You may already know about the new rule that went into effect this year: the Corporate Transparency Act. Now, if you’re a “beneficial owner” of a particular type of entity, you have to file a BOI report.

You’ve got yourself a living trust. Congratulations! But guess what? A trust is pretty much like a high-performance sports car. It won’t get you anywhere without fuel. 

The FDIC has changed the rules on how it insures your family’s trust. 
Beginning April 1, 2024, the money held in the bank by your revocable or irrevocable trust will be covered under one rule.

The SECURE Act altered how a beneficiary of an IRA is required to take withdrawals. Because of this, it may be more advantageous to make a trust the beneficiary of an IRA.

Post SECURE Act, only a surviving spouse of the IRA or 401(k) owner can take stretch distributions.

The SECURE Act 2.0 includes a number of changes likely to affect your retirement, legacy, and estate planning in different ways. 

When a loved one dies: first, you grieve. Next, as their successor trustee, there is a series of obligations that you must handle to put your loved one to rest and to manage their estate.

HEMS stands for health, education, maintenance, or support and is frequently included in trust agreements to guide a trustee on the types of distributions they may make to a trust beneficiary.

So, you have decided to take control of your estate planning and are given two choices: will-based planning or trust-based planning. If the differences between the two confuse you, you are not alone!