Leonard’s wife, Kelly-Anne, has been receiving checks in an irrevocable trust for more than 20 years. When she was a teenager, her mother set up the trust, naming Kelly-Anne’s uncle as the trustee.

When an adult inherits money, there is often freedom in how they can use it, unless specified otherwise through a will or estate plan. However, when a minor inherits money, it must be managed through ...

› If your client or client’s relative has died and owned a private company › If your client has a private company and needs an estate plan The situation A client put $100,000 in an investment-holding ...

Informal trusts, or ITFs, are a tax-efficient way to provide a savings plan for a minor child and, occasionally, an adult. These accounts can be used for funding future education, protecting an ...