End of life planning is important to consider, whether it’s happening in months, years, or decades in Southeastern Michigan. The last thing you want after death is your family scrambling to make arrangements or struggling with estate and trust administration.
At Wall Law we can assist with some aspects of post-death planning and legal administration services like funding of trusts. We understand federal estate returns and can terminate/modify trusts, distribute to beneficiaries, handle trust/estate litigation, change titles, and manage probate administration on your behalf.
Planning for after death can be a daunting task, but Wall Law can assist in the future of your estate planning in these areas:
- Funding of Trusts
- Federal Estate Tax Return
- Trust Termination
- Distributions to Beneficiaries
- Changing Titles
- Trust Modification or Reformation
- Probate Administration
- Trust & Estate Litigation
- Future Estate Planning for Beneficiaries
Funding of Trusts in Detroit
Trusts are usually created during your lifetime, but some trusts are not funded until after death. If you’re a trustee of such a trust certain steps must be completed to transfer assets. Seeking legal advice on your trust funding situation can better ensure your asset protection and taxability for the future.
Federal Estate Tax Return
Did you know that an estate tax return is due nine months after the date of death? Assist your loved ones with uncharted territory after death through legal guidance from the experienced and caring attorneys at Wall Law.
Trust Termination — Distributions to Beneficiaries — Changing Titles
Quite often, it is a simple and inexpensive matter to properly terminate a trust and make proper distribution of the trust assets. Most importantly, real estate transfers should not be made to your beneficiaries without the assistance of a law firm, otherwise there could be the potential for adverse consequences to your low property tax base status. Your plan may also call for your beneficiaries to receive their inheritance through a “Dynasty Trust”, which will need to be established properly in order to maximize its intended asset protection benefits. At Wall Law, we can assist you and your loved ones in many of these trust-based possibilities to ensure your assets are being distributed correctly on your behalf.
Probate Administration for Oakland County and Surrounding Areas
Probate is the court supervised process of authenticating your will, gathering assets, paying bills, filing taxes, and distributing assets. At Wall Law, we can also assist with administrating the probate procedures when someone fails to do proper Living Trust planning or doesn’t keep it up to date. (Probate should not normally be necessary if you have a Living Trust fully funded with your assets.)
Probate is a public process that opens the door for problems. Often clients want to keep their family and financial affairs private after death just as they have done during their lifetime. We can assist with the probate process and avoid unnecessary issues. We often can complete probate within a year or less from the date of death.
Probate Avoidance in Detroit
In Southeast Michigan, the probate process can be expensive, time-consuming, and public leading many families to avoiding probate altogether. Trust planning is the most effective method for probate avoidance for your assets. Establishing a trust with an experienced Detroit estate planning attorney can help meet the goals for your estate plan and avoid probate.
Trust Modification or Reformation
Sometimes, changes may be necessary, appropriate or desirable to an irrevocable trust (including a Living Trust after the maker or first spouse dies). Wall Law can help you utilize a special agreement between the trustee and beneficiaries or court procedure to accomplish these important objectives.
Trust & Estate Litigation in Metro Detroit
Disputes can often arise in the administration of a trust or estate, especially if high valued assets or family conflict is present. These disputes can arise between beneficiaries, between a trustee or other fiduciary and beneficiaries, or from third parties. Our firm can provide assistance in handling litigation if challenges occur with your trust or estate.
Estate Planning for Beneficiaries
Beneficiaries may need guidance for planning after receiving inheritance. Some protection measures may need to be enacted in the event of threats (divorce, lawsuits, creditors) or from testamentary problems (probate, estate taxes) that could affect their assets. We are here to assist your “next generation” of loved ones with their estate planning needs, as well.
Wall Law is your Metro Detroit lawyer for life and can help you understand your planning options to preserve your wealth and family values for future generations. Have peace of mind, contact us today, and learn more about how we can help meet your post-death planning needs in Oakland County, Wayne County, Macomb County, and surrounding Metro Detroit areas.