May 18, 2013 (Press-News.org) Estate plans allow individuals to provide for a transfer of wealth to their families, charities or other beneficiaries. Estate planning frequently includes basic documents such as a will, durable power of attorney and health care power of attorney or directive. Trusts are often major aspects of estate planning as they can help with such issues as:
- Reducing tax implications after a settlor's death
- Avoiding probate
- Providing for children with special needs
- Managing assets for long term use by beneficiaries
- Business succession
There are many types of trusts that may be tailored to address particular wishes of the settlor -- the person setting up the trust. In an effort to provide for the needs of future generations, a settlor must determine which type of trust will best serve his or her situation. In certain circumstances, a settlor may decide to set up an irrevocable living trust -- a trust which may not be altered after it is established.
Trust decanting in Michigan
Unfortunately, sometimes an irrevocable trust needs to be changed, a judicial process that can be very costly and time consuming for the trustee and the beneficiaries. Trust decanting is a process that allows the assets of an irrevocable trust to be moved into a newly created and more flexible trust. Numerous states have adopted trust decanting laws and Michigan adopted such a law in 2012.
Opponents of Michigan's trust decanting bill argued that irrevocable trusts are created for specific reasons and should not be changed after the creators' deaths. However, it may be important to restructure a trust that no longer fulfills its intended purpose. A trustee may wish to decant a trust for any number of reasons, including such issues as:
- Intended wealth transfer goals are unattainable according to outdated trust provisions
- A beneficiary suffering from mental illness or addiction issues has too much access to trust assets and risks depleting the funds which were meant to sustain him or her for a lifetime
- Trust provisions -- or lack thereof -- jeopardize entitlements to certain types of government benefits for beneficiaries with special needs
- Investment restrictions impede changes necessary for sustaining growth or viability of the trust
- Tax or real property law changes thwart the purpose of the trust
Rather than resort to a lengthy trust contest in court, a trustee may wish to consider trust decanting as an option.
Legal assistance is available
If you have estate planning questions, either as a settlor, trustee or beneficiary, consult an experienced wills and trusts lawyer. An attorney knowledgeable about estate, tax and probate issues can help.
Article provided by Prince Law Firm
Visit us at www.probateprince.com
Restructuring irrevocable trusts in Michigan through trust decanting
Trust decanting laws in Michigan allows the trustee to move the assets of an irrevocable trust into a newly created and more flexible trust.
2013-05-18
ELSE PRESS RELEASES FROM THIS DATE:
The impact of divorce on children
2013-05-18
Divorce can be an emotional and trying process for everyone involved. Parents sometimes get caught up in the process, but it is important to remember that children often have a difficult time with divorce as well. One million children a year go through the experience of having their parents divorce. Understanding what a child goes through during the divorce and remaining supportive are essential to furthering the child's development.
The difficulty of divorce for children
Divorce has a unique effect on children. If divorcing parents can't be civil, children may be ...
Lowering The Legal Limit For Blood Alcohol Level in a DWI Case: A View From a Queens NY DWI Lawyer
2013-05-18
According to the National Transportation Safety Board, ("NTSB"), one person dies in a car accident each hour that involves a person driving while intoxicated, and twenty more people are injured, including three who develop debilitating injuries out of those twenty. on Tuesday, May 14, 2013, the NTSB called on all fifty states to lower the blood alcohol level that defines when a person is driving while intoxicated. The NTSB is recommending that all US states reduce the blood alcohol threshold for legal intoxication down to .05%.
Currently, in New York State, ...
World's smallest droplets
2013-05-17
Physicists may have created the smallest drops of liquid ever made in the lab.
That possibility has been raised by the results of a recent experiment conducted by Vanderbilt physicist Julia Velkovska and her colleagues at the Large Hadron Collider, the world's largest and most powerful particle collider located at the European Laboratory for Nuclear and Particle Physics (CERN) in Switzerland. Evidence of the minuscule droplets was extracted from the results of colliding protons with lead ions at velocities approaching the speed of light.
According to the scientists' ...
Climate change may have little impact on tropical lizards
2013-05-17
A new Dartmouth College study finds human-caused climate change may have little impact on many species of tropical lizards, contradicting a host of recent studies that predict their widespread extinction in a rapidly warming planet.
The findings, which appear in the journal Global Change Biology, offer new hope for survival of a creature thought to be doomed: http://onlinelibrary.wiley.com/doi/10.1111/gcb.12253/abstract
Most predictions that tropical cold-blooded animals, especially forest lizards, will be hard hit by climate change are based on global-scale measurements ...
New X-ray method shows how frog embryos could help thwart disease
2013-05-17
LEMONT, Ill. – An international team of scientists using a new X-ray method recorded the internal structure and cell movement inside a living frog embryo in greater detail than ever before.
This result showcases a new method to advance biological research and the search for new treatments for genetic diseases.
Scientists at Northwestern University and the Karlsruher Institut für Technologie in Germany, in collaboration with the Advanced Photon Source at the U.S. Department of Energy's Argonne National Laboratory, released the most precise depiction ever of the embryonic ...
Corruption influences migration of skilled workers
2013-05-17
HEIDELBERG, 17 May 2013 – Countries that have higher levels of corruption struggle to attract and retain skilled workers report the authors of a new study published in EMBO reports.
Qualified workers are in demand in many countries around the world. They are internationally mobile and have the flexibility to take on new challenges. However, if the exodus of skilled workers exceeds the immigration rate of highly qualified individuals it may have a negative impact on the economic performance of a country.
The authors studied the migration of highly skilled workers across ...
Control of heart disease risk factors varies among outpatient practices
2013-05-17
Control of heart disease risk factors varies widely among outpatient practices, according to a study presented at the American Heart Association's Quality of Care and Outcomes Research Scientific Sessions 2013.
Researchers compared electronic health records of 115,737 patients in 18 primary care and cardiology practices participating in The Guideline Advantage™, a collaboration of the American Cancer Society, American Diabetes Association and American Heart Association that aims to reduce risks for chronic diseases. They found:
The percentage of people whose hypertension ...
Diagnosing heart attacks: There's an app for that
2013-05-17
An experimental, inexpensive iPhone application transmitted diagnostic heart images faster and more reliably than emailing photo images, according to a research study presented at the American Heart Association's Quality of Care and Outcomes Research Scientific Sessions 2013.
The app could help save lives by speeding treatment for the deadliest type of heart attack known as STEMI (ST segment elevation myocardial infarction), in which a clot blocks blood flow to the heart.
A critical step in prompt, effective STEMI treatment is rapid transmission of an electrocardiogram ...
GPS solution provides 3-minute tsunami alerts
2013-05-17
Researchers have shown that, by using global positioning systems (GPS) to measure ground deformation caused by a large underwater earthquake, they can provide accurate warning of the resulting tsunami in just a few minutes after the earthquake onset. For the devastating Japan 2011 event, the team reveals that the analysis of the GPS data and issue of a detailed tsunami alert would have taken no more than three minutes. The results are published on 17 May in Natural Hazards and Earth System Sciences, an open access journal of the European Geosciences Union (EGU).
Most ...
Study suggests new role for ECMO in treating patients with cardiac arrest and profound shock
2013-05-17
ATLANTA - Extracorporeal membrane oxygenation (ECMO), a procedure traditionally used during cardiac surgeries and in the ICU that functions as an artificial replacement for a patient's heart and lungs, has also been used to resuscitate cardiac arrest victims in Japan, Taiwan, and South Korea. Now, a novel study of this technique in the U.S. has been completed by researchers at the Perelman School of Medicine at the University of Pennsylvania, indicating a potential role for this intervention to save patients who are unable to be resuscitated through conventional measures. ...
LAST 30 PRESS RELEASES:
New microscope captures large, high-resolution images of curved samples in single snapshot
SwRI, UT San Antonio will test technology designed to support extended space missions to Moon, Mars
Hot flashes can be reliably predicted by an ai-driven algorithm developed by UMass Amherst and Embr Labs
FAU/Baptist Health AI spine model could transform lower back pain treatment
CDI Lab, HMH specialists identify vital pathway initiating cellular immunity in Science Immunology journal
University of Pennsylvania professor to receive the 2025 Clinical Research Prize
Revolutionary scandium doping technique extends sodium-ion battery life
High-fat diet impairs memory formation by reducing autophagy
Keck Hospital of USC named a Vizient Top Performer for third year in a row
New CRISPR test could make tuberculosis screening as simple as a mouth swab
Three-sensor overeating detection could reshape obesity treatment
Study provides first evidence that plastic nanoparticles can accumulate in the edible parts of vegetables
AI predicts complications from surgery better than doctors
New personalized risk score could improve ovarian cancer detection
People on Ozempic who eat to regulate emotions less likely to lose weight
AACR Cancer Progress Report highlights lifesaving impact of federal investments in cancer research
Indra's internet
Lymph nodes found to be key to successful cancer immunotherapy
Room-temperature terahertz device opens door to 6G networks
A hard look at geoengineering reveals global risks
When smoke signals danger: How Australian lizards evolved to escape fire
Beyond the surface: Atopic eczema linked to significantly higher risk of suicidal thoughts, major study finds
After weight loss regular exercise rather than GLP-1 weight-loss drug reduces leading cause of heart attack and strokes
EASD launches its first ever clinical practice guideline – the world’s first to focus on diabetes distress
Semaglutide provides powerful protection against diabetic retinopathy, the leading cause of blindness in working-age adults, Greek study suggests
Orforglipron taken orally once daily leads to significant body weight loss (ATTAIN-1 Study)
U of I researchers trace genetic code’s origins to early protein structures
Disease experts team up with Florida Museum of Natural History to create a forecast for West Nile virus
Researchers: Targeted efforts needed to stem fentanyl crisis
New UMaine research could help lower prescription drug costs
[Press-News.org] Restructuring irrevocable trusts in Michigan through trust decantingTrust decanting laws in Michigan allows the trustee to move the assets of an irrevocable trust into a newly created and more flexible trust.