#TaxTuesday - While it may seem like a good idea for your family member to put their assets into joint names with you in order to pass them onto you without paying taxes, doing so can actually increase the amount of taxes you’ll owe.
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Pooled Special Needs Trust | Legacy Enhancement
#FAQFriday - Answer: The main difference between a revocable trust and an irrevocable trust is that a revocable trust allows the grantor to remove the assets from the trust if necessary. An irrevocable trust typically ties up the assets until the grantor dies.
If you’re interested in a first-party special needs trust, our team is here to help. We have ample experience protecting individuals in need of financial security, and we want to work with you to help ensure you have a safe and stable future.
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Special Needs Trusts | Special Needs Trust Administration
Taxes are inevitable, but there are ways to reduce the amount you owe.
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Can a Trust Reduce Inheritance Tax?
#DYK? A living trust allows you to be the trustee that manages it, although you have the option to designate someone else if you’d like.
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Special Needs Trusts | Special Needs Trust Administration
#TuesdayTruth - A trust allows the grantor to transfer assets to beneficiaries after passing without having to deal with the hassle of probate court.
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Special Needs Trusts | Special Needs Trust Administration
Before opening a trust, it’s wise to know how they’re taxed.
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How Are Trusts Taxed?
#TuesdayTruth - There are many differences, but the main difference between a revocable trust and an irrevocable trust is that once you create an irrevocable trust, it cannot be altered or terminated.
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Special Needs Trusts | Special Needs Trust Administration
#FAQFriday - Answer: If you decide not to set up a will, the property that isn’t transferred by your trust or some other method will be provided to your closest relatives, according to Pennsylvania “intestate succession” laws.
Legacy Enhancement can assist you with every aspect involved in trust administration; including the establishment of the trust, funds disbursement and bill pay, nurse care management, benefits coordination, and much more.
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Pooled Special Needs Trust | Legacy Enhancement
There are at least 7 steps to follow.
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How Do I Create a Trust?
When you partner with Legacy Enhancement, you get access to the following:
👉 Our Dedicated Call Center
👉 Easy Access to Your Fund
👉 Multilingual Staff
👉 AI-Based Technology
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Pooled Special Needs Trust | Legacy Enhancement
Creating a trust can be a simple process, but it does require a bit of planning.
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How Do I Create a Trust?
Creating a trust can be a simple process, but it does require a bit of planning.
LEGACYENHANCEMENT.ORG
How Do I Create a Trust?
#FactFriday - A simple trust is one that distributes all of its income, otherwise, it’s considered complex.
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Pooled Special Needs Trust | Legacy Enhancement
#WisdomWednesday - There are several different types of trusts, but some of the most common are as follows:
💲 Revocable trusts
💲 Irrevocable trusts
💲 Blind trusts
💲 Charitable trusts
💲 Marital trusts
💲 Testamentary trusts
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Pooled Special Needs Trust | Legacy Enhancement
At Legacy Enhancement, we offer the same professional trust management as larger entities with a level of personalized care and low fees that big banks and other trust companies lack.
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Special Needs Trusts | Special Needs Trust Administration
#FactFriday | Probate can last anywhere from an average of six months to two years. It’s essential to speak with professionals about your options for inheritance issues.
A first-party special needs trust helps the beneficiary protect their rights to public assistance while still recovering their settlement.
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This Is What You Need to Know About First-Party Special Needs Trusts
2020 was a much different year than we’ve ever experienced. With 2021 officially here, it’s time for a fresh start.
Happy New Year!
Pennsylvania estate planning can be complex, but we’re here to help!
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Estate Planning in Pennsylvania
Happy Holidays!
We hope you have a joyous holiday season.
#DYK | There are multiple requirements to qualify for a first-party special needs trust.
Speak with someone on our team to learn if it’s right for you.
