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Michigan Divorce Laws: What You Need to Know In Michigan, marital property is anything that was earned or acquired by either spouse during the marriage. This can include things like money, homes ...
Continue reading → The post How to Protect Trust Assets From a Beneficiary's Divorce appeared first on SmartAsset Blog. Trusts can be a useful estate planning tool for passing on wealth to heirs ...
In trust law, an asset-protection trust is any form of trust which provides for funds to be held on a discretionary basis. Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts are therefore frequently proscribed or limited in their effects by governments and ...
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
The increased use of trusts in estate planning during the latter half of the 20th century highlighted inconsistencies in how trust law was governed across the United States. In 1993, recognizing the need for a more uniform approach, the Uniform Law Commission (ULC) appointed a study committee chaired by Justice Maurice Hartnett of the Delaware ...
When California first enacted divorce laws in 1850, the only grounds for divorce were impotence, extreme cruelty, desertion, neglect, habitual intemperance, fraud, adultery, or conviction of a felony. [29] In 1969-1970, California became the first state to pass a purely no-fault divorce law, i.e., one which did not offer any fault divorce ...
As the Florida appellate court pointed out, "[w]e cannot rewrite Florida probate law to accommodate a Michigan attorney more familiar with the Uniform Probate Code." [ 4 ] The Uniform Law Commission does not list Florida as one of the states that has adopted the Uniform Probate Code.
QTIP trust is a type of trust and an estate planning tool used in the United States. "QTIP" is short for "Qualified Terminable Interest Property." A QTIP trust is often used in order to take advantage of the marital deduction and still control the ultimate distribution of the assets at the death of the surviving spouse.