You could utilize a special needs trust to effectively provide resources for the benefit of a loved one who has a disability. Before we look at the different types of special needs trusts, we should explain a few things about government benefit eligibility. Preservation of Benefits People with special needs are clearly going to need medical insurance, but in many cases, they have very limited financial resources. Individuals who can demonstrate financial need can often obtain … [Read more...] about Are There Different Types of Special Needs Trusts?
Special Needs Planning
Estate planning is not a one-size-fits-all endeavor. A well constructed estate plan will be thoughtfully prepared. If you make assumptions and take action without all of the relevant information, unintended negative consequences can result. With the above in mind, let's look at the value of supplemental needs trusts. Need-Based Government Benefits If you have someone with special needs in the family, you must take government benefit eligibility into account when you are planning your … [Read more...] about SSI, Medicaid and Supplemental Needs Trusts
There are numerous different ways to provide for your loved ones when you are planning your estate. It is important to gain an understanding of all of your options so that you are proceeding the optimal fashion. It is possible to make mistakes that result in negative consequences, even though you have very positive intentions. With this in mind, we would like to look at the value of special needs trusts. Medicaid and Supplemental Security Income You may have a loved one … [Read more...] about When Would I Create a Special Needs Trust?
The ideal way to arrange for the transfer of monetary assets to your loved ones after you die will vary on a case-by-case basis. This is one of the reasons why you should discuss everything in detail with a licensed Indianapolis estate planning attorney before you make any decisions. When it comes to someone with a disability, you have to consider the matter of government benefit eligibility. In Indianapolis, many people with disabilities rely on Medicaid. Medicaid is a … [Read more...] about What Is a Supplemental Needs Trust in Indianapolis?
There are those who are always looking for a bargain. They don't think that there is ever a need to pay for something of quality. In many instances they look for do-it-yourself solutions. This can even extend to the area of estate planning. With this in mind, let's look at do-it-yourself estate planning in Indianapolis and how it may interface with special needs planning. Providing for a Person With a Disability If you have someone with a disability on your … [Read more...] about Special Needs Planning in Indianapolis: How Much Would it Cost to Create a Supplemental Trust?
There are a number of different trusts in Indiana that are used in the field of estate planning, and one of them is the special needs trust. An Indiana special needs trust, which is alternately called a supplemental needs trust, is utilized to provide financial assets to someone who has a disability. Providing monetary resources to those who have disabilities can be tricky because government benefit eligibility is in play. Many people with special needs are enrolled in the Medicaid … [Read more...] about What Is an Indiana Special Needs Trust?
People who have absorbed in-depth information about any particular subject are going to make better decisions than those who are not fully informed. This certainly extends into the realm of estate planning. On the most basic level people think about estate planning as the act of drawing up a last will that divides a pie of sorts among family members. In fact there is a bigger picture to consider. A last will may not be your best choice for transferring assets. If you … [Read more...] about Access Our Estate Planning Report Library
Autism is a developmental disability that strikes with alarming frequency these days. Autism is called a "spectrum disorder," meaning that there is no one consistent symptom. Instead, individuals with autism exhibit one or more of the behaviors associated with the disorder, and the severity of the symptoms will vary person by person. In many cases people with autism require care and treatment throughout their lives. This can be extraordinarily expensive, reaching well into … [Read more...] about Autism Awareness Month Raises Planning Questions
When you discuss the details of your family dynamic with your estate planning attorney, he or she will be able to make the appropriate recommendations. There is no one set course of action, and it is important to make informed decisions when you are arranging for future asset transfers. If you were to take matters into your own hands and use some type of do-it-yourself legal document to state your final wishes, you may take steps that have unintentional consequences. With this in … [Read more...] about Making Provisions for a Family Member With Special Needs
You have to see the big picture and think everything through when you are arranging for the transfer of assets to those that you love after you pass away. Each situation is different and you should carefully evaluate the recipients' needs and proclivities before taking any action. This is something that is very important when it comes to making provisions for someone in the family who may have special needs. People with disabilities often take advantage of programs such as Medicaid … [Read more...] about Don't Jeopardize Special Needs Benefits