A lot of people are under the impression that a simple will is the right estate planning document for just about everyone. They think that trusts are very complicated legal devices that are only used by multimillionaires that have to pay estate taxes. This is simply not true. Yes, there are trusts that are utilized by high net worth individuals, but there are reasons why "ordinary people" should use trusts, and we will look at a few of them here. Providing for People With Disabilities If … [Read more...] about Why Would You Need a Trust?
One of the reasons why it is important to discuss your unique inheritance planning needs with a licensed attorney is because there are different approaches you can take. The ideal course of action for one family may not be appropriate for the next, and a legal professional can guide you in the right direction. With this in mind, we will look at some estate planning solutions that can be implemented when certain circumstances exist. Preservation of Government Benefits Most Americans with … [Read more...] about Responses to Out-of-the-Ordinary Inheritance Planning Scenarios
The most important reason why you should discuss your personal situation with a licensed estate planning attorney is because there are many different options. There is no one-size-fits-all inheritance plan that is right for everyone so you should learn about your options so you can make the right choices. With this in mind, we will look at the value of irrevocable trusts in this post. Incidents of Ownership One major distinction between the different types of trust is the ability to revoke … [Read more...] about Why Would You Use Irrevocable Trusts?
One of the primary reasons why it is important to discuss your inheritance planning options with a licensed attorney is because there are many ways to go about it. The ideal course of action for one person may not be appropriate for the next, and this is true on multiple levels. The nature of your assets and the overall objectives will certainly enter the picture when you are devising an inheritance plan, but it is not just about your own situation. You should also consider the potential … [Read more...] about Your Inheritance Plan Can Protect Benefits
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
Any family that cares for a child with special needs must consider special needs planning as a part of their overall estate plan. Why? Because someone has to be able to take care of that child in the event of the parents’ death. A special needs trust can be just the solution you’re looking for. Parents of children with developmental disabilities and other special needs often face unique challenges when it comes to estate planning. A simple will or trust is not enough While the average family … [Read more...] about Planning For a Child With Special Needs
There are different methods available to you when you are planning your estate when it comes to asset transfers in North Carolina. You should certainly explore your options in an intelligent and informed manner so you don't wind up doing more harm than good. With this in mind, let's look at when you might want to consider the creation of a special needs trust in Charlotte North Carolina. People With Disabilities & Government Benefits A lot of people have someone in the family with a … [Read more...] about Special Needs Trust in Charlotte North Carolina: When Would I Need It?
Everyone has different needs. A tailor-made estate plan will take the needs of each individual inheritance recipient into account. With this in mind, let's look at the legal device called the supplemental needs trust. Inheritances & Government Benefits People with disabilities often rely on need-based government benefits like Medicaid. This is a health insurance program that is crucial for many individuals with special needs. Many people in this situation require care that is very … [Read more...] about What Is a Supplemental Needs Trust?
A lot of people are taken aback when they hear about the current cost of long-term care. Each year the MetLife Mature Market Institute publishes a survey that is chock-full of information, and it is certainly an interesting read for anyone with an interest in elder law issues. Last year the cost for a day residing in a private room in a nursing home in the United States averaged $239. In 2010 the average daily cost was $229, so we are talking about a 4.4% increase from one year to the next. If … [Read more...] about Special Needs Call For Specialized Planning