Financial Planning Tips


Amending Irrevocable Trust

Conditions in an irrevocable trust, including the appointed trustee (the controller of the trust), cannot be changed by the settlor (the creator of the trust). However, if the trust designates a trust protector (an individual to oversee the trustee), that person will have the power to amend language in a trust to reflect the settlor’s original intent.Snip20150121_4

For example, say the trustee you selected has too many confrontations with your son after you pass away; the trustee may decide to stop distributing money to him from the trust you set up for your children. In this situation, a trust protector has the power to replace the trustee.

For more information click here to read “Guardians of Trusts” published in the New York Times; March 12, 2014.

Opening “Personal Escrow” Account(s)

A “personal escrow” account is a separate savings account established specifically to save for a major financial goal, such as a down payment on a house, a trip around the world or a new car. Much like retirement funds, savings are deferred directly out of a worker’s paycheck. Depositing money in one or more accounts either regularly or after windfalls (such as a rebate check or tax refund) can help you save for a singular goal without interrupting your budget.

Snip20141009_4You may want to allocate a certain amount of money into a personal escrow account reserved for paying recurring, non-monthly expenses, such as your annual car insurance bill, property taxes or even an unexpected non-emergency expense such as a friend’s wedding in Belize. Also consider setting up automatic contributions from your regular checking account, even if it’s just a small amount.

For more information click here to read “Personal Escrow 101: What You Need to Know” published on LearnVest; Aug. 13, 2013. ;

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This content is provided for informational purposes only. It is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.

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