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Does a vehicle have to go through probate in Michigan?
MCL 257.236 provides that the title to motor vehicles of a decedent whose total value does not exceed $60,000 may be transferred to the heirs by the Michigan Department of State if there are no other assets requiring probate.
Should I put my car in my trust in Michigan?
You must file a Michigan Fiduciary Income Tax Return (Form MI-1041) and pay the tax due if you are the fiduciary for an estate or trust that was required to file a U.S. Form 1041 or 990-T or that had income taxable to Michigan that was not taxable on the U.S. Form 1041.
How does a trust work in Michigan?
Placing your car in a trust can simplify the transfer of ownership after your passing. Without a trust, vehicles titled in your name may have to go through probate, a time-consuming and sometimes expensive legal process.
Can a trust own a vehicle in Michigan?
The short answer is yes. There is, of course, some nuance to that, but a trust can hold ownership or title to anything that an individual can hold.
What assets should not be put into a trust?
Assets that should not be used to fund your living trust include: Qualified retirement accounts 401ks, IRAs, 403(b)s, qualified annuities. Health saving accounts (HSAs) Medical saving accounts (MSAs) Uniform Transfers to Minors (UTMAs) Uniform Gifts to Minors (UGMAs) Life insurance. Motor vehicles.
Why should vehicles not be placed in a revocable trust?
One thing to NOT put in the trust is your vehicles. If you are in an accident and the car registration shows it is owned by a trust, it is easy to assume there are ``deep pockets behind it. Consequently, if there is a lawsuit, you may be sued for a higher amount.
Who must file a Michigan trust return?
No state law in Michigan prevents you from drafting your own living trust document. But, the document must meet the states requirements to be legally enforceable.
Related links
Michigan Educational Trust (MET)
To be eligible to participate in the MET program, a MET contract must have been previously purchased from the State of Michigan on the students behalf.
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