Thanks in part to the economic impact of the COVID-19 pandemic, don't bank on a big cost-of-living adjustment (COLA) for your Social Security benefits in 2021.
The distribution of some of our assets can be governed by contracts. Examples of these contracts include life insurance, investment accounts, bank accounts and trusts.
A fiduciary is someone who manages property or money on behalf of someone else. When you become a fiduciary, the law requires you to manage the person’s assets for their benefit—and not your own.
If you feel that your child will be incapable of making adult decisions on their own behalf, you can pursue a legal guardianship, so that you will retain the rights to make those decisions for them.