A pot trust, also referred to as a discretionary, sprinkling or common pot trust, is a type of trust that can be used by families to pass on assets. With this type of trust, minor children serve as beneficiaries with a trustee that oversees the management of trust assets. The trustee has discretionary power to decide how the trust funds are used to pay for the care and needs of beneficiaries.
Legacy and Estate Planning
The following are penalties to avoid at all costs when contributing to or withdrawing from retirement accounts.
Does a person need a Power of Attorney document if that person already has a Last Will and Testament (‘Will’)? It is a good question.
Surely you planned something special for your partner for Valentine’s Day last week, but what about your children? They say there is nothing like a parent’s love for their children. So, why not give them a gift? Something that canREAD MORE
Flowers and chocolate make for a classic gift on Valentine’s Day. However, such a gift may become mundane after a while. Surely your partner would appreciate an additional gift. Perhaps, a gift that can be beneficial to you as well?READ MORE
Succession and estate planning is difficult and time-consuming. However, it is also a key step for a business that can grow into the future.
One sure-fire way your clients can reduce the size of their taxable estate is to give gifts to loved ones while they’re still alive. But when are ‘deathbed gifts’ considered to be complete for estate and gift tax purposes?
You spend a lifetime building your business, so it’s crucial to have a game plan when it’s time to leave. Being prepared will help optimize the transition from a financial and tax perspective.
While many still mourn the unexpected and untimely death of the rapper Coolio on September 28, 2022, many estate planning attorneys and financial professionals are pointing out the financial and tax implications of his not having done an estate plan.READ MORE
The way in which assets are titled can be vital.