Trust is a word with multiple meanings. We all know trust means that you have firm belief in the reliability, truth, ability or strength of someone else. Trust also has a legal definition, which pertains to an arrangement whereby a person (the trustee) holds an asset such as property or money for the benefit of [...]
While a minor’s parents are responsible for exercising his or her legal rights, there are certain circumstances in which a court will allow for the appointment of a guardian of a minor to exercise these rights. In Michigan, the process of appointing a guardian of a minor is governed by MCL 700.5204. That statute allows [...]
When a Trust is established, a Trustee will be named in order to administer the Trust upon the death of the Settlor. The duties of the Trustee include gathering and preserving the Trust assets, giving legal notice to potential creditors, providing the beneficiaries with an inventory and annual accounting, and distributing the Trust assets according [...]
When a person with special needs receives a personal injury award, it is important to consider whether the creation of a Supplement (Special) Needs Trust will benefit the individual. Consider the case of John, a 53-year-old who was seriously injured in a car accident leaving him permanently disabled. After filing a lawsuit, John obtained a $900,000 settlement. [...]
A Supplemental Needs Trust (frequently called a Special Needs Trust or simply an "SNT") is an important estate planning tool. The purpose of a Supplemental Needs Trust is to safeguard certain assets (generally a settlement or an inheritance) without disqualifying the individual from eligibility for public benefits. Understanding what are permissible distributions is critical to the [...]
