Estate planning is more than just the slicing up of a pie into pieces of different sizes. There are numerous different ways that you can facilitate asset transfers, and the life situation of each inheritance recipient will be part of the equation. With the above in mind, we will look at supplemental needs trusts in this blog post. Unintended Negative Consequences You may assume that a last will is the estate planning document that you should use to state your final wishes regarding the … [Read more...] about What Is a Supplemental Needs Trust?

The process of estate planning involves pointed asset transfers to numerous different people in many cases. Each person that you love is special, and you should take a long look at the various different life situations of each respective inheritor. The right tool exists for every situation, and you should act in a fully informed manner. With this in mind, we will look at two different types of special needs trusts in this blog post. Third Party Special Needs Trusts If you are setting aside … [Read more...] about Are There Different Types of Special Needs Trusts?

In the field of estate planning, there are numerous different trusts that can be utilized. The proper choice will depend upon the circumstances. With this in mind, we will look at the value of third party special needs trusts in this blog post. Funding the Trust You would use a third party special needs trust if you wanted to provide for a loved one with a disability who is relying on need-based government benefits like Medicaid and Supplemental Security Income. A direct gift or inheritance … [Read more...] about What Is a Third Party Special Needs Trust?

A special needs trust is a type of legal instrument that can be used when you want to set aside assets for the benefit of a loved one who has a disability. People with disabilities often rely on government benefit programs that are only available to people with financial need. If a special needs trust is properly established and administered, assets in the trust can be used by the trustee to enhance the beneficiary's quality of life. The government benefits that we are referring to would be … [Read more...] about When Would I Use a Special Needs Trust?

When you sit back and take stock of the people you want to include in your estate plan, you have a number of things to take into consideration. You have to decide exactly what you want to give to each person, but you should also make sure that you are providing for each loved one in the correct manner. With this in mind, we will look at special needs trusts in this post. Government Benefits People with disabilities are often enrolled in government benefit programs. These would include Medicaid … [Read more...] about What Is a Special Needs Trust?