If you have a family member with special needs, you might face emotional and physical issues. However, you also may be concerned about maximizing the financial support that your loved one requires.
Trusts can be used to hold assets for a beneficiary, and you may hear about them when carrying out estate planning or evaluating strategies to pass investments to heirs.
In an effort to keep taxpayers from transferring wealth from one generation to the next tax-free, there are specific limits to the amount of gifts one may give to any one person each year.
If you’re part of the baby boomer generation, you may be in the process of making plans to pass on any assets you have to your children and other beneficiaries.