To make sure that your children are taken care of if something happens to you, it’s important to appoint a guardian, establish a trust and ensure there’ll be financial support.
When preparing testamentary documents, such as wills and trusts, protecting beneficiaries with disabilities should be a priority.
While it may not seem necessary when a special needs child is young, setting up a trust to ensure their financial stability is better to be done sooner rather than later.
A not uncommon estate planning scenario is an elderly parent who lives with an adult child, either at the parent(s)’s home or at the child’s home.
If you have a child or grandchild with disabilities, one of your biggest worries is what will happen when you are no longer around to provide aid.
If your beneficiary designations are out of date and you die without updating those designations, your assets could go the wrong people–a former spouse, for example–no matter what your will says.
Equally sharing the wealth among the children isn’t always fair, such as when one sibling is the primary caretaker, or another is already wealthy.
In simple terms, a residuary estate is any part of your estate that hasn’t been distributed to your heirs through a last will and testament.
A frequent concern for those with aging loved ones is the future need for guardianship. Unfortunately, the concept of guardianship can be confusing and overwhelming.
As government programs do not cover all expenditures related to these categories, ABLE accounts can be used to pay for shortfalls.