How Can I Leave Money to My Financially Irresponsible Children?

  The main importance of a trust is for tax implications for the receiver. If a person is not a good money manager, if a person has the heart the size of Montana, but they don’t know how to manage money correctly, the Trust has an executor or guardian who has to follow the specific […]

Why Should I Set Up a Trust for My Children?

Trusts. They’re important for both Special Needs parents and standard normal children because it puts money in a protected form where creditors cannot attach to it. So, if you’re in financial debt, if you’re behind on your payments, if your children are in debt, the money they receive in an income tax-free format, up to […]

Is a 529 Plan the Best Way to Save for College?

So what happens when your child gets a full scholarship and you’ve already set money aside in a 529 plan versus a life insurance policy? The good news is that if you have other children, that 529 plan can go towards another child. The bad news is that if it’s not utilized for that child, […]

When Should I Start Saving for College?

At what point as a parent should I start thinking about a kid’s college education? That’s a great question. Realistically, during pregnancy, in the first six months, the earlier you start the better. At what point is it too late? I’m going to say at around age 12, because it doesn’t give you enough time […]

What is the Difference Between Saving for College and Retirement?

There are drastic differences between saving for retirement and saving for college. The biggest difference is the length of time you have to prepare for college, which is anywhere from one to 18 years. Whereas for retirement, you could plan for as long as 50 years so there’s a greater accumulation period. The key point […]

How Can I Use Life Insurance as a Savings Tool to Help My Children?

There are a lot of different ways that you can use policies and plans to augment savings. One way is to use a whole life policy on your children and get a very good favorable rate, and then utilize that as a savings plan. That rate can be continued all the way through to retirement […]

How Can I Fund a Trust?

There are many options for funding a trust. You could use a life insurance policy. You can use an annuity. You can use a IUL, which is an independent variable annuity. It depends on your choices and your health. But ultimately there can be a single source of funding, or it could be a multiple […]

When Should I Set Up a Special Needs Trust?

Ideally, it’s important to get a trust set up prior to age 17 because it takes anywhere from three to six months to get done. It needs to be done by an attorney in the state that you live in because they know the rules, and it should be adjusted every three to five years […]