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Estate planning attorney grand rapids mi

HOW ARE TRUSTS USED IN ESTATE PLANNING?

While a simple will is a vital component of the estate planning process, sophisticated plans by trust and estate planning grand rapids mi can also use one or more trusts.

Trusts can be broadly described as “revocable”, meaning they may be amended throughout a grantor’s living years and “irrevocable, ” meaning they cannot be altered or revoked.

Trust entities generally pay separate taxes and must obtain a federal identification number and file an annual return.

The dynamic of each family is different, so it’s crucial the Trust(s) you choose to care for your loved ones after you is well-suited to their needs.