One of the most compelling reasons why you should work with an estate planning attorney to devise your strategy is because you have options. As a layperson, there is no reason why you would know about all the different ways that you can facilitate asset transfers. There is an ideal course of action to address just about any scenario. With this in mind, we will look at inheritance planning for people with special needs in this post. In the future, we will examine some other case-specific … [Read more...] about Choose the Right Inheritance Planning Tools
Special Needs Planning
Special Needs Planning and Estate Recovery
There are numerous ways to facilitate asset transfers, so you should definitely discuss your options with a licensed estate planning attorney. If you go it alone without any professional guidance, you could make mistakes that have unintended negative consequences. This can definitely enter the picture if you have someone with special needs on your inheritance list. Medicaid and Supplemental Security Income Medicaid is a need-based government health insurance program. Because it is intended for … [Read more...] about Special Needs Planning and Estate Recovery
A Look at Special Needs Planning
It is important to understand the fact that there is no one-size-fits-all estate plan that is right for everyone. Your financial position, your family dynamic, and your objectives will be determining factors, and there are many possibilities. There is also the matter of the life situation of the people that you want to provide for in your estate plan. With this in mind, let’s take a look at the value of special needs planning. Government Benefits If you would like to leave an inheritance to … [Read more...] about A Look at Special Needs Planning
A Special Needs Trust for Your Child
As parents, we know how our heart skips a beat anytime we think of those little ones going through life without us. For those with a child who has special needs, those thoughts can be even more frightening. While we can't control what hands we are dealt, we can do our best to pave the path for an easier future. A special needs trust is often the solution and a way to offset those fears. In short, a special needs trust is a way of providing financially for our children who have special needs – … [Read more...] about A Special Needs Trust for Your Child
Meaningful Work Benefits Disabled and Healthy People Alike
Whether or not you have a disability, work is important for most people. It provides purpose and a way to participate within a larger community. Meaningful work benefits people both mentally and physically. It provides a means of sustenance, self esteem, and self sufficiency. Work is important. It is important to those with disabilities, as well as to older adults with chronic conditions if they want to work. Everyone has certain strengths and interests. Sometimes jobs need to be individually … [Read more...] about Meaningful Work Benefits Disabled and Healthy People Alike
Important Steps for Parents with Special Needs Children
Create a Plan You must create a comprehensive estate plan for children with special needs. A basic will is not enough to protect your children. Never use a DIY estate plan for special needs situations. Instead meet with a competent, experienced estate planning attorney who understands the complexity of these matters. An estate planning attorney can help you create a detailed plan that protects your special needs child and ensures your child receives his or her inheritance through a trust – … [Read more...] about Important Steps for Parents with Special Needs Children
A Special Needs Trust is a Must Have
A special needs trust is a must have for families of special needs adults. As a parent, you understand as well as anyone the time and money required to provide for individuals with special needs and at some point, you will not be there to give this help. An important aspect of special needs planning is the power of attorney. You should establish this legal recognition as soon as the person achieves adulthood and as always name successors in your paperwork. Power of attorney can be for … [Read more...] about A Special Needs Trust is a Must Have
