One estate planning option to help reduce your taxable estate and protect assets for beneficiaries. A discretionary sprinkling trust is designed to provide distributions to those beneficiaries who need them the most.The trustee is given the discretion to “sprinkle” income and/or principal among several beneficiaries or to let it accumulate in the trust.
Keep control of your own destiny and make things a little easier on those closest to you.Just as important as wills and trusts are your durable power of attorney, medical power of attorney, and living will.These documents should be updated as your life evolves and family circumstances change.Remember these documents are very specific to each state, so it’s important to consult with an attorney well versed in the laws of your state.
Motivating your children to achieve financial independence beyond their trust payouts. Family incentive trusts offer innovative strategies for distributing wealth while passing on the family’s work ethic to the next generation.Parents can specify almost any rules they want, reflecting their desire for their heirs to seek higher education or to set up a successful business.