Trusts can be useful in estate planning for passing on assets to your heirs. A grantor retained income trust (GRIT) is a specific type of trust that allows you to transfer assets, while still benefiting from the income they generate.
How Do Joint Accounts and Beneficiary Designations Work in Estate Planning?
Remember that a will goes through probate, so a husband and wife typically try to avoid it by using joint ownership or beneficiary designations. However, they’re often mistaken by believing the will still controls their estate.
The Biggest Mistake in Trusts: Funding
Your real estate holdings, life insurance, bank accounts and retirement savings won’t magically flow into your trust.
Stretch Out IRA Distributions, Even Without ‘Stretch’ IRA
The SECURE Act killed the stretch IRA but instead of mourning, advisors can help clients make up the loss.
Make Sure Your Florida Estate Plan Protects Digital Assets
Do you have accounts, records or information that are accessed using your mobile phone, through an internet connection, or by using a keyboard or through a touch-screen or tablet?
What are the Responsibilities of a Trustee?
A trustee is a manager of assets in a trust. The grantor creates the trust and appoints the trustee. A trustee has a ‘fiduciary duty’ to serve the grantor and not benefit personally.
Who Needs a Special Needs Trust?
If you are the parent of a person with special needs, you are well aware that the role you play is very different than it may be for other children. Properly planning to meet their financial needs, both in the immediate and long term, is a critical part of supporting your child. This support must often continue well past the typical age of adulthood, which means parents need to put in place financial tools to care for their children, in the event of the parents’ death.
What Do I Need to Do after the Death of My Spouse?
The death of your spouse is a period of unimaginable grief. Unfortunately, there are many legal and financial obligations that will not wait.
What Can I Do to Catch Up on Retirement Savings?
Are you among the millions of workers who have fallen behind on retirement savings?
What Should I Remember when My Parents Move in with Me?
Moving elderly parents into your home can bring daunting challenges and unexpected closeness. Over the past 20 years, parents living with their adult children has become increasingly common.