You created your revocable living trust to hold your assets. You did so because of the probate avoidance and other benefits. You may have included sophisticated tax-planning provisions in your trust.
As parents of children with special needs age, they should revisit the decisions they made—sometimes many years ago—regarding guardianship, beneficiarie, and other aspects of their child’s care.
It takes a special parent to care for a child with special needs. These parents’ greatest financial concern is typically ensuring that their children are cared for when they can no longer do so.
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.
