Asset Protection In The State Of Michigan
What Kind Of Trust Should Be Used To Protect My Adult Children’s Inheritance From Predators And Potential Divorce?
An effective way to protect an adult child’s inheritance is to have a share created for them that is held in trust for their benefit with a trustee in place that would manage that child’s share.
Do I Still Need Estate Planning Protections If My Children Are Financially Responsible?
Even if you can count on your children to be responsible, you can count on life to be fluid and unpredictable. You never know whether events like marriage, divorce, starting a business, or having trouble with creditors may present themselves during your child’s life. By planning for these events ahead of time, you can be confident that your estate plan will be comprehensive enough to cover anything that might come their way.
Can I Protect My Shared Marital Assets From My Stepchildren And Ensure My Children Receive A Fair Share Of The Value Of Those Assets?
Blended families present unique discussion points and considerations when an estate plan is being put together. Working with your attorney to create a comprehensive trust can ensure that the distribution goals are accomplished in whichever manner you decide.
How Can We Protect Inheritance From Irresponsible Children?
Putting restraints and conditions on your child’s distribution share is one of the many benefits a trust can provide. A thoughtful discussion with an estate planning attorney can ensure that you put the proper plan in place for that child.
When Should I Worry About Estate Tax Protection For The Assets I Am Planning To Leave Behind After Death?
The IRS annual gift tax exclusion for 2023 will increase to $17,000 per year from $16,000 in 2022. In addition, the estate and lifetime gift tax exemption will be $12.92 million per individual for 2023 – an increase from $12.06 million in 2022.
So, the only time you should worry about estate taxes is when the assets start reaching or have the possibility of achieving these IRS limits or figures. Then, you should have a thorough discussion with an estate planning attorney to maximize estate planning protections.