Why should you work with an estate planning lawyer to put a plan in place? This is a broad question, and there are multiple different reasons why professional assistance is invaluable. This being stated, there is one overarching motivation. There is no single approach to the process that is right for everyone. The ideal way to proceed will depend on the circumstances, and there are multiple ways to transfer assets. You should consider the life situation and personal proclivities of the … [Read more...] about An Overview of Situational Inheritance Planning
Special Needs Planning
Is There a Person With Special Needs on Your Inheritance List?
There are different ways that you can facilitate asset transfers to the people on your inheritance list. The right way to proceed will depend on the circumstances. Plus, you don’t have to provide for everyone in the same manner. Targeted solutions can be implemented to address the life situation of each respective person. With this in mind, we are going to take a look at inheritance planning for people with disabilities in this post. Medicaid and Supplemental Security Income Obviously, … [Read more...] about Is There a Person With Special Needs on Your Inheritance List?
How Can You Include a Person With a Disability in Your Estate Plan?
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?
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?
