April 2018 - The Alabama Family Trust has recently selected Warren Averett Asset Management to provide professional money management and investment services effective April 1, 2018. Warren Averett Asset Management offers Alabama Family Trust and its beneficiaries a unique, comprehensive solution that includes recordkeeping, administrative services, and investment management all under one firm umbrella. With this new partnership, Alabama Family Trust is proud to offer enhanced benefits including lower fees, streamlined reimbursements, and robust investment options. Here are more … [Read more...]
Should Your Trust File a Tax Return?
As a co-trustee, don't let the question of a trust tax return keep you up at night. The answer is . . . it depends. Fortunately, the Special Needs Alliance has an excellent trust tax summary which was published in their The Voice newsletter in March 2014. Review the information and talk to your accountant about what is right for the trust you help manage. … [Read more...]
Planning Ahead for Elderly and Disabled Individuals
Still thinking about New Year resolutions? Think beyond the usual “I’m going to lose weight, exercise more, and get healthy” resolutions and commit to one you can keep with just a small amount of effort. Give Funds to Disabled Family Members the Right Way Estate planning is important to make sure your wishes are carried out when you die. but it is also important to take care of living family members (including yourself in case you become disabled). If you have a disabled family member, chances are good that you would like to leave money to take care of that person’s needs when you die. … [Read more...]
Taking Care of Family
Southerners often pride themselves on taking care of family. However, as family members live longer and Alzheimer’s and other forms of dementia are becoming more common, caring for an aging loved one can be challenging. Many times, family members cannot quit their jobs to care for the loved one, or they may not have the care-giving expertise to meet their loved one’s needs. When it’s time to consider skilled care, like a nursing home, the family needs to talk to an elder law attorney about asset protection and potential government benefits, such as Medicaid and SSI. Avoid "Spend Down" with a … [Read more...]
How Disabled Folks Benefit from Special Needs Trusts
Disabilities can occur at any age . . . . . . But disabilities do not have to mean the end of living a full life. However, the specifics of “a full life” for disabled people go well beyond the basic needs provided by government benefits such as Supplemental Security Income (SSI) or Medicaid. Avoid the "Spend Down" Most people think that they have to spend down practically all of their financial assets in order to qualify for these governmental benefits, but that is not the case. When financial assets are placed in a Supplemental Needs Trust, also called a Special Needs Trust, a disabled … [Read more...]
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