Do You Need a Special Needs Trust?
Far too often, I see a confluence of two things: 1) misinformation or half-truths about special needs planning, and 2) parents of special needs children who really do their homework. It can be especially frustrating when attorneys who only know a little about estate planning for special needs beneficiaries who happen to get a hold of a template for a special needs trust.
The fact is that *separate* special needs trusts are not used all that often in estate planning (or at least they shouldn't be) because the RIGHT kind of revocable living trust can provide all of the protection needed. In some cases, an IRA Trust is needed to separate and protect tax-qualified inheritances, and in this case a separate IRA Trust also needs to have all of the right provisions to protect a special needs beneficiary.
Two specific situations where a separate special needs trust needs to be set up as part of the estate planning process are: 1) someone else, typically grandparents, want to gift or leave an inheritance specifically for a special needs beneficiary, or 2) separate life insurance proceeds are to be earmarked for the special needs beneficiary above and beyond what the other beneficiaries may be getting.
For more information, please see my book "The Simple Guide to Special Needs Estate Planning" available on Amazon through our Linktree account at www.linktr.ee/plainenglishattorney which lists all of my books.
Free Educational Programs and Other Information:
https://linktr.ee/plainenglishattorney
8406 Six Forks Road, Suite 102
Raleigh, NC 27615
(919) 844-7993
#attorney #lawyer #instalawyer #estatedisasters #attorneylife #lawyerlife #lawyerissues #lawfirmlife #lawyersofinstagram #attorneysofinstagram #MedicaidPlanning #estateplanning #revocabletrust #probate
Видео Do You Need a Special Needs Trust? канала The Plain English Attorney
The fact is that *separate* special needs trusts are not used all that often in estate planning (or at least they shouldn't be) because the RIGHT kind of revocable living trust can provide all of the protection needed. In some cases, an IRA Trust is needed to separate and protect tax-qualified inheritances, and in this case a separate IRA Trust also needs to have all of the right provisions to protect a special needs beneficiary.
Two specific situations where a separate special needs trust needs to be set up as part of the estate planning process are: 1) someone else, typically grandparents, want to gift or leave an inheritance specifically for a special needs beneficiary, or 2) separate life insurance proceeds are to be earmarked for the special needs beneficiary above and beyond what the other beneficiaries may be getting.
For more information, please see my book "The Simple Guide to Special Needs Estate Planning" available on Amazon through our Linktree account at www.linktr.ee/plainenglishattorney which lists all of my books.
Free Educational Programs and Other Information:
https://linktr.ee/plainenglishattorney
8406 Six Forks Road, Suite 102
Raleigh, NC 27615
(919) 844-7993
#attorney #lawyer #instalawyer #estatedisasters #attorneylife #lawyerlife #lawyerissues #lawfirmlife #lawyersofinstagram #attorneysofinstagram #MedicaidPlanning #estateplanning #revocabletrust #probate
Видео Do You Need a Special Needs Trust? канала The Plain English Attorney
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
Dealing with Real Estate in Revocable Living TrustsHousing in a Special Needs Needs TrustUnhappy with the Terms of a Trust? Decanting the Problem AwaySheri Abrams Attorney at Law presents "Special Needs Planning in the Age of the Pandemic"How Special Needs Trusts Affect HousingTransferring Real Property to Fund a Revocable Living Trust will help avoid ProbateSpecial Needs Trust 101Housing in a Special Needs TrustHow Much Discretion Do You Give a Trustee?Pooled Special Needs Trusts ExplainedHow to Choose Your Trustee Without Losing Your MindBasics of a Living TrustSpecial Needs Trust with a Focus on Mental HealthTrusts 101 - Estate Planning With TrustsCan I Keep Medicaid after Inheritance or Injury SettlementPooled Special Needs Trust vs Qualified Income TrustSecret To Naming Your Revocable Living TrustCorporate and Personal Asset Protection PlanningEverything You Need To Know About Special Needs Trusts | Sheri Abrams - Attorney in VirginiaWhat's the Difference Between a Special Needs Trust and a Supplemental Needs Trust?