A special needs trust (SNT) allows an individual to provide for a disabled beneficiary without jeopardizing the beneficiary’s eligibility for needs-based government benefits. SNT funds can generally be used to pay for almost anything that falls outside the basic support that programs such as Supplemental Security Income (SSI) and Medicaid provide. This includes many goods, services, and experiences […]
Read moreYou regularly check the balances of your retirement, bank, and investment accounts. But when was the last time you checked the beneficiary designations on these accounts (and really, all the other accounts that allow you to name a beneficiary)? It may have been years since you first opened an individual retirement account, bought a life insurance policy, or […]
Read moreStereotypes surrounding “only child syndrome” have largely been debunked, as recent studies show that only children, on average, develop social skills similar to those of children with siblings.[1] Further, outdated perceptions surrounding only children have shifted as the average size of the American family has shrunk, and one-child families have become far more common. Raising an only child […]
Read moreOne common way to avoid the probate requirement for real estate after the owner dies is to add children or other individuals to the property title as joint owners with rights of survivorship. When joint owners have survivorship rights and one joint owner passes away, the remaining owners automatically receive the entire interest of the deceased owner. […]
Read moreWhile the term fiduciary is a legal term with a rich history, it generally means someone who is legally obligated to act in another person’s best interest. Trustees, executors, and agents are examples of fiduciaries. When you select people to fill these roles in your estate plan, you are picking one or more people to make decisions in […]
Read moreIf you have overheard any estate planning discussions, you have likely heard the words “guardian” or “trustee.” In estate planning, deciding who will ultimately be tasked with caring for your minor child or managing funds for their benefit is an important decision that requires consideration of many factors. Although there is no substitute for you as a parent, […]
Read moreWhen you establish a trust, you nominate someone to be the trustee. If you are creating a revocable living trust, you will likely be the initial trustee. You will also want to name successors or backup trustees to step in and manage the trust’s affairs if you can no longer manage the trust yourself. The trustee is in […]
Read moreIf you have a revocable living trust, you probably named yourself as the initial trustee so that you can continue to manage your financial affairs. However, someone else will eventually need to step in to administer your trust when you are no longer able to act due to incapacity (the inability to manage your affairs) or after your […]
Read moreEvery day we make hundreds of decisions for ourselves—from what to eat for breakfast to where to vacation. However, what happens if you cannot make decisions for yourself? Who do you want making day-to-day decisions on your behalf and serving as your conservator? If you have recently created or reviewed your estate plan, you probably discussed and signed […]
Read moreWe know it is difficult, even horrific, to imagine someone else raising your children. However, you must consider who you would choose to fill this important role. Otherwise, a judge—a stranger who does not know you or your wishes, your child, or your relatives and friends—will determine who raises your children if something happens to you. Depending on […]
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