You have a number of choices to make when you are planning your estate. There are various different vehicles of asset transfer that can be utilized. When you act in an informed manner, you can be certain that all of your loved ones are provided for appropriately. With this in mind, we would like to look at the value of supplemental needs trusts in this post. Protecting Government Benefits If you have someone with a disability on your inheritance list, you must take measured steps. A high … [Read more...] about What Is a Supplemental Needs Trust?
When Do I Need a Special Needs Trust?
They say that you should use the right tool for the right job. This comes into play when you are planning your estate. There are various different legal devices that can be used to arrange for the transfer of assets to others. You should become apprised of your options and make the optimal choices. With this in mind, let's look at special needs trusts. People With Disabilities & Medi-Cal People who have disabilities often rely on government programs, and Medi-Cal is one of them. Medi-Cal … [Read more...] about When Do I Need a Special Needs Trust?
Medi-Cal, SSI, and Special Needs Trusts in Campbell California
Doing things on your own can be rewarding on a personal level. It can also save you money under the right circumstances. However, biting off more than you can chew can actually wind up creating a disaster. With this in mind, let's look at Medi-Cal (which is called Medi-Cal in California) , SSI, and special needs trusts in Campbell California. A Hypothetical Scenario Let's say that you buy into the sales pitches that you see online. You accept the premise that anyone can act as his or her own … [Read more...] about Medi-Cal, SSI, and Special Needs Trusts in Campbell California
July Estate Planning Seminars Scheduled
We have our July estate planning seminars scheduled, and we would like to invite our readers to attend one of these free informational sessions. When you have more of an understanding of the reasons why you may want to take certain steps, you are likely to be motivated to take action for the well-being of your loved ones. People who don't really understand all the facts about estate planning often go through life without making the appropriate preparations. They think that things will just … [Read more...] about July Estate Planning Seminars Scheduled
Autism Awareness
April was set aside as the month during which we raised awareness about autism. This developmental disorder is growing rapidly, and it impacts a significant percentage of Americans to one extent or another. There are some telling statistics on the Autism Society website, including eye-catching estimates on cost of care. On average, the cost of caring for someone with autism throughout his or her life runs somewhere between $3.5 million and $5 million. Most individuals simply do not have this … [Read more...] about Autism Awareness
Improve Quality of Life Without Hindering Benefit Eligibility
Positioning your assets optimally in anticipation of the future is certainly part of what estate planning is all about. However, you would also do well to consider the recipients of your estate. The best way to pass along resources to one family member may not be appropriate for the next. This is certainly true when it comes to family members with special needs. Some individuals with disabilities require expensive long-term care, and they may need it for extended periods of time. A year-long … [Read more...] about Improve Quality of Life Without Hindering Benefit Eligibility
Use Caution When Including Person With Special Needs
Part of the process of inheritance planning will involve deciding who you would like to name to receive your estate assets. However, it is also important to consider the methods that you will use to arrange for the transfer of assets to the people who are on your list. If you just give direct inheritances to everyone that you want to include, you could be doing some family members a disservice. There are those who are really not ready to handle a large influx of financial resources, and some … [Read more...] about Use Caution When Including Person With Special Needs
Use of a Special Needs Trust to Shelter an Inherited Home
I was recently asked to address the following fact situation. Mother is elderly and in failing health with limited assets other than the family home. Should she need to be admitted to a skilled nursing facility, it is likely Medi-Cal would end up footing the bill. Daughter is disabled, receives public assistance and wants to know if there is any way she can inherit the home without impacting her public benefits. My response was as follows: If your mother goes into a skilled nursing facility … [Read more...] about Use of a Special Needs Trust to Shelter an Inherited Home
Planning Considerations for People with Special Needs
There is a “special needs” child or adult in your life. What should you do? Here are some thoughts to consider. • Change – Nothing will remain as it is right now. The Special Needs Person (“SNP”) grows up and grows older. Their needs today are not likely to be their needs in the future. You need to design flexibility into your estate plan, usually best achieved by creating a trust granting broad authority to address the ever changing environment and appointing a trustee(s) whose discretion you … [Read more...] about Planning Considerations for People with Special Needs
