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?
Special Needs Planning
Income for People 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
Don’t Automatically Disinherit a Child 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
Can I Protect My Injury Settlement With a Special Needs Trust?
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?
What Is a Self-Settled 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?
What Is a Third Party 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?
Are There Different Types of Special Needs Trusts?
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?
SSI, Medicaid and Supplemental Needs Trusts
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
When Would I Create a Special Needs Trust?
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?
What Is a Supplemental Needs Trust in Indianapolis?
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?
