bloomfield Hills estate planning lawyers to help you with your estate planning legal services can help you have peace of mind knowing your hard-earned assets will be protected. Contact our law firm to schedule a free consultation with a trusts lawyer in Bloomfield Township, MI, to learn more.

Why is it Important to Have a Trust Lawyer Help Me Determine Who Should Be Listed as Beneficiary?

The beneficiaries of a trust are the individuals who will receive the assets from the trust. Typically, beneficiaries include family members, friends, or charities. However, consulting with an experienced trust lawyer is crucial to determine who should be listed as a beneficiary. A minor can be listed as a beneficiary of a trust. However, the trustee will need to manage the assets on behalf of the minor until the child reaches adulthood.

Choosing a trustee with whom you feel confident managing the assets according to your wishes is essential to estate planning. Setting up a trust has many advantages, including avoiding probate, protecting assets from creditors, and minimizing estate taxes.

Trusts can also be used to provide for minor children or disabled adults. One of the most significant advantages of a trust is that some trusts, such as special needs trusts, can be created to ensure beneficiaries receive financial resources without jeopardizing needed government benefits.

Finally, a trust can be beneficial if you have a beneficiary who needs help managing their finances or has considerable debt. The terms of the trust can specify how a beneficiary should receive assets and keep the matter private, as the terms of a trust are not public knowledge.

Contact us today to schedule a free initial consultation. Estate planning lawyers should be hired to ensure that all of your expectations are met, your estate is taken care of, and everything about your plan goes smoothly. Kendal Law Group will walk you through the journey step by step with Bloomfield’s trusted advisors for trust creation.

What are the Benefits of a Trust?

There are many benefits of having a trust, one of which is the potential to save money on taxes. If you have a complex financial situation, a trust can be a great way to manage your assets and protect your loved ones. A trust minimizes the impact of taxes by distributing assets to beneficiaries over time rather than all at once.

Another benefit of a trust is that it can help you keep control of your assets if you become incapacitated. If you have a trust, your named trustee can manage your assets if you cannot do so yourself. Appointing a trustee can help ensure that your loved ones are cared for financially, even if you cannot make decisions for yourself. Trusts are complex legal documents, and it is essential to ensure they are set up correctly to achieve your desired results.

However, one of the most significant benefits of having a trust is that it can protect your assets from being seized by Medicaid because you need to enter a nursing home. However, only an irrevocable trust can protect hard-earned assets. If you are concerned about shielding your assets for future generations, you must act immediately. Medicaid has a five-year look-back period that could complicate matters.

Therefore, if you are considering the legal option of creating a trust, you must consult an experienced trust lawyer who can help you understand the process and ensure everything is done correctly. The Kendal Law Group PC lawyers have in-depth experience helping people set up trusts. Our skilled estate planning lawyers can help you understand the different types of trusts and choose the one that is right for you. Our knowledgeable legal team can also help you understand the advantages and disadvantages of setting up a trust based on your needs. Contact us today to schedule a consultation.

What Assets Should Be Placed in a Trust?

Many individuals are familiar with the financial and legal benefits of creating trust. However, they may need further clarification regarding what assets should be placed in the trust. Because every case is different, if you are considering creating a trust, you must consult an experienced lawyer who can create a comprehensive estate plan to meet your legal needs and financial goals.

However, some of the most common assets that are often placed in trusts include:

• Checking and savings accounts, certificates of deposit, and money market accounts
• Real estate, including the family home
• Stocks and bonds
• Personal property, including artwork, jewelry, and other collectibles

However, several types of financial resources and assets should never be placed in a trust, including:

• Regularly used vehicles
• Foreign assets
• Health saving accounts (HSA)
• Retirement accounts including, IRA, 401(k) and 403(b)

If you need further clarification regarding what assets should be placed in a trust, contact our Bloomfield Hills law firm to schedule a meeting with one of our estate planning lawyers, who will gladly answer your questions.

What Can Your Bloomfield Hills Trusts Lawyer Do For Me?

If you are considering setting up a trust, it is essential to consult with skilled attorneys for trust matters in Bloomfield Hills. The Kendal Law Group PC lawyers have extensive experience helping people set up trusts. We can help you to understand the different types of trusts and help you choose the one that is right for you. In addition, we can help you draft the legal documents necessary to set up a trust.

Experienced estate planning lawyers work as personal representatives for you and can help with trust disputes, tax planning, business entities, estate taxes, organizing your assets, and ensuring your property is taken care of the way you would like. When you set up a trust, you can specify terms in which the money you have put aside can be held and released if complex issues arise. For example, a trust is an excellent resource to help safeguard beneficiaries’ health and education and ensure that your business matters are handled accordingly.

Kendal Law Group PC is here to assist you in creating a trust that will withstand legal scrutiny. We understand the complex legal process and ensure that everything is done correctly. Trusts can be complicated, so having an experienced lawyer is crucial. Contact us today at 248-609-1718 for a free consultation.