Instead, think of it as part of your estate plan, a way to give your child something. Since Trusts aren't tied up in probate, you can rest assured that your children will receive their Trust soon after your passing (or during your life, if you've decided to set ...
Trusts Despite their reputation, trusts are not just for the monocle-and-top-hat set, and they can be a helpful way to save for kids. Trusts are legal agreements that allow a third party to hold assets on behalf of a beneficiary or beneficiaries, and there can be conditions for using th...
Unlike a first-party special needs trust, this type of trust can be created by or for a beneficiary regardless of the individual's age. However, if a beneficiary is 65 or older, some states impose a Medicaid transfer penalty on transfers of assets to a pooled trust. Pooled trusts enable...
If you are the creator, a co-trustee, or a beneficiary of a family trust and you believe a trustee is not acting properly, there are ways to go about removing or replacing a trustee.
This last point is a crucial one, as trusts also allow you to pass on assets quickly and privately. In contrast, settling an estate through a traditional will may trigger the probate court process — in which a judge, not your children or other beneficiaries, has final say on who gets wh...
to it. The administrator also needs to file required tax paperwork for the memorial trust. One way to handle administrative duties is to open your trust under the auspices of a community foundation, hospital, university or other organization where other people have already established trusts. These...
Parents who support their child's friendships may also find that their teen trusts them more and comes to them for advice. Additionally, parents who allow their children to have friends visit might discover they can better monitor their child's behavior from home. Can childhood friendships last...
People entering second marriages may set up trust funds to protect property for the children of their first marriages. People who want to contribute to the causes of their choice can set up trusts to manage the money for the long-term. But trust funds are most commonly set up to cover the...
Living trusts:set up when the trustor is still alive, giving the trustee the authority to manage assets for the beneficiary Blind trusts:set up without the beneficiaries' knowledge Charitable trusts:set up when the trustor is still alive with the express purpose of distributing assets to charities...
There is an important distinction in regard totrusts, however. In order for assets to be protected, they have to be held in anirrevocable trust. This is a type of trust in which the terms of the trust are created at the outset, and then become permanent. You cannot change them, even ...