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When a Will is not enough
Using only your Will to leave benefits to a child with special needs may actually work against their future financial security. Gifts and funds that are Willed directly to an individual can in reality become an asset for the state. Since such funds are considered to be income, they may cause your loved one to…
Consider using co-trustees for your supplemental needs trust
Choosing a trustee to oversee your child’s supplemental needs trusts may be one of the most difficult and important decisions you will make. The trustee must be able to manage the trust, make proper investments, pay bills, and prepare tax returns. They must be organized, careful, knowledgeable about the law and capable of understanding your child’s needs.
The importance of writing a Letter of Guidance
When you can no longer care for a loved one with special needs, a Letter of Guidance can help make their transition to a new living situation go as smoothly as possible. The Letter of Guidance, written on the premise that no one knows a child better than a parent, contains important information about your loved one’s history, likes, dislikes, current health and emotional status, hopes and dreams, as well as what your wishes are for their future.
Special needs planning involves much more than money
Establishing a supplemental needs trust to benefit your loved one with special needs is a very important step in ensuring they will be cared for when you are no longer able to provide such support. However, there are many things to consider other than finances when planning for your loved one’s future. For example, where…
Do not be afraid to ask others to contribute to your supplemental needs trust
The cost of caring for a loved one with special needs after you are gone will likely be more than you estimate. Unexpected and unforeseen costs are a reality, so it is important that you leave your loved one with more than you think they may need. Once you have created a supplemental needs trust,…
The Importance of Questioning Nursing Homes
If your loved one is in a nursing home, that home is going to be their residence for an indefinite amount of time. It is very important to know that they are truly getting the best care available. Since your loved one will be dependant on the care provided by the nursing home facility, they…
When a Loved One Needs a Guardian
Caring for a loved one is a situation that many people find themselves in, and the caregiver’s status as a guardian should be made official by the law. Often times, individuals begin taking care of a relative or loved one without thinking about the need for official legal documentation. If you are managing the health and financial decisions of loved one, becoming their legal guardian will simplify many common tasks.
The Pain of Estate Litigation
The stress and emotion involved in losing a family member can only be explained by those experiencing the loss. Truly, this is the worse time in a person’s life to have to get involved with litigation. Whether someone feels that their rights have been denied by the will and probate court, or when a will…
The Myth of Do-It-Yourself Wills
You might not think it makes a difference, but a will made with software is not the same as a will created by a lawyer. The idea that the two are similar couldn’t be further from the truth. An elder law attorney will know the law and possible risks that software can not predict.
Estate Planning – More than Just a Will
When talking about estate planning, people generally think about a will. A will is an essential part of estate planning, but it is only the beginning. A will expresses your wishes of asset disbursement after you pass on, but complete estate planning covers important items that may affect you while you are alive.
