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.

What to Do When Homeowners Insurance Denies Your Claim

Since 1955, homeowners insurance has helped owners protect their property and belongings against damages and theft. According to the Insurance Information Institute, over 93% of homeowners in the US have homeowners insurance coverage, paying around...

What to Look for in a Criminal Defense Attorney

Originally posted on 10/20/2017 If you are charged with a crime, you could face severe penalties that could include financial fines, public service, or even jail time. For those in the Michigan area, hiring an attorney experienced in...

PROBATE 51: Trust filed a petition to determine title to credit union account.

The probate court explained that the owners of the account are S and J. When S passes, J becomes the owner of the account. J is the one who had the authority to make the designation. Nowhere in any documents is there a designation by J that SJ be the owner -- or the beneficiary of the account. The designation made by his father was no longer binding because he was no longer the owner at the time J passed away.

Invoking Your Right to Remain Silent

Originally posted on 07/19/2017 While the “right to remain silent” represents one of your most inalienable rights, many people have a few misconceptions about how it works. Many people receive their understanding of this...

Arrests made by tracking cell phones may be illegal

Originally posted on 02/10/2017 Law enforcement agencies are always looking for an edge in fighting crime. As cell phones have become an indispensable part of life for many people, authorities have taken to using these devices to track...

Could I lose my job over a drunk driving arrest?

Originally posted on 01/20/2017 When potential clients ask us questions about criminal defense representation (particularly for drunk driving offenses) one of the most common is whether they will lose their job.  Naturally, this...

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...

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