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Living trusts may also help prevent family fighting.
The trust can be drafted such that the trust will shield assets from U.S. estate tax going forward.
Things To Never Put in a Living Trust
Melissa Negrin-Wiener, ESQ.
If the money is withdrawn and used for medical expenses, it isnt taxed.
Because HSAs are individual accounts, they are typically not transferred to trusts, said Negrin-Wiener.
However, they can and should have a beneficiary named.
Sometimes transfers of life insurance into an irrevocable trust make sense for Medicaid/long-term care planning purposes, she said.
As an alternative, Negrin-Wiener suggested using a financial account.
The account could be held jointly and have a named beneficiary.
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