Tag Archives: special needs

Estate Planning

Why New Parents Need an Estate Plan

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If you are expecting a baby or you have just had a child, you know that your world has totally changed. While all of the decisions you must make can be overwhelming, it is important to create or update your estate plan. Your child is the most important thing in your life, so you should take every step necessary to protect him or her now and in the future.

Below are a few reasons why new parents need to create or update their estate plan:

  • Appoint a guardian for your minor children. Nobody likes to think about not being there for their child, but none of us know the future. Thus, if something should unexpectedly happen to you or your spouse, it is important to choose who will raise your child. You should confer with the person you want to appoint to serve as the guardian of your minor children to verify that he or she is willing to do it. You should also name alternates in case your first choice is unwilling or unable to serve as the guardian when the time comes.
  • Create a trust. A trust can help ensure that your child’s financial future is protected. A trust provides you flexibility in deciding when and under what conditions your child will inherit from you, which may include a provision stating that your child must reach a certain age before distributions from the trust should be made.
  • Select a trustee to manage each child’s inheritance. You will want to consider appointing a trustee who will invest wisely on behalf of your child.
  • Provide for any special needs. If your child has special needs, you must take care in creating your estate plan. You will want to create a special needs trust to ensure that your child’s needs will continue to be provided for without jeopardizing his or her eligibility to receive government assistance.

If you are expecting a child or you are a new parent who would like to learn more about creating an estate plan to protect your child’s best interests, call us today to schedule an initial consultation.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

 

Estate Planning

Choosing the Trustee for a Special Needs Trust

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If you have a loved one with special needs, you know that it can be physically, mentally and financially demanding to care for them. It can also be extremely nerve-racking to worry about who will take care of the special needs individual when you are no longer able to do so. To find peace of mind, it is important for you to take action now to insure that your loved one will be not only provided for, but also properly cared for after you are gone.

One of the most effective tools for protecting an individual with special needs is to establish a special needs trust. One of our estate planning attorneys can walk you through the process and make sure you understand all of your options. However, one of the most difficult decisions to make is often selecting the trustee for the special needs trust.

There are a wide variety of government programs that provide benefits to disable individuals. However, these programs typically determine the individual’s eligibility based upon financial need. As a result, it is vital that you carefully plan how any money or assets are given to your loved one to ensure that he or she is not disqualified from receiving the much-needed government assistance. By creating a special needs trust and working with an experienced estate planning attorney, you can provide assistance and financial support to your loved one in addition to the government benefits he or she is already receiving.

When it is time to choose the trustee to administer the special needs trust, it is important that you select someone who is familiar with the laws and guidelines involved in state and/or federal programs. Or, if the person you appoint is not experienced in these types of matters, make sure he or she has the assistance of your estate planning attorney. If the trustee spends the funds of the special needs trust improperly, it could put the beneficiary at risk of losing his or her eligibility in the government programs. Don’t let all of your hard work to provide for your loved one be put in jeopardy. Contact one of our knowledgeable attorneys for the advice and guidance you need in creating a special needs trust and choosing the right trustee to manage it.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Is Your Estate Plan Complete?

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If you have an estate plan, you may be wondering if it is complete and comprehensive. This is especially true if your plan was created several years ago and your life circumstances have changed. Below is a checklist of questions you should consider regarding your current estate plan:

  • Do you have a Will and/or Trust, Healthcare Proxy and Power of Attorney?
  • Are the individuals or entities named as your executor, successor trustee, power of attorney or healthcare agent still the persons you want to serve in these roles?
  • Have you relocated since your estate planning documents were drafted? If so, do your documents still comply with the applicable law where you live?
  • Are you transferring any personal property to a person under the age of 18 years?
  • Are the beneficiaries you are giving your assets to capable of properly handling the bequests or new wealth?
  • Are there any specific gifts to certain individuals that you want to make?
  • Are any of your assets held in joint accounts or where you have a designated beneficiary? If so, do your estate planning documents match your designations?
  • Is your property being distributed to your beneficiaries outright or in trust?
  • Do any of your beneficiaries have special needs that should be considered?
  • Will your estate plan provide you with tax advantages?
  • Have you notified your loved ones of where your estate planning documents are located?
  • Have you left information regarding how to access your digital assets?

The above list is not exhaustive, but it provides you with a good start in determining where your estate plan stands. If you need assistance understanding the consequences of your plan as it is currently drafted or whether it should be updated, we can help. If you are like most people (and most of our clients), you understood your documents when they were signed, but they can be complex and you may not be clear now. A review with a good estate planning attorney can give you great peace of mind, or help you spot changes you may want to consider.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.