Downs Law Firm, P.C.
While they may be enjoying a new surge of popularity, the concept of annuities dates back to early Rome, when citizens would make a lump-sum payment to a contract called an annua in exchange for income payments received once a year for the rest of their lives.
You should not name a legal minor as a beneficiary. This applies to almost all legal documents, most notably wills and life insurance policies.
Here are five critical mistakes to avoid when dealing with your beneficiary designations.
A spendthrift trust allows you to leave funds to a beneficiary without giving them full control over those funds.
A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs, if something should happen to you. This type of trust allows you to create a single pool of assets to be used for the benefit of multiple children.
When you hear the word trust fund, you might think of wealthy kids a big chunk of cash on their 25th birthday. However, trust funds aren’t just for the rich. They are flexible tools to protect your loved ones.
Should an inheritance be spent on sports cars and jewelry?
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