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 mind let’s look at the subject of special needs planning.
Individuals who have disabilities often qualify for government benefits that are sorely needed. Long-term care can be very expensive, and many individuals with special-needs rely on their benefits to pay for costly care.
This is something that you must take into consideration if you want to include a family member with special needs when you are planning your estate. Because there are upper financial resource limits a direct inheritance could improve the financial standing of the benefit recipient and subsequently jeopardize his or her government benefits.
If you work with a good estate planning attorney to take the appropriate steps you can set aside financial resources for the well-being of an individual with disabilities without causing a loss of benefits. This can be achieved through the creation of a supplemental trust.
With the proper legal guidance you can provide for each of your family members in the ideal fashion. Unfortunately, well-meaning individuals who act without enough information often leave behind regrettable circumstances.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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- Do I Have Rights as the Beneficiary of a Trust? - June 3, 2021
