Advantages Of A Trust For A Minor
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How to fill out Qualified Income Miller Trust?
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FAQ
Setting up a trust fund for your children can secure their financial security, including long after your death. From college funds to asset protection, trusts are a great option for any family looking to protect their wealth in the long term.
Since they can't outright give the money to their minor children, they establish a trust fund on their behalf. When done correctly, these trust funds can help children through rough patches, pay medical bills, fund college expenses, put down payments on houses, establish businesses, and much more.
You can name a legal minor as the beneficiary of a trust. That's particularly important because, if you want to leave assets to a minor, a trust is how you'll do it.
Even with strong financial management skills, the money left to children is still vulnerable to creditors' claims, divorce, lawsuits, or estate taxes. By using a beneficiary-controlled trust, the risks can be reduced while allowing your children some control over their own trusts.
You can name a legal minor as the beneficiary of a trust. That's particularly important because, if you want to leave assets to a minor, a trust is how you'll do it.