Estate Planning

03 Mar: Michigan Permits Domestic Asset Protection Trusts

Effective March 8, 2017, Michigan joined an increasing number of states that permit “Domestic Asset Protection Trusts,” aka DAPTs. These instruments enable the Grantors forming the Trusts to protect their property against future claims, as long as they follow the specified guidelines. DAPTs are irrevocable trusts. Unlike most irrevocable trusts, however, the Grantor who sets up the DAPT retains a certain amount of control over the Trust, and can even receive income and annuity payments…

18 Feb: Avoiding Will Contests

Anyone who goes to the trouble of having an attorney draft his or her Will quite naturally wants it to be honored by his or her heirs. In short, no Will contests! A lot of clients ask us how to prevent such mischief. The primary drafting tool is, not surprisingly, a clause prohibiting heirs from contesting any provisions of the Will. This prohibition can also be imposed in Trusts. Such provisions are frequently referred to…