Are you a parent to a child with special needs? If so, you understand the unique challenges and uncertainties that come along with this responsibility, especially when it comes to securing your child's future. A special needs trust could be the solution you're looking for, and we'd like to share a story that exemplifies this.
Trust protectors ensure that trustees maintain integrity, make solid distribution and investment decisions, and adapt the trust to changes in the law and circumstance.
A testamentary trust is created through the decedent's will and comes into existence at death. Assets must still pass through probate before the trust is funded and money is given to beneficiaries.
A blind trust can be used during your lifetime and is a great fit for those that have privacy concerns and want to prevent future conflicts of interest. Blind trusts can be an effective tool for complying with laws that prohibit insider activities. Anonymity is another common use for a blind trust. Lottery winners often use them for this purpose.
When a family member passes away, the last thing you want to be dealing with is paperwork. In an ideal situation, the legal concerns are so well handled in advance that you can grieve in peace. Setting up a revocable living trust is often the best option to avoid probate. Let's explore why that is.
Every trust has at least one grantor, also known as the trustmaker. This is the person who creates the trust. So, the terms grantor trust and nongrantor trust can get confusing. Its helpful to understand that neither of these terms refer to the existence or nonexistence of the trustmaker. Instead, these terms have to do with the trust’s income tax liability.
A revocable living trust is a legal document that allows you to maintain control over your assets while avoiding probate. Learn more about how it works with this comprehensive guide from the experts at The Law Offices of DuPont and Blumenstiel.
You can and should do your best to control your assets from beyond the grave. If you are unable to do so, there may be obstacles to managing your estate.
We live in extremely uncertain times. These are a few of the initiatives you can take now to start managing your estate and protect yourself and your loved ones.
Trusts are valuable planning tools that can help you and your family achieve a variety of financial and estate planning goals.
