While creating a financial plan and establishing a specialized trust are central to preparing for your child’s future, special needs planners also advise families to write down their intentions and expectations in a Memorandum of Intent.
Category: Estate Planning
Whether to leave an equal share to each child is one of the toughest questions parents face when drawing up a Last Will and Testament.
For the average person, the changing of the lifetime tax-free gift limit makes little difference, as they do not have either $1 million or $5 million to give away.
Under federal law, there are normally three taxes that are imposed on the transfer of assets: 1) the gift tax; 2) the estate tax; and 3) the generation-skipping tax.