Increasingly, financial advisors are working with clients from nontraditional families, which can sometimes require different or additional strategies to protect their assets and achieve their financial goals.
Creating a will is important for all adults, but particularly those who have dependents—including adult dependents. Adding a trust to your estate plan can provide even more guidance.
The main financial vehicles of supporting disabled individuals—the special needs trust and the Achieving a Better Life Experience (ABLE) account—both come with special tax conditions that advisors need to consider.
Episode 6 of The Estate of The Union is out now! In this episode, Brad Wiewel is joined by attorney Melissa Donovan, Certified Elder Law
First, before making a gift or bequest outright to your youngest son, consider whether now or in the future he will possibly be eligible for governmental assistance based on his disability and his own assets.
Trusts give parents of special-needs children additional options for extending care and financial assistance. However, you might need some expert help.
While a will is one of the most important estate planning documents you can have, there are things that a will won’t cover.
If you have a child or other family member who has special needs due to physical or mental conditions, you face a variety of challenges planning for their care, including financial ones.
Just as you have trust in a relationship, trusting your document and those with responsibilities in the trust are crucial to obtaining your objectives.
An applicable multi-beneficiary trust can solve some–but not all–of the challenges that the new act presents.
