Our Estate Planning Blog
We may think of a spoiled heiress to a large fortune, whose parents were savvy enough to prevent her from having full access to her funds. On the other hand, we could imagine a loved one with special needs, whose needs will be provided for with trust-protected money.
Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances like an heir’s disability.
Understanding the difference between these two types of trust can be the key to choosing an estate plan that works for you and your family.
Increased interest in estate planning is welcome, but make sure that you have all of the tools in place to protect your family. Making a will might not be enough.
Becoming a parent means taking on a whole new level of responsibility. After all, you’ve now got a new life in your hands and your child is dependent on you for everything.