When you plan your estate, you are naturally going to evaluate the assets that you have to pass along to your loved ones and decide how to go about doing it. On the other side of the coin, it is also important to consider the life situation of each person on your inheritance list. With this in mind, we will look at the value of supplemental needs trusts in this blog post. Need-Based Benefits If there is someone with special needs that you would like to provide for in your estate plan, you have … [Read more...] about Preserve Benefits With a Supplemental Needs Trust
There are numerous different ways to facilitate postmortem asset transfers. You should explore all of your options when you are devising an estate plan so you can provide for each person on your inheritance list in the ideal fashion. Different people in your family are going to be in different life situations, and you should give the matter careful consideration. If you act in an uninformed manner, you could make mistakes that result in negative consequences. With the above in mind, we will … [Read more...] about Medicaid Eligibility Is Not Necessarily Permanent
There is no cookie-cutter, one-size-fits-all estate plan. Each situation is different, and the people that you love are all going to be in different life situations. You should take the right steps to make sure that each individual on your inheritance list is provided for in the optimal manner. With this in mind, let's look at special needs planning and the preservation of income. Government Benefit Eligibility Many people with special needs are enrolled in government benefit programs that are … [Read more...] about Special Needs Planning: Preserving Income
Leaving someone an inheritance should be a positive thing on every level. However, there are different ways to go about it, and leaving a direct lump sum inheritance to everyone on your list is not always a good idea. With this in mind, let's look at people with special needs and the government benefit programs that they often rely upon. Medicaid and Supplemental Security Income Health insurance is obviously essential for people with special needs, and Medicaid is often the source. This … [Read more...] about Can an Inheritance Cause a Loss of Government Benefits?