When a minor child inherits money, the money will usually be placed into a trust or custodial account until they reach the age of majority, which is typically 18 years old in most states. The specifics of how the money is managed will depend on state law and the terms of the will or other legal document that governs the inheritance. As minors, children are not able to handle their own legal and financial affairs, so their inheritance must be taken care of for them.
Month: May 2023
What is a Miller Trust?
A Miller Trust, is also known as a Qualified Income Trust, Income Only Trust, or Income Assignment Trust. This type of trust helps individuals who need long-term care pay for their medical expenses while remaining eligible for Medicaid.
How Do You Choose The Right Business Structure?
When starting a business, choosing the right business structure is a crucial decision that can affect your taxes, liability, and management approach. There are four main types of business structures: sole proprietorships, partnerships, corporations, and limited liability companies (LLCs). Each type has its own advantages and disadvantages. Read along to find out more.
What is a Living Trust and How Does it Avoid Probate?
A living trust is a legal entity that you create and control. You can set up rules for your beneficiaries to receive any of your assets after you die. You do not have to be wealthy to set up a living trust. If you have a life insurance policy, for example, setting up a living trust can be an excellent choice for your beneficiaries.