There is no cookie-cutter, one-size-fits-all estate plan, and this is why it is necessary to receive personalized counsel from a licensed estate planning attorney before you make any decisions. Every situation is unique, and your own financial position and your intentions will be a large part of the equation. On the other side of the coin, you should also take the life situation of each person on your inheritance list into account. With the above in mind, if you have a child with a disability on … [Read more...] about Planning for a Child With Special Needs
supplemental needs trust
Why Should I Create a Supplemental Needs Trust If Our Family Is Financially Well Off?
A supplemental needs trust, or SNT, is a very specialized type of trust that is intended to be created to help with the financial needs of a physically or mentally disabled individual or someone with a chronic illness. Assets held by an SNT may be used to cover expenses that are not covered by government funded programs like Medicaid, public housing or Supplemental Security Income. In many ways, a SNT operates just like any other trust; however, there are important distinctions. If you have a … [Read more...] about Why Should I Create a Supplemental Needs Trust If Our Family Is Financially Well Off?
