A special needs trust is a very effective estate planning tool for to provide economic security for individuals who are mentally or physically disabled. Essentially, creating a trust allows a trustee to oversee the beneficiary’s finances and the trust usually lasts until the beneficiary’s dies or the funds in the trust run out.
When most people think of estate planning, they think of creating wills and trusts in order to pass down assets upon death. However, effective estate planning involves much more than just distributing your assets upon death. It should also address many other important issues such as end of life care and funeral and burial wishes.
Estate planning may be one of the most misunderstood areas of law, especially when it comes to trusts. Unfortunately, these misunderstandings can be very costly and can result in years of conflict, potentially tearing families apart. Here are five of the most common myths relating to trusts and estate planning. Have you fallen for any of them?
When highly successful individuals pass away, their families can receive a second shock when the Internal Revenue Service demands an excessive amount of money in the estate tax return. This problem, as many wealthy families in Massachusetts and the rest of the country have found out, highlights the importance of effective estate planning.
You probably already know that an IRA is an individual retirement account. A multi-generational IRA is an individual retirement account that allows you to leave money to beneficiaries after you die.