Protect Your Children’s Inheritance With A Lifetime Asset Protection Trust
Creating a will or a revocable living trust protects your kid’s inheritance. Still, in most cases, you’ll be guided to distribute assets through your will or trust to your children at specific ages and stages, such as one-third at age 25, half the balance at 30, and the rest at 35.
If you’ve created an estate plan, check to see if this is how your will or trust leaves assets to your children. If so, you may not have been told about another option to give your children access, control, and airtight asset protection for whatever assets they inherit from you.
Estate Planning Must-Haves for Parents – Even If You Have Legal Documents
A comprehensive estate plan can protect the things that matter most. For many, this means their property and their family.
When naming a legal guardian for your minor children, there are many factors to consider, such as whether the guardian has similar values to yours or can provide a welcoming home environment. But the most challenging decisions are often the most important. Consider the outcome if you died without having legal protections for your children in place. Your children could be subject to conflict between relatives, or they could be raised by someone you would never want or in a way you wouldn’t want. They could even temporarily be taken into the care of strangers.
Estate Planning For A Child With Special Needs: What Parents Need To Know
Estate planning is an obvious concern for all parents, but if you have a child with special needs, it’s crucial that you are aware of the unique considerations that go into planning for a child who may be dependent on you at some level for their lifetime.
Don’t Let Diminished Financial Capacity Put Your Elderly Loved Ones At Risk – Part 2
In the first part of this series, we discussed the early warning signs of diminished financial capacity in the elderly. Here, we’ll discuss planning strategies that can protect your loved ones from incapacity of all kinds.
Don’t Let Diminished Financial Capacity Put Your Elderly Loved Ones At Risk – Part 1
Coinciding with the boom in the elderly population, the number of Americans suffering from Alzheimer’s and other forms of dementia is expected to increase substantially as well. The Centers for Disease Control (CDC) estimates that the number of Americans with Alzheimer’s disease will double by 2060, when it’s expected to reach 14 million—more than 3% of the total population.
Third-Party Supplemental Needs Trusts
If you want to provide for a loved one who is disabled or has special needs when you are no longer here, care must be taken to ensure that the inheritance you leave will help rather than harm your loved one. An inheritance received outright could negatively impact your loved one if he or she is currently receiving government aid or benefits or will need to apply for aid in the future.
Changes to ABLE Accounts You Should Know
If you have a loved one with disabilities, you may be familiar with “ABLE” accounts, authorized by Congress in 2014 under the Achieving a Better Life Experience Act. ABLE accounts are tax-advantaged savings accounts–similar to 529 education savings plans–whose funds can be used to pay for certain qualifying expenses of disabled individuals. As a result
Create a Special Needs Trust to Protect the Financial Future of Your Child with Special Needs
It always surprises me to hear parents who have a child with special needs tell me that they were not aware of what they needed to do to ensure the future well-being and care of their child is properly handled. Or sometimes, they tell me they didn’t know they needed to do anything at all.
If that’s you, and you have a child with special needs at home, this article is for you. And if you have friends or family who have a child with special needs, please share this article with them.
Every parent who has a child with special needs must understand what’s needed to provide for the emotional, physical, and financial needs of their child, if and when something happens to them.