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Trusts: Privacy, Protection, and Tax Benefits Trusts are another important component of estate planning They provide privacy, as the details of a trust are not made public. Trusts also offer protection from creditors and can provide tax benefits. You should choose someone that you trust to fulfill this role. The executor administers your will, while the trustee manages any trusts you establish.

This is a road map for future caregivers and trustees on how best to care for your child. Your attorney may advise you to create a Special Needs Trust, which will protect benefit eligibility. When you die, you leave your assets to the trust instead of giving them directly to your child. A child’s benefits pay for basic needs and a special needs trust could pay for extra things such as music Some parents do not set up a trust and leave the entire estate to their other children with the expectation

structure of a family trust is critical in how the trust gets taxed. For tax purposes, the big factor in a family trust is whether it qualifies as a grantor trust. That means that revocable trusts will typically qualify as grantor trusts. grantor trust status. If grantor trust rules don’t apply, then the big issue is who is entitled to the trust income.

A trust was established to oversee Redstone’s 80% stake after Redstone dies or when there is a legal Under the succession plan, seven trustees would oversee Redstone’s National Amusements interests, including Dauman, the Viacom CEO, also is a trustee. The seven trustees would have a fiduciary responsibility to exercise, Dauman said. No one individual will control the trust; rather, it will operate by a majority vote.

With that in mind, NASDAQ’s article, “Long-Term Care and Wealth Planning for Aging Parents,” points most important financial issues, decisions and plans to discuss with your parents: Consider a living trust In addition to a will, your family may also benefit from creating a living trust to designate which beneficiaries The difference between a trust and a will is that assets included in a properly-executed living trust A living trust may be a bit more expensive to create than a will, but it will let your parents do wise

devoted to one another as spouses and as business partners can bring higher levels of accountability and trust However, under Internal Revenue Service (IRS) rules, a married couple conducting a qualified joint venture Couple-Owned Business Contracts When starting a business with a spouse, it may be tempting to rely on the trust

comes to handling the money issues, you can choose someone other than the guardian to be named as the trustee Having two people, the trustee and guardian, agree on financial issues may produce the best outcome for #HoustonGuardianship #ProbateAttorney #TrustsandEstates #WillChanges #LeagueCityEstatePlanning #Probate

of this, Jennie said the attorney influenced the publisher to put a large part of his estate into a trust However, he didn’t join his sister’s case. That case alleges that Gutnick and two other trustees improperly allowed Scaife to drain a family trust

It involves creating a will, setting up trusts, and designating beneficiaries for your life insurance Estate planning ensures your children are cared for by those you love and trust. Set up trusts. Trusts are legal structures that allow you to transfer your assets to a trustee who manages them for You can name someone you trust to take care of your children in the event of your death.

Pet trusts and estate plans can be created to help your pets—along with some other legal options. To set aside some money, you can create a fund inside a trust and have that money managed for the pet Talk to an estate planning attorney about pet trusts and estate planning.

However, as Kiplinger’s Retirement Report points out in “Old Trusts Create Tax Issues for Heirs,” estate tax laws have changed significantly since the time when many of these trusts were created. The problem for irrevocable bypass trusts is that assets in them do not receive the step up basis for laws are actually creating a greater tax burden now and they would be better off without the bypass trusts For example, in blended family situations, the irrevocable bypass trust may be the appropriate solution

That, along with many seniors being more polite and trusting, often makes them marks for schemes by unscrupulous That said, here are some important points to keep in mind: Visit www.finra.org/investors/finra-securities-helpline-seniors of a financial product, consult with a family member and an elder law attorney, and ask them both to join