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.
- Olivia R. Holcombe-Volke Recognized for Pro Bono Estate Planning Work
- Which Estate Planning Process Is Right for You? The Answer Lies Within Your Goals …
- The 2010 Maryland Power of Attorney Act – A Gamechanger
- The Most Important Document in Estate Planning – The Financial Power of Attorney
- The Secure Act and Its Potential Income Tax Effect on Clients’ Estate Planning – Seven Important Opportunities
- The New Elective Share Law, a.k.a. “Augmented Estate Legislation” Has Passed. What Does This Mean to You?
- Why Do Estate Plans Fail and Not Work as Intended? The Answer Lies Below …
- “Your Home, Your Deed, Your Legacy – Ensuring Stability in Baltimore City through Legal Services” co-authored by Olivia Holcombe
- Elville and Associates’ Principal Stephen R. Elville Partners with University of Maryland Autism Research Consortium for Nationwide Webinar Series and Panel Discussion
- The Future of Pro Bono in Maryland