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 individuals could be prone to burning through their inheritances too quickly. There are steps that you could take to make sure that this does not happen.
Government benefit eligibility is another thing to consider. If you want to leave an inheritance to someone with special needs, you must use caution so that you do not catapult this person into a different financial status.
There are upper resource limits that people with disabilities must stay within to qualify for government benefits, and this is something to be aware of when you are planning your estate.
If you engage an experienced and qualified estate planning attorney to assist you as you are arranging for future asset transfers, you will get solid advice.
For example, when you utilize a supplemental or special needs trust you can provide resources that a person with disabilities could utilize to increase his or her standard of living without doing anything to impact government benefit eligibility.
People who do not obtain professional advice can sometimes make honest mistakes that wind up harming someone that they were actually trying to help.
