Irrevocable trusts can be beneficial to a donor considering gifting to minor children, as trusts allow for more control of the assets, even after the donor’s death. By setting up a trust, you can communicate how you want the money you leave to your children to be managed, the circumstances under which it can be distributed, and when it should be withheld. You can also specify in the documentation whether your children will be able to control the money at a certain age as either co-trustees or as recipients of the full balance of the trust.
Why do people give money over the holidays?
- Feeling of generosity and the ability to make things easier for future generations.
- You’ve worked hard and saved and now you want to give something to your children and grandchildren to help them.
- I want to see them enjoy the money now.’” In other words, why wait until after you die to distribute the money to loved ones?
- Can help reduce the size of your taxable estate and with it your eventual estate tax liabilities.
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