Retirement funds are likely one of the main components of your client’s estate plan. A standalone retirement trust (SRT) is a useful tool that can protect these funds by allowing your client to direct the manner in which they are distributed after the client dies. You can serve your clients well by explaining how an SRT works and how much value it can add to their estate plans.

A Self-Settled Special Needs Trust (SNT) and a Third-Party Supplemental Needs Trust (SNT) are used when a beneficiary would like access to extra funds without jeopardizing their eligibility for public benefits. Let’s review some key differences between these trusts.

The Self-Settled SNT—available in Elder Docx™—is irrevocable and is used when the assets funding the trust belong to the beneficiary. This would be if an individual has money in the bank, or comes into money, such as via a settlement or inheritance. If the funds are obtained through a settlement, an MSA subtrust may be needed. (More on that in a bit.)

When your client starts a limited liability company (LLC), they are not confined to forming it in their home state. Because all fifty states allow “foreign LLCs” to operate within their borders, your client can shop around for the state with the most advantageous rules. Your client can then operate the LLC under the law of the state where it was formed. Keep reading to discover the best states to form an LLC.