When mapping out an estate plan for a loved one with disabilities, one of the most powerful tools at your disposal is a supplemental needs trust. This legal instrument allows for the preservation of assets for the disabled individual without jeopardizing their access to essential government benefits. Decoding a Supplemental Needs Trust A supplemental needs trust, often called a special needs trust, is a unique estate planning tool. It holds and manages assets for a person with disabilities, … [Read more...] about A Supplemental Needs Trust Can Secure the Future for People With Disabilities
Special Needs Planning
If you are the parent of a child with special needs, you need to address your child’s needs in your estate plan to ensure that he or she is well protected both during your lifetime and after you are gone. Care must be taken, however, to ensure that your child will actually benefit from the financial assistance you intend to gift to him/her. To help you get started, the special needs planning attorneys at Augulis Law Firm explain how you can provide for your special needs child in your estate … [Read more...] about What Is the Difference between a First-Party and a Third-Party Special Needs Trust?
When you plan your estate, you facilitate future asset transfers to those that you love. There are numerous different ways that you can provide resources for your family members. You should explore all of your options, because assumptions can lead to costly mistakes. For example, many people decide that they will use a last will to facilitate future asset transfers. You simply state your wishes regarding the slices of a pie, and all of your loved ones will be provided for appropriately. This … [Read more...] about Can Medicaid Recover Assets in a Special Needs Trust?