How a Special Needs Trust Protects Loved Ones
While it may not seem necessary when a special needs child is young, setting up a trust to ensure their financial stability is better to be done sooner rather than later.
While it may not seem necessary when a special needs child is young, setting up a trust to ensure their financial stability is better to be done sooner rather than later.
When you set up your estate plan it is important to coordinate the legal planning documents that you or you and your attorney create with the document provided by your retirement account custodian and/or your life insurance carrier called a ‘Designation of Beneficiary.’
If you want a legal plan that avoids probate court, there are two options: first, an enhanced life estate deed, and second a living trust. Each has its pros and cons.
Last wills and testaments, which were invented centuries ago, are the most famous estate-planning documents.
Now that you rented your old house to your daughter, that home may be considered a rental home on your federal income tax. You get to treat that as an investment property and can take some of the tax advantages available to investors, including taking depreciation on the home, deducting expenses for the upkeep, as well as deducting real estate taxes and other expenses.