Trust Types

Southfield, Birmingham & Bloomfield Hills, MI Trust Types

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As you work towards solidifying your estate plan, considering a trust to compliment your other legal documents is an intelligent decision. However, there are several different types of trusts, and choosing the right type is dependent on your circumstances. Let trust & probate Attorney Dean E. Patrick assist you on choosing what option is the best fit for your circumstances, estate, and beneficiaries. To help you get started, we provide some of the common trust types below:

  • The Intervivos (Revocable/Living) Trust has many benefits appealing to a range of individual circumstances, which is why this is one of the most popular types of trusts today in the United States. The revocable trust can be used to avoid probate, which means your family can avoid court fees and oversight.
  • The Supplemental (Special) Needs Trust is meant to help your future beneficiaries who happen to be physically, mentally, or developmentally disabled and receiving, or likely to receive, government benefits. The special needs trust structure increases the probability that an inheritance will not disrupt government benefits for your loved one.
  • The Charitable Trust assigns one of its beneficiaries as a charitable end. This type of trust is entitled to special treatment under the law of trusts and taxation. Single or married, this structure can be used to reduce a potential estate tax to zero.
  • The Pet Trust is meant for those furry friends of ours that we have to leave behind. It is simply a sub trust, which allocates resources for the well being of a pet.
  • The Irrevocable Life Insurance Trust (ILIT) is often used to hold insurance policies, which will pay for some or all of the expected estate tax due if the tax is unavoidable.
  • The Irrevocable Trust helps to reduce estate taxes and provide asset protection. Unlike the revocable trust, you give up control of assets titled in the name of the irrevocable trust.
  • The Qualified Personal Residence Trust (QPRT) is also useful for reducing estate taxes and creditor protection depending on your circumstances.
  • The Family Limited Partnership (FLP) can be used to reduce or completely eliminate estate taxes and protect assets from creditors.

With so many different types of trusts, Attorney Dean Patrick is ready to provide you and your family with the legal assistance necessary to prepare for the future. Mr. Patrick‘s experience and knowledge of estate planning legalities are top-notch in the Metro-Detroit area, and he is available to you at any time.