Beneficiary

Trusts give parents of special-needs children additional options for extending care and financial assistance. However, you might need some expert help.

You can reduce stress and expenses for yourself and your family, if you develop an estate plan that includes these important documents.

While a will is one of the most important estate planning documents you can have, there are things that a will won’t cover.

So, you inherited a retirement account. Before you make any decisions on when and how to access the money, it’s worth familiarizing yourself with the rules that apply to different beneficiaries.

A will is a legal document, governed by the laws of each state, written to guarantee that your possessions will be left upon your death to the people or organizations you specify.

Just as you have trust in a relationship, trusting your document and those with responsibilities in the trust are crucial to obtaining your objectives.

In the pre-SECURE Act universe, there were designated beneficiaries. These beneficiaries could be individuals (sometimes called named beneficiaries), institutions, such as charities, or estates.

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.

Estate planning generally focuses primarily on lifetime protection and post-death distribution of assets. Special needs planning focuses primarily on the individual beneficiary’s lifestyle and care needs.

For most of us, considering the distribution of the property we have accumulated over our lives is a painful reminder of our mortality.