Estate Planning
About Estate Planning
Estate Planning is Not Just for the Rich
Estate planning is not only for the rich or the elite. If you have assets and own property, you have an estate and therefore you need to have a plan! Your estate is what you leave after you pass away. You want to control how it is done, who gets your property, and when.
Read More...It may sound like a no brainer but I can not tell you how many times clients have not updated their beneficiary designations. This can create a serious problem for the child with special needs. These assets pass outside of a Will or Trust that you may have set up.
Supplemental Needs Trusts
The first step in any estate plan is to have Will and/or Trust which provide for the proper disposition of your assets upon your demise. For parents who have a child with special needs, it is highly recommended that their estate plan provide for a Supplemental Needs Trust (SNT). This Trust will be managed and administered by a Trustee for the benefit of your child with special needs while maximizing government benefits.