Indianapolis estate planning attorneys can provide help to parents whose children are disabled. It is imperative that parents of disabled children have a dedicated and experienced attorney to provide them with help and support in making sure that their children are appropriately cared for throughout the course of their lifetimes. Disabled children often outlive their parents but cannot live independently so provisions must be made for their support and care. There are tools parents can use … [Read more...] about What Can Indianapolis Estate Planning Attorneys Do To Help Parents of Disabled Children?
An Indianapolis inheritance planning attorney can help you to make an appropriate plan for transferring an inheritance to your loved ones after you pass away. It is important, as you make your plans, to consider any circumstances affecting your heirs or beneficiaries that could make it difficult or impossible to simply transfer wealth to them. While a direct transfer of assets using a will or other estate planning tools is often the easiest approach to making an inheritance plan, sometimes this … [Read more...] about What to Do If Your Heirs Have Special Needs
There are various different ways to arrange for asset transfers to your loved ones when you are planning your estate. Some people automatically reduce estate planning to the execution of a last will. In fact, this is just one of many possible vehicles of asset transfer, and it may not always be the best choice. As a case in point, consider the situation that would exist if you wanted to leave an inheritance to someone with a disability who is relying on Medicaid coverage. Need-Based … [Read more...] about Make a Loved One More Comfortable With a Special Needs Trust
Disability lawyers help clients who have special needs, and we also help the families of people who have loved ones who are disabled. A special needs trust can often provide a solution. In this post, we will provide a basic overview. Funding With the Beneficiary's Resources A first party special needs trust is a type of trust that could be used by someone who is disabled. People with disabilities often rely on government benefits that are only available to people who can prove that they … [Read more...] about Disability Lawyers, SSI, and Medicaid
When you think about estate planning, you may focus on the preparation of assets for distribution to your heirs. This is one thing to take into consideration, but you should also consider the personal situation of each respective heir. There are various different ways to transfer assets, and the optimal vehicle or vehicles will vary depending on the circumstances. You should act in a fully informed manner to avoid mistakes that could yield unintended negative consequences. With the above … [Read more...] about Do You Have a Loved One With Special Needs?
There are some advanced estate planning concerns that can enter the picture when certain extenuating circumstances exist. For example, there are some very specific steps that you may want to take if you want to make a loved one with special needs more comfortable. Let's look at the facts. Source of Income Many people with special needs cannot earn income on their own. There are essentially two different government programs that provide income for people with disabilities: Social … [Read more...] about Income for People With Special Needs
The Medicaid program is a government health insurance program. This program is administered by the federal government along with each state government in a joint effort. To qualify for Medicaid, an applicant must be able to clearly demonstrate a significant level of financial need. There is a limit on countable assets of just $2,000. As you might imagine, many children with special needs are enrolled in the Medicaid program. This can be absolutely necessary, because care and treatment for a … [Read more...] about Don’t Automatically Disinherit a Child With Special Needs
A special needs trust is a legal device that can be used to enhance the quality of life of a beneficiary who is challenged by a disability. Many people with special needs are enrolled in government benefit programs like Medicaid and Supplemental Security Income (SSI). You cannot maintain your eligibility for these need-based programs if your financial status significantly improves. A special needs trust can provide a solution. If a special needs trust is established for the benefit of a … [Read more...] about Can I Protect My Injury Settlement With a Special Needs Trust?
A self-settled special needs trust is a type of trust that would be created for the benefit of a person with a disability. We will look at the details in this blog post. Medicaid Coverage Many people with disabilities require very expensive care and treatment throughout their lives. The total bills could add up to reach seven figures over the years, so health insurance is essential for these folks. Medicaid is a government run health insurance program. It is jointly … [Read more...] about What Is a Self-Settled Special Needs Trust?
There are various different ways that you can set aside assets for the benefit of a loved one. The right choice will depend upon the circumstances, and with this in mind, we will look at third party special needs trusts in this post. Improved Quality of Life A third party special needs trust is a trust that is funded by someone other than the beneficiary. This type of trust can be used to provide for a loved one who has a disability. Many people who have special needs are … [Read more...] about What Is a Third Party Special Needs Trust?