It is important to choose the right estate planning device for each person on your inheritance list. There are many different tools in the estate planning toolkit, and so you should discuss your options with a licensed estate planning attorney if you are not sure how to proceed. With this in mind, let’s look at inheritance planning for people with disabilities. Need-Based Government Benefits Obviously, people with disabilities need health insurance, but many people that are in this position … [Read more...] about Can I Fund My Own Special Needs Trust?
Special Needs Planning
It is important to be absolutely certain that you are providing for everyone that you love in the ideal manner when you plan your estate. This is why personalized attention is key, because if you make mistakes, your good intentions could ultimately yield negative results. With this in mind, we will look at the value of a third-party special needs trust in this blog post. Need-Based Government Benefits If you have someone with a disability in your family, you may want to make this loved one … [Read more...] about What Is a Third Party Special Needs Trust?
Each family is unique, and as a result estate planning is not a cookie-cutter affair. On the one hand there is the matter of preparing your assets for eventual distribution. The best way to proceed will vary on a case-by-case basis. Some people have complicated financial situations that require advanced estate planning techniques and the implementation of tax efficiency strategies. Others have simpler situations, and there is an ideal solution for every family. Positioning your resources … [Read more...] about Planning for Family Members With Special Needs
Estate planning for the fictional cookie-cutter family with three healthy children and two parents who were high school sweethearts who remained married throughout their lives is one thing. However, families are uniquely constructed these days and different situations will call for different courses of action. With this in mind we would like to broach the subject of estate planning for families that have special needs members. According to the United States Census Bureau approximately 6% of … [Read more...] about Planning For Heirs With Special Needs
The best way to plan your estate will depend on the exact circumstances. You may see websites that advertise do-it-yourself estate planning. DIY estate planning doesn't make sense to many who are informed, because a layperson is not going to be aware of every relevant factor. This comes into play when you have someone with special-needs on your inheritance list. Government Benefits A high percentage of people with disabilities are enrolled in government benefit programs, such as Medicaid and … [Read more...] about What Is a Supplemental Needs Trust?
There is no one way to plan an estate. There are various different courses of action that would be appropriate depending on the specific circumstances in question. In Connecticut, for example, suppose you wanted to provide resources for someone who has a disability. This person is relying on Medicaid and Supplemental Security Income to pay for expensive care and provide a little bit of monthly income. You are going to utilize a last will to leave behind assets to all of your heirs. You look at … [Read more...] about Special Needs Trust in Westport CT: How Much Does It Cost?