One of the most commonly recognized instruments for protecting assets for a disabled beneficiary is through the use of a Special Needs Trust, also known as a Supplemental Needs Trust.
This article will explore key considerations and actionable insights for business owners to reduce their tax burden, protect their assets and facilitate a smooth wealth transition.
Trust distributions might be taxable, with the tax liability potentially varying based on factors, such as the type of trust, the kind of distributions and a beneficiary’s tax bracket.
However, settling the second spouse's affairs was more complex, even with advance planning. Everything from wills to banking to tax returns became more complicated.
