Planning is important when providing for your children or grandchildren. But planning for their education has special importance and may have special advantages. This article looks at how a trust can be used to provide for your child or grandchild’s education. The article looks at how a trust can protect those funds. Planning for Education Expenses … [Read more...]
Planning for Special Needs Children
Planning is important when providing for any of your children. But planning is even more important for special needs children. Without proper planning, an inheritance can jeopardize a special needs child’s needs-based benefits, such as SSI or Medicaid. Read on to learn more about planning for special needs children. Planning for Special Needs Children … [Read more...]
529 Plans: Planning for Education with a Tax and Asset Protection Bonus
Planning is important when providing for your children or grandchildren. But planning for their education has special importance and may have special advantages. This article looks at how 529 plans may have tax advantages when providing for education. Further, the article looks at how such a plan may provide asset protection in bankruptcy, as well. 529 Plans: Planning for Education with a Tax and Asset Protection Bonus … [Read more...]
Kiddie Tax is Worse Than Ever
The Kiddie Tax can apply to the unearned income of children. Read on to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax. Kiddie Tax is Worse Than Ever … [Read more...]
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more. Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...]
How Are Trusts Taxed?
Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more. How Are Trusts Taxed? … [Read more...]
Basics of Estate Planning: IRAs
IRAs are complex assets to handle in an estate plan. There are tax issues during life and after death. Read this article to find out more. Basics of Estate Planning: IRAs … [Read more...]
Incentive Trusts Can Provide Guidance
It is a good feeling to recognize the fact that you will be able to provide significant financial resources to your loved ones after you pass away. However, coming into a large sum of money when you are not fully developed as a human being is not always a good thing. People who are in a position to bequeath life-changing amounts of money to their family members have had these concerns for generations. One solution is to make an heir the beneficiary of an incentive trust. As the name would … [Read more...]
Concerned About Money Handling Ability of an Heir?
The process of estate planning is a two-way street. On the one hand you as the individual doing the planning have to evaluate your assets, decide who is on your inheritance list, and make decisions regarding what everyone will be receiving. That's the side of the giver, but you also have to consider each recipient. There will probably be people on your inheritance list who are established and perfectly capable of handling any inheritances that they may receive. Giving someone who fits this … [Read more...]
Three Common Estate Planning Misconceptions
It is important to go forward with the benefit of accurate information when you are planning your estate. If you harbor misconceptions you may make errors of commission or omission that can negatively impact your family members. With the above in mind let's take a look at three of the most common estate planning misconceptions. 1.) I am too young to worry about estate planning. This is a very commonly held notion, but in truth every self-supporting adult should have an estate plan in place. … [Read more...]
