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
Many families will confront a medical or personal care expense that is beyond anyone’s planning capabilities.
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.
When was the last time you looked at your estate plan? Having outdated legal documents, such as a Last Will and Testament or Durable Power of Attorney, can wreak havoc on your health and your family’s wealth.
Trust planning raises many questions.
Proper estate planning goes beyond allocating money or other assets. Individuals commonly make estate planning mistakes without even realizing the implications of their decisions.
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.
Thinking about and planning for death is not easy. Consequently, some people do not plan ahead for the death of themselves or a loved one.
An Individual Retirement Account (IRA) is a great way to leave a legacy.
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.