What Is a 5 by 5 Power in Trust?
“A “5 by 5 Power in Trust” is a common clause in many trusts that allows the trust’s beneficiary to make certain withdrawals.”
Tag: Key Reference
Key Checklist: What Issues Do I Need To Consider As My Child Becomes Independent?
This checklist covers key issues a parent must consider as their children become independent, such as:
*Maintaining access to their child’s important health, financial, and academic information.
*Understanding how their financial goals may change (or need to be revisited) once their child leaves the house and becomes independent.
*Determining the extent to which their child will remain commingled with their finances as they become independent (e.g., taxes, health insurance, auto insurance, gifting, etc.).
*Evaluating the level of risk/liability their child may pose to their own finances.
Benjamin Franklin’s 13 Virtues
In 1726, at the age of 20, Benjamin Franklin created a system to develop his character.
In his autobiography, Franklin listed his thirteen virtues…
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