Secure Your Family's Future with a Michigan Living Trust

Living Trust Michigan

Cost of establishing a trust

The cost of establishing a trust varies widely depending on its complexity and the attorney's fees. Simple trusts can cost between $1,000 and $3,000, while more complex trusts can cost $15,000 or more. In addition to attorney's fees, there are other expenses, such as filing fees, court costs, and the cost of transferring assets into the trust. It's important to factor in the ongoing costs of trust administration, such as trustee fees, accounting fees, and tax preparation fees. Consulting with an experienced estate planning attorney is crucial to determine the type of trust that meets your needs and budget.

Feature Living Trust Will
Avoids Probate Yes No
Control Over Assets During Life Yes No
Privacy More Private Public Record

Potential tax benefits

Depending on your location and specific circumstances, investing can come with attractive tax benefits. These can range from deductions for investment losses to tax-advantaged accounts like Individual Retirement Accounts (IRAs) that help you save for retirement with pre-tax or tax-deferred dollars. Always consult with a qualified financial advisor to understand the specific tax implications related to your investments. They can provide personalized advice based on your financial situation and help you make informed decisions.

Ongoing trust management fees

Ongoing trust management fees cover the cost of managing the trust on an ongoing basis. These fees are typically charged as a percentage of the trust's assets or as a flat annual fee. The specific fees will vary depending on the trustee, the complexity of the trust, and the level of service required. It's important to discuss fees with potential trustees upfront and to get a clear understanding of what services are included. You should also ask about any other expenses that you may be responsible for, such as investment management fees or legal fees. By understanding the fees involved, you can make informed decisions about how your trust is managed.