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Its creation is usually a taxable gift that requires a gift tax return, which can have implications for If the trust terminates at the person’s death and the trust distributes assets to the heirs, your tax There may be regular distributions that the trust makes to you which will be treated as taxable income

New York’s law was changed in 2008 and 2010 to require banks and other institutions to recognize legally Nonetheless, many banks and other financial institutions still require that their own forms be used.

It is essential to understand the impact of account ownership and the timing of distributions on financial You also need to be cautious when making 529 distributions. Although parent-owned 529 plans are included in aid calculations, qualified distributions used to pay But grandparent-owned distributions are considered “untaxed income,” which can reduce a student’s aid If grandchildren aren’t going to attend graduate school, take the distributions when they are in their

Make sure to speak with a qualified estate planning attorney to help ensure the ultimate distribution

You should also remember that your will isn’t necessarily the only instruction when it comes to distributing

If you don’t plan your estate, a judge will distribute your assets by applying the state’s intestate succession laws, which may not be the same as your distribution wishes. All of this should be accomplished while minimizing taxes, court costs, and legal fees. A last will and testament says how your assets are to be distributed to your heirs when you die.

Estate planning is important and it requires significant time and effort. should consult with an attorney who will have the documents in hand to help guide the process with minimal

The bad news is that you may face the difficult transition of requiring nursing home care without having Remember that not all facilities accept Medicaid patients, and they’re not required to accept it.

Dying without a will can mean numerous potentially disastrous consequences, like your assets not being distributed

checking or savings account funds, as well as stocks owned by the individual who wants to donate, will not require

Retirement accounts—like IRA accounts, 401(k)s, and 403(b)s—require up-to-date beneficiary designations

An attorney who was tasked with distributing the checks for his clients—most of whom are from Bulgaria—commented If Mary had lived in Missouri, mostly likely the distribution would have gone to fewer family members Reference: The (Alton IL) Telegraph (January 25, 2016) “Treasurer distributes Granite City millionaire