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Estate planning · None

Keep Your Kids From Falling Into the Early Inheritance Trap

Giving your adult children or grandchildren a massive cash gift can sabotage the financial independence you hope to build. Here is how to restructure your legacy with incentive trusts.

Read the original at Kiplinger ↗

What changed

Giving your adult children or grandchildren a massive cash gift can sabotage the financial independence you hope to build. Here is how to restructure your legacy with incentive trusts.

Planning context

Why it matters

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Start planning

What Is Estate Planning?Last Will and TestamentBeneficiary DesignationsFinancial Power of AttorneyAdvance Health Care Directive and Living Will

Trusts

Revocable Living TrustIrrevocable TrustThird-Party Special Needs Trust

Taxes

Federal Estate TaxFederal Gift Tax and Form 709Generation-Skipping Transfer TaxIncome-Tax Basis at DeathState Estate and Inheritance Taxes

Administration

What Is Probate?Probate TimelineExecutor ResponsibilitiesWhat to Do After a DeathChoose Executors, Trustees, and Agents

Tools

Estate Planning WorkbenchFederal Estate Tax CalculatorGift Tax Reporting IllustratorProbate Cost EstimatorEstate Liquidity CalculatorInherited Asset Basis IllustratorEstate plan checklistMap your estate