Downs Law Firm, P.C.
A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs, if something should happen to you. This type of trust allows you to create a single pool of assets to be used for the benefit of multiple children.
Estate planning is a cornerstone of any healthy financial plan, but it can be difficult to discuss.
Trusts give parents of special-needs children additional options for extending care and financial assistance. However, you might need some expert help.
The death of a loved one results in an emotional grief that, when combined with large sums of money on the line, can cause the beneficiaries of the will or trust or the heirs of the deceased to challenge the validity, interpretation, or administration of the will or trust.
When you hear the word trust fund, you might think of wealthy kids a big chunk of cash on their 25th birthday. However, trust funds aren’t just for the rich. They are flexible tools to protect your loved ones.
The legal controversy surrounding Britney Spears is no secret. Her father has controlled her career and finances since 2008, a position she’s been fighting against for years.
Early in 2021, you should communicate with your advisers and review several items about your 2020 planning, if that planning is to have any likelihood of succeeding.
Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees, and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances, like an heir’s disability.
Receiving an inheritance can be a double-edged sword. On the one hand, it’s overwhelming, thanks to the intense emotions associated with losing a loved one combined with the confusion about what to do with the newly acquired assets. On the other, an inheritance can re-invigorate your finances and create new opportunities for you and your family.
The best way to take precautions and ensure your pet will be well cared for is by doing some estate planning.
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