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?
Special Needs Trusts
There are invariably going to be a number of different people on your inheritance list. Each person is in a unique situation. You should take this into account when you are planning your estate, because there is no one-size-fits-all approach. There are various different ways that you can arrange for assets to be transferred to your loved ones after you pass away. The optimal course of action will vary on a person by person basis. For example, you may have a spendthrift heir on your inheritance … [Read more...] about When Do I Need a Special 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?
There are many of us who have friends, relatives or colleagues who have some type of incapacitating mental, physical or developmental disability. In older times, the families of disabled people used to keep their circumstances a secret; the disability of a family member was a forbidden subject and was not discussed very openly. To make matters worse, very few competent professional advisers existed to offer their help to plan for the special needs of disabled people. So, the disheartened … [Read more...] about A Look At The Special Needs Trust
When you are engaged in estate planning you have to consider the optimization of your assets as you plan for their ultimate transfer to your loved ones. This is familiar territory for most people because this type of activity resembles the financial planning that you have engaged in all of your life. However, in addition to preparing the assets for distribution one must also consider the recipients. Exactly how you choose to provide for each family member can vary considerably depending on his … [Read more...] about A Look At Special Needs Planning