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.
A qualified terminable interest property (QTIP) trust allows an individual, called the grantor, to leave assets for a surviving spouse and determine how the trust’s assets are split up after the surviving spouse dies.
Estate planning is not just for the wealthy. Anyone with a bank account, house, car or other personal property should have a will.
The intent of the laws and regulations is to allow the community spouse to have enough income and assets, so that he or she has enough income and assets to continue to live at home, whether that be a home, an apartment, or other living place.
As government programs do not cover all expenditures related to these categories, ABLE accounts can be used to pay for shortfalls.
Avoidance of estate taxes is one consideration in estate planning.
One type of trust, the qualified perpetual trust, can be used to pass assets down to your beneficiaries, decade after decade.
No matter what industry you might be in, what your long-term goals might be, or how your business is structured, you know that you need to be planning for the future.
Perhaps the largest number of people who may benefit from asset protection planning are those who are at most mildly concerned about asset protection issues, or not even aware of the need for such planning.
All couples can now take advantage of tax benefits for married partners, pass assets from one spouse to another with ease and qualify for Social Security spousal and survivor benefits. However, not all couples want to get married.
