HOW DO YOU PROVIDE FOR PEOPLE WITH DISABILITIES?
Sept. 4, 2014
Family members can come in all shapes and sizes and have different needs. As a result, when you are planning your estate there is more to it than simply looking at a pie and slicing it up into pieces of various sizes.
Preparing the assets for distribution is part of the equation, but you also have to consider the unique nature of the respective recipients of inheritances. The ideal vehicle of asset transfer may vary from one individual to another, and this comes into play if you have a person with a disability in the family.
Individuals who have special needs often times rely on government assistance to pay for long-term care. This care is extraordinarily expensive, reaching into the six figures annually in many areas (including Southern California.) So, it can be financially devastating for such a person to lose his or her benefits.
There are upper financial resource limits that cannot be exceeded, so if you were to provide an individual who is receiving government assistance with a large inheritance it could impact his or her eligibility.
As a result, you have to employ advanced estate planning techniques such as the creation of a special-needs or supplemental trust for the benefit of the family member in question.
Every family is unique, and this is why personalized attention is so important. To develop a plan for the future that suits your specific needs, take action right now to arrange for a consultation with a seasoned and savvy Redlands estate planning lawyer.