On the surface, no one would have any concerns about receiving an inheritance. When you are devising your estate plan, everyone that you include will obviously be appreciative. However, there are some extenuating circumstances that can enter the equation. Consider the life situation of a loved one with special needs. Many people with disabilities cannot earn income on their own, and they do not have health insurance. Everyone needs income, and health insurance is important as well, but it is …
Our Forbes Article Explains Special Needs Planning
We are very proactive about the dissemination of useful information about estate planning topics that many people overlook. Far too many people act without full knowledge of all the facts, and they often make assumptions that yield negative consequences. You will find a steady stream of information published right here on our firm's law, and we have also compiled a comprehensive library of in-depth special reports that you can access through this website free of charge. Another channel …
What Is a Third Party Special Needs Trust?
You have to be very discerning when you are leaving assets to your loved ones. There are different methods that you can utilize, and the optimal choice will vary on a case-by-case basis. With this in mind, we will look at the value of third party special needs trusts in this post. Government Benefits If you have a family member with special needs, you have to take government benefit eligibility into consideration. Many people with disabilities are enrolled in the Medicaid program. This is …
Are There Different Types of Special Needs Trusts?
Before we look at the distinctions between the different types of special needs trusts, we should explain the value of these legal devices. People who are disabled are clearly going to need health insurance. Care and treatment can cost millions of dollars over the course of a lifetime under some circumstances, so coverage is absolutely essential. Most people get health insurance through their jobs, and many people who are disabled cannot work and earn income. They don't have health insurance …
How Much Does a Special Needs Trust Cost?
In this post we will look at the costs that you may incur if you choose to create a special needs trust. Before we get into the expenses, we should explain the value of these trusts from an overview. Preserving Benefit Eligibility You would use a special needs trust to effectively provide resources for the benefit of a loved one who has a disability. Many people who have disabilities are unable to earn income, so they have very limited financial resources. If you can demonstrate significant …
Medicaid, SSI, and Special Needs Trusts
You should consider the creation of a special needs trust if you want to provide for a loved one with a disability, because a direct gift or inheritance could impact government benefit eligibility. Let's look at the details. Medicaid Coverage Medicaid is a government health insurance program that is potentially available to people who have very limited financial assets. Many people with disabilities rely on Medicaid coverage. An improvement in financial status could result in a loss of …
What Is a Supplemental Needs Trust?
When you are planning your estate you should think long and hard about the way that you will be transferring assets to each person on your inheritance list. It is not necessarily a matter of handing out pieces of a pie through the terms of a last will. With the above in mind, let's look at people with disabilities, government benefits, and supplemental needs trusts. Need-Based Benefits People with disabilities often qualify for need-based benefits like Medicaid and Supplemental Security …
April Is Dedicated to Promoting Autism Awareness
People who have special needs often times rely on government benefits to pay for very expensive care and treatment. Medicaid is the source, and many of these individuals also receive Supplemental Security Income from the government. With the above in mind we would like to take a look at the impact of autism from an estate planning perspective because April is dedicated to promoting autism awareness. A lifetime of care for someone with autism can cost millions of dollars. Because of this …
Four Reasons to Use A Special Needs Trusts
A special needs trust, also known as a supplemental needs trust, is an estate planning tool used to allow assets to be held in trust for the benefit of a physically or mentally challenged individual, or a person with a chronic or acquired illness. This type of trust allows you to provide a resource to pay for any needs over and above the basic benefits that may be provided by the government. There are four reasons to consider working with a trust attorney to establish a special needs trust for …
New York Special Needs Trusts: Preserve Benefit Eligibility
There is no universal estate plan that is right for every family. One type of specific estate planning situation that exists for some people is the need to provide for someone with a disability. This is often done through the creation of a supplemental or special needs trust. Why would you need to use a special needs trust to provide for someone with a disability? The answer would be that you should use such a trust to preserve eligibility for government benefits. There are some types of …
Have You Considered These Estate Planning Details?
Estate planning is not a one-size-fits-all endeavor. This is one of the major reasons why you should probably steer clear of do-it-yourself estate planning notions that you see advertised on the Internet. There are a lot of things to consider, and a lot of ways to go about planning your estate. You have to analyze all the details and understand how to proceed given your unique circumstances. Let's look at some of the details that some people may not consider. Probate You may think that your …
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