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Estate Planning Considerations When Helping Your Child Buy a Home
As home prices continue to rise, many parents are helping their adult children purchase their first homes. Many parents do not realize that this type of financial assistance can have estate planning implications.
The grantor trust rules came about after high earners tried to lower their income tax consequence by scattering their income to various trusts over which they maintained control. By spreading their income out, the earners were subject to the lower tax brackets.
My son has developmental disabilities and, as a result, is unable to make enough money to support himself. He only has a savings account with $25,000 in it; is there any government assistance available for him to receive some income?
As an Elder Law attorney, many clients consult with me with regard to trust planning to protect assets from the cost of long term care. However, many clients do not realize trusts can also be used to protect assets for your children.
