Now Accepting New Clients!

Why Silent Trusts are Making Noise with Wealthy Families

Originally posted on 12/22/2016

A piece of parchment paper reads wealth distribution, a big consideration for those planning the future of their estate.Estate planning can induce fear for wealthy parents.

Anyone who has seen the movie “Arthur” (either the Dudley Moore or Russell Brand versions) can understand the frustrations wealthy parents may have with leaving a great deal of money to their heirs. Essentially, they worry that the kids will simply take the money, live like socialites, and blow through their fortunes without any regard for financial responsibility.

However, there are ways to plan for the future of your estate through Silent Trusts. Keep reading to learn more about Silent Trusts and why your family may benefit from having one.

What is a "Silent Trust?"

Perhaps a silent trust is an answer to your worries about the maturity of your children. Otherwise known as a “quiet” trust, a silent trust allows the trustee to manage the trust without the beneficiary’s input or knowledge until a specified date, usually when the beneficiary is older.

Examples of Timelines for Your Silent Trusts

For example, a number of trusts will allow an heir to reap the benefits of the trust at age 18, or even at age 25. However, a silent trust may call for the heir to be informed of their stake in the trust at age 30 or later. A mature adult may be better suited to manage his or her fortune and honor their late parent by doing so.

The Right Time to Plan for Your Future

Indeed, there is traditionally a flurry of activity towards the end of the year. After all, December is an ideal month to do estate planning that will help in tax preparation. Nevertheless, though silent trusts are no longer new options, many people are exploring their estate planning options. This may be the right time for you to consider changes to how your heirs may access money in the future.

Set Up a Silent Trust to Plan for Your Estate with an Experienced Attorney

Planning for the future of your estate can be anxiety-inducing as you are planning for situations you won't be there to correct when the time comes. However, a silent trust can help relieve your fears by gaining greater control over the direction and timing of your trust's disbursement. If you have questions about silent trusts, an experienced estate planning attorney at Aldrich Legal Services can advise you. Give our team a call today.

FAMILY LAW 77: Court awarded plaintiff sole legal custody; defendant was unwilling to work with plaintiff.

For joint custody to work, parents must be able to agree with each other on basic issues in child rearing including health care, religion, education, day to day decision making and discipline and they must be willing to cooperate with each other in joint decision making. If two equally capable parents are unable to cooperate and to agree generally concerning important decisions affecting the welfare of their children, the court has no alternative but to determine which parent shall have sole custody of the children.

CRIMINAL 19: Sentencing guidelines are advisory.

The sentencing guidelines are advisory, and although a trial court must determine the applicable guidelines range and take it into account when imposing a sentence, the court is not required to sentence a defendant within that range.

Basic responsibilities of an executor

Originally posted on 01/11/2017 The emotional toils of dealing with the death of a loved one can be considerably difficult. Nevertheless, perseverance is paramount; especially if you are appointed to be an executor to one’s...

What you need to compliment your will

Originally posted on 02/08/2017 Making end-of-life plans usually end with a will, but they shouldn't. Some believe that simply having a will is enough. However, this post will briefly explain how having other estate planning...

The benefits of home health care providers

Originally posted on 03/22/2017 As we get older or suffer an injury, we need a little extra help. Home health care providers or caregivers can provide the assistance needed to handle your or your loved one's health and safety...

What to know about bail conditions

Originally posted on 03/06/2017 If you have been arrested and are being held on the suspicion that you have committed a particular crime, chances are that the only thing you are thinking about is getting out of jail as soon as possible and...

College students and estate planning

Originally posted on 12/16/2016 With college semesters starting up in Michigan, it may not be so easy to get college students to think responsibly. This time can be especially tough with the need of moving back to school and getting...

Three reasons to put a power of attorney in place

Originally posted on 11/08/2016 While no one wants to think of the unfortunate possibility of being incapacitated or of a time when we can't handle our own affairs, this circumstance is a real possibility. If something happens and this...

How to approach parents about estate planning

Originally posted on 12/09/2016 Family forms a strong foundation for many people's first and most intimate community. It is important to strengthen these first relationships so even uncommon questions become natural. For those...

PROBATE 44: Petition for Mental Health Treatment

Michigan’s Mental Health Code governs the civil admission and discharge procedures for a person with a mental illness. Specifically, MCL 330.1434 sets forth the procedure and content requirements for a petition for mental health treatment.

Should you get your criminal record expunged?

Originally posted on 04/12/2017 If you have been convicted of a crime, have served your sentence, and have followed all court recommendations, you should be able to put your past behind you and move on with life. Moving forward is critical...

Don't let a bad decision, unfair contract, or a messy divorce get in the way of a promising future!
Contact the experienced team at Aldrich Legal Services today to schedule your free initial
and secure reliable and trustworthy representation today!
Get the Help You Need From a Team You Can Truly Count On: (734) 404-3000