Who Will Take Care of My Children and Their Inheritance if the Worst Happens? The parent of a minor child has the legal power to nominate a Guardian of the person. The nomination will typically appoint the surviving spouse if there is one and then if there is no surviving spouse there will be a list of people.
Can I give everything to the “love of my life” and keep it secret? In 1997 the law was changed to require disclosure. Sometimes people establishing trusts have legitimate interests in keeping some or all of their heirs out of their personal business and there are strategies to keep your Trust secret!
A trust that is typically used to plan for asset transfer for the next generation is known as a “living trust” and is revocable and changeable during the lifetimes of the trust creators. If the trust creators have children and/or grandchildren the trust document will explain WHO are the children or grandchildren.
If a minor inherits money or property through intestate succession or through a will in the probate court he or she gets total control at age 18. Depending upon the amount of money involved, people’s opinions vary greatly as to how much can an 18-year-old handle as far as money property and finances.
Partners pay tax on income earned even if it is not paid out to them The taxation of Family Limited Partnerships should be carefully considered in advance of setting up and rolling out your new FLP. FAMILY LIMITED PARTNERSHIP DEFINED State laws have provisions allowing people to establish limited partnerships. Limited partnerships provide limited liability […]