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.
Category: Revocable Trust
Bonehead Mistakes Retirees Need to Avoid
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.
Don’t Be Shy: Talk to Parents About the Future
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...
An IRA Trust Might Be Preferred Over Naming Individuals or a Revocable Living Trusts as the IRAs Beneficiaries
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...