There are many different tools that can be used when you are planning your estate. It is unwise to assume that you have to settle for limitations or suboptimal outcomes. In most cases, there is a particular device that can serve as the ideal solution. With this in mind, we will look at estate planning for people with disabilities in this post. Need-Based Government Benefits A lot of people with disabilities are unable to join the workforce, so they cannot get health insurance through their … [Read more...] about How Can You Include a Person With a Disability in Your Estate Plan?
Special Needs Planning
Adapt Your Estate Plan to Accommodate Individual Beneficiaries
A lot of people think that estate planning is a one-way street. You decide how you want to distribute your assets, and you express your wishes in writing. The beneficiaries will have to accept your decisions, and when they receive their inheritances, they are on their own. This is certainly one approach, and it can work out perfectly well for some families. At the same time, there can be extenuating circumstances. An asset transfer method that can be perfectly acceptable for one person may … [Read more...] about Adapt Your Estate Plan to Accommodate Individual Beneficiaries
Personalized Estate Planning for People With Disabilities
Our attorneys talk a lot about personalized estate planning, because people and their families are unique. A perfectly acceptable way to transfer assets to one family member may not be appropriate for the next for one reason or another. There are different ways to proceed, and the correct course of action will depend on the circumstances. This will definitely enter the picture when it comes to leaving an inheritance to someone with a disability. Health Insurance The majority of insured … [Read more...] about Personalized Estate Planning for People With Disabilities
What Is Estate Planning?
When you plan your estate, you make conscious decisions about the way that your monetary assets will be transferred after you are gone. A lot of people think that estate planning boils down to the creation of a will, but there are other ways to transfer assets. Personalized Planning There are different approaches that can be taken, and the right way to proceed will depend on the circumstances. For example, let’s say that you have someone with a disability on your inheritance list, and they … [Read more...] about What Is Estate Planning?
Special Needs Planning Questions Answered
What is special needs planning? In the field of estate planning, steps can be taken to provide for people that are in unique situations. This applies to the facilitation of inheritances to people with disabilities. Why can’t you just name someone with a disability in a simple will? You can certainly do this, but there is a potential downside. Many people with disabilities rely on Medicaid as a source of health insurance, and they receive income through the Supplemental Security Income … [Read more...] about Special Needs Planning Questions Answered
Act Wisely to Provide for a Loved One With a Disability
Generally speaking, a person that receives an inheritance will mourn the deceased, but they will be able to put the windfall to good use. From a financial perspective, there will be no downside. However, sometimes an inheritance can cause problems, and we will look at a relatively common scenario in this post. Government Benefit Eligibility Clearly, people with disabilities need health insurance more than most. Many of these folks cannot work, so they can’t get health insurance coverage … [Read more...] about Act Wisely to Provide for a Loved One With a Disability
Does Medicaid Seize Remaining Assets in a Special Needs Trust?
The majority of people in the United States get their health insurance through their employer provided plans. Unfortunately, a high percentage of people with disabilities are not in a position to hold jobs, so this is not an option for them. Everyone needs health insurance, but it is especially important for these folks, so the void is a big deal. Fortunately, a safety net exists in the form of the Medicaid program. It is a need-based benefit, so you can potentially qualify if you have less … [Read more...] about Does Medicaid Seize Remaining Assets in a Special Needs Trust?
What Are the Special Needs Trust Spending Guidelines?
We are going to explain how the trustee can use the funds in a special needs trust in this post. But before we focus on this particular detail, we will provide a broader overview so you understand why these trusts are utilized. Preservation of Government Benefit Eligibility Let’s say that you have a person with a disability in the family, and you want to leave them an inheritance. This individual relies on Medicaid for much-needed health insurance, and they receive a monthly stream of income … [Read more...] about What Are the Special Needs Trust Spending Guidelines?
Why Would You Use a Trust Instead of a Will?
One of the most commonly held misconceptions about estate planning is the idea that you can no longer access or control assets that you convey into a trust. There is some truth in this, because there are irrevocable trusts, and you cannot act as the trustee if you establish this type of trust. However, the revocable living trust is in a different category. You can rescind the trust after the fact, and you can act as the trustee and the beneficiary while you are alive and well. Let’s look … [Read more...] about Why Would You Use a Trust Instead of a Will?
What Is a Supplemental Needs Trust?
There are pointed approaches that can be taken to address every type of inheritance planning challenge. With this in mind, when you are planning your estate, you should consider the life situation of every person on your inheritance list. A perfectly acceptable way to transfer assets to one person may not be appropriate for the next, and this definitely applies to an inheritance that you want to leave to a person with a disability. Need-Based Government Benefits Most Americans get insurance … [Read more...] about What Is a Supplemental Needs Trust?
