Appoint a trustee. Remember that you will be blind as to how the funds in the trust are handled, so your trustee should be trustworthy and financially responsible. If you do not know someone personally that you want to name as the trustee, hire a bank, trust company or attorney to act ...
Despite the term ‘sole’, you are not limited to working alone – you can of course hire employees to help you. When hiring employees you’ll have to consider obligations such as making superannuation contributions and providing for workers compensation insurance. The key elements of a sole ...
A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to managing your assets, whether you’re trying to shield your wealth from taxes or pass it on ...
Atrustis the simplest setup to create. You’ll designate a trustee who oversees the foundation, ensuring it aligns with the trust document. Trusts are not flexible, so keep in mind that once you confirm and sign all the terms in writing, there is little you can change after the fact. Th...
Financial advisor— If you’re looking for advice on selecting and maintaining investments for your plan but want to make the final decision on your own, you can designate or hire a financial advisor. 401(k) plan administrator— The plan administrator handles the compliance monitoring, testing an...
For a smaller trust, you can hire a professional like a lawyer who may charge an hourly rate. Many people opt for a non-professional trustee (like an adult child who isn't an attorney) if they have a simple trust only meant to pass along an inheritance. Since they may not have many...
“The trustee has a duty to administer the trust solely in the interest of the beneficiaries.” It doesn’t say solely in the interest of the trustee. Or the for-profit professional fiduciary. Or the professional fiduciary’s lawyer. It says: “solely in the interest of the beneficiaries....
A will can ensure that your final wishes are carried out and provide peace of mind. Here are the steps you can take to create one.
Unlike Chapter 7, this type of bankruptcy allows you to keep your assets while making monthly payments to creditors via a trustee. Once the repayment plan is completed, any remaining eligible debt may be discharged. This option stays on your credit report for up to seven years....
Prepare a trust agreement. Name yourself as the owner of the trust. Designate the beneficiaries of the trust. Appoint a trustee to manage the trust after your death. For example, appoint a professional trustee such as a bank trust department or trust institution. ...