Trust planning can be complex, which is why it should always be handled by an experienced estate lawyer...There’s no telling what kind of emotions might be on the table at that time
Watch out for these common issues: Failing to include contingency beneficiaries on a retirement account Not planning for the potential of your spouse remarrying someone new, and thus making that new spouse eligible for money you had intended to set aside for children Failing to account for the impact of aging parents Failing to think about incapacity and what your plans would be if something left you with a disability Not thinking carefully enough about trustee appointments or power of attorney selections Although these might seem minor, they can have major implications for your estate and for the loved ones you leave behind
Just a few of the statistics that triggered the connection for Lowe include: The cost of care around the country in a nursing home or a living facility, could be $87,000 a year or higher 70% of those individuals above age 65 will require some type of long term care at least once Nearly 60% of Americans are not comfortable talking to their families about their long term care needs The need for long term care is one thing, and it’s certainly a lesson that is becoming more real for adults everyday as they struggle with the difficulties of helping aging parents
If you are an International Member of FPA and have not yet decided if you will attend FPA Experience San Diego, I would like to share my very first attempt at a YouTube video where in 4 minutes I outline the many great reasons to be there. YouTube http://www.youtube.com/watch?
The trust specifically appoints a Legal Fiduciary by name to be the custodian and not the mother. The legal Fiduciary wants the business entity,which is a LLC , to be the custodian and not him individually. As far as I know only a person can be a custodian for an UTMA account. Any help would be appreciated
1 Comment - For example, in TX where I am located, the statues only provide for individuals/persons to be custodians for UTMA...but in some instances, a trust company could serve as custodian verses an individual
Will You Be Impacted by the New Jersey Death Transfer Tax? August 27, 2014 Filed under: DING , Estate Taxes , Inheritance Taxes , New Jersey Planning , NING — Tags: Will You Be Impacted by the New Jersey Death Transfer Tax?
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The May 2024 Tax & Estate Planning Knowledge Circle will be held on Tuesday, May 21st at 2 pm ET. Knowledge Circle host Claire Thornton will be presenting, "Reviewing the Tax Nuances of Stock Incentive Plans." During this Knowledge Circle where Claire will be covering core tax concepts related to stock incentive plans
05-21-2024 | 14:00 - 15:00 ET
I have a client whose 2 sons (ages 2 and 4) are set to inherit around $4M each in two years. The parents only concern is what is best for the kids long term. They just met with and estate planning attorney who is encouraging them to put the money into a custodial account where a judge will...
4 Comments - A distant uncle left all living descendants equal portions of his estate to be distributed 20 years after his passing. ...It you have any thoughts on this as well it would be appreciated. Thank you!
Steering clear of these situations can be difficult; read on to learn more
1 Comment - http://www.wsj.com/articles/wealth-managers-be-on-lookout-for-scams-targeting-elderly-clients-1476372919
The May 2024 International & Cross-Border Planning Knowledge Circle will be held on Wednesday, May 15th at 10 am ET. Guest speaker Brian Wruk will be presenting, "Planning for the American-Canadian Client."
05-15-2024 | 10:00 - 11:00 ET
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