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.
The way in which assets are titled can be vital.
One type of trust, the qualified perpetual trust, can be used to pass assets down to your beneficiaries, decade after decade.
A testamentary trust can control your assets after death. However, there may be a better option available, experts say.
The IRS issued a revenue procedure (Rev. Proc. 2022-32) Friday that allows estates to elect ‘portability’ of a deceased spousal unused exclusion (DSUE) amount as much as five years after the decedent’s date of death.
Investors use irrevocable trusts to protect their assets from creditors, lawsuits and estate taxes. However, when you sell a home in an irrevocable trust, that can complicate your tax situation.
We all want to protect vulnerable people from harm. However, taking away all their rights usually isn’t the place to start. Instead, there are several less severe options that could be the right way to go.
A spendthrift trust allows you to leave funds to a beneficiary without giving them full control over those funds.
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.
