A trust’s budget does not need to be complicated. Some trust beneficiaries are independent and able to manage their own financial affairs. In this circumstance, the trustee may only have to establish a system of payments to the beneficiary that are guaranteed to last over time, while keeping funds in reserve for emergencies (provided it’s possible to pay the beneficiary directly without compromising government benefits — in many cases, it isn’t). Other trust budgets are much more complex. The trustee must manage complicated investment portfolios that are specifically designed to provide for a trust beneficiary’s needs over time. For beneficiaries with disabilities, Trustees may have to pay for daily living expenses, extraordinary medical care, and once-every-ten-year resources like specially equipped vans. A trustee without a well considered budget will be flying blind when it comes to these expenditures–to the detriment of the beneficiary who may be counting on the trust’s assistance.
- Lindsay V.R. Moss, Esq., Becomes Partner at Elville and Associates, P.C.
- A Guide for Making Room for Grief in Work & Life
- How One Thing Might Lead to Another
- How Will My Agent Know Where My Property Is – and How to Access It? The Maryland Fiduciary Access to Digital Assets Act, Digital Storage Options, Safe Deposit Boxes, and Good Old Fashioned Record-Keeping
- The Movement to Improve End-of-Life Health Care Planning
- Fly, Rattle, and Roll
- Senior Home Seller? Here’s the Solution! (Part 2 of 2)
- Aging in Place Doesn’t Just Happen, It Takes a Plan
- Client Care Program Update – the April Tax Reform Educational Event, the Summer Social Event at Toby’s Dinner Theatre, and Looking Forward to the Annual Client Event
- The Early Retirement and Disability Decision