One of the most commonly recognized instruments for protecting assets for a disabled beneficiary is through the use of a Special Needs Trust, also known as a Supplemental Needs Trust.
AI-driven fraud is on the rise, and that includes Social Security scams. Thieves are using artificial intelligence to get personal information that can be used to access benefits.
In the next decade, 15% of American adults expect to receive an inheritance, according to the latest findings from the New York Life Wealth Watch survey. However, they’re not all confident they’ll be able to manage the funds. On average, adults who expect to receive an inheritance anticipate receiving $740,000. However, just 42% feel very comfortable handling that new wealth.
This article will explore key considerations and actionable insights for business owners to reduce their tax burden, protect their assets and facilitate a smooth wealth transition.
Trust distributions might be taxable, with the tax liability potentially varying based on factors, such as the type of trust, the kind of distributions and a beneficiary’s tax bracket.
However, settling the second spouse's affairs was more complex, even with advance planning. Everything from wills to banking to tax returns became more complicated.
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