If permitted under the plan, a participant may apply for and receive an in-service distribution based on an unforeseen hardship that presents an “immediate and heavy” financial need. Whether a need is immediate and heavy depends on the participant’s unique facts and circumstances. Under the...
Children’s Sometimes called a Minor’s Trust . . . is for children, grandchildren, or other minors is designed to qualify for the $10,000 annual exclusion. Christofoni This provision is usually coupled with a Crummey trust to allow the same annual exclusions be afforded even to a grantors...
Atrustinto whichassetsaredepositedandinvested, but for differentbeneficiaries. That is, the assets of the trust are held on behalf of thegrantor'sgrandchildren; they are divided among them when the grantor's children all die. On the other hand,incomefrom the investment of those assets is distrib...
Q: Now that I’m an adult, why can’t I just ask for the money and shut down the trust? A: The trust may state that it will last until you reach a certain age or for a specific period of years. Many trusts now last for the beneficiary’s entire lifetime and continue on to th...
Trusts for Children Deeds of Variation Lasting Power of Attorney Court of Protection Probate and Estate Administration Will and Estate Disputes Business Protection and Succession Planning The last thing you want is for your wealth to be distributed in the wrong way, which is why legal advice regardi...
Can courts be persuaded to broaden their approach so that trustees or executors can accurately predict what these terms mean, and not flood the courts with requests for instructions? I will propose solutions that might just do that.Kristine S. Knaplund...
The requirement to distribute all income to the surviving spouse—and their inability to access the principal—might not suit all financial situations. Still, these types of trusts are popular, especially for second marriages when both spouses have children from previous marriages and also for the ...
Many people leave money to their children or their grandchildren in a trust as part of a comprehensive estate plan. This is typically done to ensure the money is there for the children’s benefit while they are younger-for support, education, medical expenses, etc. Once the children reach a...
need. Whether it's a last-minute Will at the hospital, or you need a masterful legacy trust, so your children and your grandchildren will be provided for, we have the expertise to deliver. Our tech-savvy team of mobile notaries, paralegals, and attorneys are here to accommodate your ...
QTIP trusts are a useful tool in estate planning and are especially helpful when the trust grantor has surviving children from multiple marriages. A QTIP trust also has tax advantages for the surviving spouse. Estate taxes are not assessed until after the death of the surviving spouse. ...