Deciding how you will arrange for asset transfers for the benefit of those that you love is part of the estate planning process. You don’t have to give direct inheritances to each individual, and in many cases this is actually not the best course of action.
Every family is unique, and this is why it is important to discuss your future with a good central New Jersey estate planning lawyer. Experienced professional guidance is the key to a well constructed estate plan that covers all your bases optimally.
With the above in mind you may have a person with special needs in the family that you would like to include in your estate plan.
Many individuals with disabilities require long-term care that can be extremely expensive. In a lot of cases people with special needs qualify for government benefits that pay for the care.
If someone who is receiving these government benefits was to receive a significant inheritance his or her eligibility could come into question. Therefore, you must act in a prudent and informed manner when you are providing for someone with a disability.
Estate planning attorneys will often recommend the creation of special needs or supplemental trusts to respond to these types of situations. With these trusts the beneficiary can utilize distributions to pay for certain comforts without jeopardizing his or her eligibility for government benefits.
When you plan ahead with the assistance of a good estate planning attorney you can provide for each and every member of your family in just the right way. If you act in an uninformed fashion you may mean well, but in the end you may do more harm than good.
- Estate Planning: Understanding the Roles of Executors and Trustees - November 25, 2023
- Understanding the Veterans Pension for Seniors - November 20, 2023
- Ring In the New Year With an Estate Plan Review - November 8, 2023