FAQ Friday: Young Children and Trusts

On Friday, May 21st at 8 a.m. EST, Mr. Berger discusses when parents of young children should consider a revocable trust.

One factor to consider when making a decision about opening a Revocable Living Trust is if both parents have large insurance policies such as $2M or more. The Trust protects the funds as well as avoid estate tax. Another would be if they are likely to accumulate wealth during their lifetime such as with their profession. Or if they are likely to receive outright gifts from family members.

Special circumstances could also facilitate the need for more structure that comes along with the Trust. You could also plan for certain distributions that come when children are older.

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