Asset protection trusts may soon be a tool that estate planners may use under Michigan law. On November 4, 2015, Michigan Senate Bill 597 was introduced to authorize a “qualified dispositions in trust” instrument that would let a person create and place assets in a trust for their own benefit, which would then be protected from potential creditors (with various exceptions). This bill is currently in the Senate Judiciary Committee. Asset protection trusts are particularly useful for clients who have significant assets and who may work in fields with high exposure to lawsuits.
For more information, contact Joan Cripe Skrzyniarz at 248-433-7521.