Estate planning is not just about saving taxes, it is also about managing and protecting your assets against future creditors, both for you and for your beneficiaries.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
The ongoing pandemic has made everyone have to face some unpleasant realities, including the idea that one day we won’t be here anymore. Do you know how to make sure that your affairs are in order for your loved ones?
When is the last time you updated your will? Could your beneficiaries have changed? If you have a trust, did you actually fund it? Is your plan ready for the new SECURE Act? Here are five mistakes you don't want to make.
Instead, they placed the items in a charitable remainder trust, received a tax deduction for part of the value, received income from the trust and then gave a sum to a charity of their choice.
If you've heard of trust funds but don't know what they are or how they work, you're not alone. Many people know just one key fact about trust funds: they're set up by the ultra-wealthy as a way to protect passing on significant sums of money to family, friends or entities (charities, for example) after they pass away.