January 2, 2020

You may be thinking about setting up a trust to protect your assets, save on estate taxes, or perhaps set aside money for a special needs family member. Before you commit to a plan, make sure you understand the differences between the two basic types of trusts: the revocable (also called “living”) trust and the irrevocable trust. These differ in how they are structured and taxed, and each offers advantages and disadvantages depending on their purpose.

Both are tools for setting assets aside and distributing them according to specific wishes and instructions. They can protect one’s property, safeguard a family’s financial future, and provide tax-saving strategies.

Structure

As the name suggests, an irrevocable trust, once establi...

November 14, 2019

Here are some things to consider when making holiday gifts to family members who are on public benefits.

November 12, 2019

Things to consider when deciding whether to transfer money from a 529 plan to an ABLE Account.

October 1, 2019

Funding a special needs trust with life insurance can be a means to provide money to a loved one with special needs.

June 5, 2019

A POA is one of the most important estate planning documents you can create, but it is also one that can be misused. Read on for ideas to help protect yourself.

June 5, 2019

A Gift of Independence gift card is a new way to honor, celebrate, reward or support a member of your family, a friend, a co-worker or a neighbor who has opened an ABLE account and set savings goals.

May 10, 2019

A standalone third party trust can be a great opportunity for other family members to make a lifetime (or testamentary) contribution to a disabled individual.

May 4, 2019

At long last, HUD has published a letter confirming that ABLE Accounts (and money coming in and out of them) will not adversely affect eligibility for housing benefits. Read the HUD letter here

The letter states that: "Per the mandate of the ABLE Act, for the purpose of determining eligibility and continued occupancy, HUD will disregard amounts in the designated beneficiary’s/individual’s ABLE account."

The Achieving Better Life Experience (ABLE) Act (P.L. 113-295.) was signed into law on December 19, 2014. The ABLE Act allows States to establish and maintain a program under which contributions may be made to a tax-advantaged ABLE savings account to provide for the qualified disability expenses of the designated benefici...

April 11, 2019

For many parents, the majority of their savings is held in some kind of a retirement account, often an Individual Retirement Account (IRA). At age 70 1/2, an IRA account holder faces the Required Beginning Date, when he or she must take mandatory distributions from the IRA. These payments are determined by the government and are known as Required Minimum Distributions.

If the parents have a child with special needs, it is often important for the parents' estate plan to direct Required Minimum Distributions following the parents' death into a special needs trust (SNT) that has been set up for the child. For income tax purposes, it is usually best to stretch these distributions out over as long a period as possible, particularly...

March 24, 2019

When should you review your estate plan. Every five years? More, or less frequently? Here is a guide.

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At long last, HUD has published a letter confirming that ABLE Accounts (and money coming in and out of them) will not adversely affect eligibility for...

HUD Publishes Letter Regarding ABLE Accounts

May 4, 2019

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