We have two children. Our daughter also has problems with handling money but her older brother is financially responsible. They potentially inherit 1.5M each from our estate. In our trust, we instruct our son as trustee to purchase at least 1M life-time annuity for his sister after we both pass away. So she’s guaranteed to have some income for life. There is no guarantee she won’t cash out the annuity later but it’s the best we can do for her.
You probably need to be keen on how to avoid her having to pay taxes, or as little as possible. There's also charitable gift annuities to look into, too.
Can you explain how the Secure Act will come in to play with trusts? If you put your qualified plans, i.e., annuities, 401(k) & IRA's into a trust, would the trust receive the proceeds over the 10 year period? Would the trust pay the income taxes due on those distributions, or would the beneficiary have to claim the distributions when filing their taxes? I hope that I have worded this correctly so that you can understand what I'm asking.
You do a great job answering these questions. Everyone should give you a thumbs up. Where else are we going to learn all of this?
Very helpful. Would you do a video when the adult child developmentally and/or intellectually disabled?
We have two children. Our daughter also has problems with handling money but her older brother is financially responsible. They potentially inherit 1.5M each from our estate. In our trust, we instruct our son as trustee to purchase at least 1M life-time annuity for his sister after we both pass away. So she’s guaranteed to have some income for life. There is no guarantee she won’t cash out the annuity later but it’s the best we can do for her.
You probably need to be keen on how to avoid her having to pay taxes, or as little as possible. There's also charitable gift annuities to look into, too.
Can you explain how the Secure Act will come in to play with trusts? If you put your qualified plans, i.e., annuities, 401(k) & IRA's into a trust, would the trust receive the proceeds over the 10 year period? Would the trust pay the income taxes due on those distributions, or would the beneficiary have to claim the distributions when filing their taxes? I hope that I have worded this correctly so that you can understand what I'm asking.
Great video. I wish we had trusts in civil law countries. Some of them have but not as popular as common law countries.
Can a trustee refuse to give the beneficiary the inheritance money for no reason or not tell the beneficiary about the inheritance money
Ap parent 2012 electronic MONEY TRANSFERS 202 March 1 SSI 55 HANDLE IS THE PROBLEM🤡 ,
YOU CANT HANDLE THE TRUTH!🖕