West Michigan Estate Planning: The new Michigan Trust Code
Posted by catherine jacobs on Tue, Apr 27, 2010 @ 02:02 PM
If you have not put your estate plan on paper, now is as good as opportunity as ever. Michigan has recently enacted the new Michigan Trust Code. Here are three important factors:
1. Additional Clarity in Asset Protection Planning:
With the implementation of the MTC, estate planners have much clearer directions about how to draft trusts in order to protect trust assets from the creditors of the trust beneficiaries. For example, if you are concerned about children or other beneficiaries that may have creditor issues (child support, divorce, bankruptcies) the new MTC provides excellent planning tools for these situations.
2. Special Needs Trusts
Special needs trusts are created for persons with disabilities. The MTC continues to provide planning options in order to draft trusts for clients with special needs beneficiaries.
3. Modernized Trust Administratioin
Trust administration has joined the technology age. The MTC, for example, will allow the trust to use email in order to notify and account to beneficiaries.
Allow that West Michigan Estate Planning Attorneys of Dykema Law Offices help you most effectively achieve your estate planning goals.
www.dykemalaw.com