When you gift your grandchildren assets it can do more than help your descendants get a good start in life -- it can also reduce the size of your estate and the tax that will be due upon your death. Perhaps the simplest approach to gifting is to give the grandchild an outright gift.
Acting as an agent under a power of attorney is a big responsibility and it isn’t something everyone can take on. It is possible to resign or refuse the position. There are two main types of powers of attorney – financial and medical. As the agent under a power of attorney, you act in place
Serving as a trustee of a trust can be a huge responsibility, so trustees are entitled to compensation for their work. The amount of compensation depends on the type of trustee and the complexity of the trust. Depending on the trust, a trustee’s duties can include managing trust assets, making distributions to beneficiaries, paying taxes,
If your spouse is in a nursing home or at heightened risk for needing such care in the future, special planning measures should be taken. Those measures include dealing with what happens if you, the healthy, so called “community spouse” pass away first. In that case, the spouse in the nursing home may become ineligible
