Monthly Archives: March 2018

Ask Tom: What are the advantages and disadvantages of a pot trust?

What is a pot trust? A pot trust is a trust for children, who are still depending on their parents who passed away before the children reach adulthood. The purpose of a pot trust is so the trustee can determine the financial needs of the children who still haven’t made it to adulthood. Essentially the trustee decides who gets specific amounts of money and what they need it for. Say one of the children breaks their arm and he/she does not have the money to go to the doctor. The trustee is able to acknowledge the need of this specific...Read More