Reasons You Should Set Up a Living Trust Now

A living trust is an arrangement under which you (the grantor) transfer legal title, but not ownership, of certain assets to a trustee. The trustee then holds and manages these assets for your benefit or for the benefit of someone you designate.  As long as you have the mental capacity to do so you can terminate this trust at any time. You may also opt to continue the trust after your death for the benefit of someone else. There are many benefits to establishing a living trust. Here are some that could benefit you:
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October 2013

Did you know that planned retirement is not the only event that can trigger a retirement plan distribution? Changing jobs, getting laid off, or losing a job due to a merger or acquisition are just a few other examples of events that can trigger a retirement plan distribution. Should you receive an early distribution of your retirement plan funds, you have to make some important and timely decisions about what to do with this payout.

When faced with the unplanned loss of your of your job the last thing you want to worry about is income taxes. Unfortunately income tax considerations play an important role as you are required to include the entire taxable amount of the distribution in your income in the year you receive it. Continue reading “October 2013”