Oftentimes, estate planning is about making sure that loved ones are cared for when the time comes that you are no longer there for them. That might sound simple enough, but the benefits provided through estate planning can be somewhat difficult to understand. Yet, to maximize the affect of those benefits, you need to understand the estate planning tools at your disposal so that you can utilize them to the best of your ability.
How a special needs trust can help
If you have a loved one with a serious medical condition that requires extensive and/or specialized care, then you might want to consider a special needs trust. This type of trust allows you to provide financial resources to a beneficiary without affecting his or her ability to qualify for certain public benefits. Since government programs like Social Security disability, Medicaid, and Medicare are all contingent upon having a reduced income, it’s important that an inheritance doesn’t push them over that income limit. With a special needs trust, assets distributed to your loved one are not considered income so long as they are used for approved purposes.
Don’t let creditors touch your assets
There’s another benefit to special needs trusts, too. Assets that are placed into one of these trusts are protected from creditors and from judgments. Therefore, the assets that you put into one of these trusts will reach their intended recipient, giving you peace of mind that your loved one will have the care and support he or she needs.
Find help with your estate planning
Far too many people find the estate planning process daunting. It doesn’t have to be. There are experienced attorneys who work on developing estate plans on a regular basis. As such, they have the knowledge and experience you need to ensure that your idea of the future for your loved ones and your estate come to fruition. So, if you’d like to learn more about how to create an estate plan that is right for you, then think about contacting a law firm that you think has the most to offer you.