10 Do’s and 1 Don’t for the Trustee of a Trust
Whether it feels like an honor or a burden (or both), you may have been appointed to serve as the trustee of a trust. What sort of responsibilities do you face in this role, and what can you do to...
I Don’t Need SSI or Medicaid. Why Get a Special Needs Trust?
Social Security Disability Insurance (SSDI) is a federal program that typically provides cash stipends to people who have paid into the Social Security system and who can't work because of a disability. (In some cases, it is possible to receive...
Planning for Cognitive Impairment and Preventing Elder Abuse
As we age, it is not uncommon to experience some level of cognitive decline. Cognitive decline can range from mild impairment to more severe conditions such as dementia, including Alzheimer’s disease. According to the Centers for Disease Control and Prevention...
Who Needs a Trust Instead of a Will?
Creating an estate plan can protect your loved ones and establish your legacy. With an estate plan, you can provide for your loved ones after your death, transferring to them such assets as your home, vehicle, bank accounts, and personal...
Funding a Special Needs Trust With a Structured Settlement
If you win a personal injury lawsuit, you may receive your award in a lump sum or as a structured settlement.
With a structured settlement, you will receive payments over time; you may opt for a substantial initial amount, with lesser...
What Is a Trustee in Estate Planning?
A trustee is a person or institution appointed to manage a trust on behalf of the beneficiaries of the trust.
Being a trustee is a significant responsibility. Those serving in this role must always act in the best interests of...
11 Reasons You Need to Create an Estate Plan
Many people believe estate plans are only for extremely wealthy families who are looking to reap tax benefits. Or they may delay estate planning because they are young. Others do not understand why an estate plan is important in the...
Proper Estate Planning Reduces Issues of Probate
Probate is a legal process that happens after someone dies. While probate can be complex, lengthy, and expensive, an estate planning attorney or probate attorney can help mitigate unwanted risks. They will be able to anticipate what might happen and...
IRS Finalizes 10-Year RMD Rules for Inherited IRAs
After much anticipation, the Treasury Department and the Internal Revenue Service (IRS) have issued final regulations relating to the 10-year required minimum distribution (RMD) rule for people who inherit individual retirement account (IRA) assets.
The newly published guidelines generally reflect...
Why Trusts Are Important Estate Planning Tools
Estate planning involves creating a plan for where – and to whom – your assets will go upon your death. The process can include making a will, designating which of your loved ones should receive your retirement accounts and life...