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A family trust is a valuable tool to ensure that your beneficiaries receive their inheritance soon after your passing and under the specific stipulations that you set. However, there is a common misconception that trusts are limited to the ultra-wealthy, or even just the moderately wealthy, and this is simply not true. The truth is that many people are perfectly qualified and would benefit from...
Revocable trusts are a very popular and useful estate planning tool, but the trust will be ineffective or non-existent if you do not actually place your assets in the trust (also referred to as “funding the trust”). Revocable trusts are an effective way to avoid probate and provide for asset management in the event of your incapacity or disability. In addition, revocable trusts - sometimes c...
Many folks assume that trust funds are only for the rich, however, people in all types of economic circumstances may see a benefit from them. A trust fund is a special legal arrangement that lets a benefactor arrange for certain assets to go to someone else.
With the excitement of retirement, money can be the last thing you would have on your mind. However, if you have a careless approach to your money, you can be headed for financial pain.
The challenge of helping aging parents is a most common issue. For example, a man’s father, who recently was diagnosed with dementia, couldn’t remember where his money or financial records were kept. That makes for a gut-wrenching situation, trying to locate important documents while caring for an ailing father.
Have that tough conversation now and concentrate on the top areas of your...
If you maxed out your work 401(k) by taking advantage of matching funds and rolled this to an IRA when you retired, you might not need all of that money—especially if you are a spouse with a pension and Social Security. One thought is to designate children or grandchildren as primary beneficiaries of the IRA. However, you don’t want them to be able to withdraw more than the required distribu...
