Michael Markhoff concentrates on estate planning and estate administration,... more
Michael Markhoff concentrates on estate planning and estate administration, representing professionals, executives and small businesses owners. Michael works with clients on minimizing (and often eliminating) estate and gift taxes through the coordination of pension benefits, business assets and other assets in the estate plan while preserving the client's assets for future generations. He anal... view profile
A trust is an arrangement whereby someone owns and manages money or property for another person's benefit. Like a guardianship, a trustee has decision-making authority over the trust property, but no court is involved in the trustee's action–the person who creates the trust defines the scope of the trustee's power. There are many different trust types, including probate trusts, income trusts, spendthrift trusts, and educational trusts. For example, a living trust allows you to manage your property while you are alive and to direct who will manage it if you become incapable of doing so. In essence, you choose your own “guardian” in advance and avoid having the court do it for you. A trust attorney reviews the many reasons for establishing a trust with you, and can ensure your trust will be legally valid.