Individuals may choose to set up a trust for a variety of estate planning purposes. One of the benefits of developing a trust is that it will keep part, or all of your estate out of the probate process.   It may also be designed to reduce taxes, where possible.  Finally, a trust is often the best method to provide for the needs of a beneficiary who will need continuing supervision due to age, disability, other special needs, or lack of financial sophistication.  We recommend that all parents of minor or special needs children strongly consider the benefits of establishing a trust.

Trusts fall into two basic categories: testamentary trusts,  a trust brought into effect on the donor’s death and inter vivos trusts, a trust created and put into effect during a donor’s lifetime.

There are two kinds of inter vivos trusts: revocable and irrevocable.

• Revocable Trust: often referred to as "living" trusts, the donor maintains complete control over the trust and may amend, revoke or terminate the trust at any time.

• Irrevocable Trust: cannot be changed or amended by the donor. Any property placed into the trust may only be distributed by the trustee as provided for in the trust document itself.  Irrevocable trusts are most often used by high net worth clients in a effort to reduce their taxable estate while still maintaining some control over the assets.

Testamentary Trust: is created by a will, and it does not come into existence until your passing.  Such a trust has no power or effect until the will of the donor is probated. A testamentary trust will not avoid the need for probate and will become a public document, as it is a part of the will.

Supplemental Needs Trust: is used to enable the donor to provide for the continuing care of a disabled spouse, child, relative or friend. The beneficiary of a specially-drafted supplemental needs trust will have access to the trust assets for purposes other than those provided by public benefits programs. In this way, the beneficiary will not lose eligibility for benefits such as Supplemental Security Income, Medicaid and low-income housing. A supplemental needs trust can be created by the donor during life or be part of a will.

Credit Shelter Trust: is a way to take advantage of the estate tax exemptions. The amount that may be sheltered has changed considerably over the past decade and is expected to continuechanging into the future.  For this reason, is you already have a trust, it is wise to review the provisions with an attorney at least once every several years.

Potential trust litigation issues, which may include, but are not limited to:

• Trust Litigation Disputes: Even with the most thorough planning and the strongest foundation for trust provisions, a trust may still end up being legally disputed by family members,

• Lack of mental capacity: when an individual who has set up a trust has their mental capacity disputed relating to the trust and estate decisions outlined the trust.

• Trustee Malfeasance: When an appointed trustee fails to adequately adhere to their prescribed duties, according to the law. The trustee may be personally held liable for trustee malfeasance, and in some cases, may even be held criminally liable.

• Trust fund distribution disputes: typically exist between family members in which one or more family member is either left out of a trust, or they believe they did not receive a fair share of trust assets.

• Trust Entitlement Petitions: When an individual or individuals believe they have a solid foundation to dispute the validity of a trust, in which they believe they have a legal right to be included.

• Property Recovery: Estate, trust or probate legal actions are sometimes necessary to recover property on behalf of a trust taken in violation of the terms of the trust. Typically, legal action is taken in this manner due to trustee malfeasance.

• Breach of Trust Duties: When an appointed trustee fails to adequately adhere to their prescribed duties, according the law, or does not act in the best interest of the beneficiary. The trustee may be personally held liable for trustee malfeasance, and in some cases, may even be held criminally liable.

Stephen A. Skiver & Associates, LLC, aggressively represents the legal rights of each and every one of our trust clients, while addressing all related issues that should be taken into consideration when representing your legal needs and goals.

If you need to set up a trust, or are involved in a trust litigation dispute in the Perrysburg, Toledo, Lambertville or the Northwest Ohio and Southwest Michigan areas, contact an experienced attorney (lawyer) at Stephen A. Skiver & Associates, LLC, today by calling (419) 931-0067 (Ohio) or (734) 568-0136 (Michigan).

As a progressive law firm dealing with today's legal issues, we provide you the voice of experience, and quality legal representation in your goals regarding trusts, trust litigation disputes, or other estate and probate legal needs.

Serving the Perrysburg, Toledo, Lambertville, Northwest Ohio, and Southeast Michigan area; providing professional Trusts and Trust Litigation Attorney & Lawyer legal services.