Estate planning is crucial for a family with a special needs child, who may benefit greatly from a special needs trust to supplement government benefits. It can feel difficult to create an estate plan for children with special needs, because you don’t know what type of care he or she will need, or the type of government benefits for which they’ll be eligible when they turn 18. People frequently become overwhelmed about special needs planning because they don’t have a clear pi

Inheritance trusts are used to maintain some level of control in how assets of any size are passed on to and used by another person (referred to as a trust “beneficiary”). Leaving an inheritance to a beneficiary in a trust, as supported by the article from Times Herald-Record titled “Leaving inheritances to trusts puts you in control,” can protect money or property from being squandered through extravagant expenditures or lost due to creditor problems or failed marriages. For

As part of an overall estate planning strategy, says JD Supra in the article “Estate Planning: The Irrevocable Life Insurance Trust,” an Irrevocable Life Insurance Trust, or ILIT, can be used to take the life insurance proceeds out of a donor’s taxable estate (in other words, making them not subject to federal or state estate tax). But there’s one catch: the donor (the owner of the policy) must live for three years after the policy is transferred to the trust in order for the

More than 50% of Americans don’t have a will, according to a 2017 survey by Caring.com. A U.S. News & World Report’s article asks “Should You Make a Free Will Online?” According to the article, before writing your will or using an online service, you need to know the legal requirements in your area. In many instances, this is best left to a legal professional in your state. There are plenty of online tools that will help you create a will. However, before clicking on a websit

Trusts are often associated with the very wealthy, who want to pass on their wealth to future heirs. However, there are many good reasons to set up a trust, even if you aren’t “rich.” In general, I recommend trusts for my clients when any one of the following factors are present: The client owns any real estate; The client has over $150,000 in cash or stock; The client owns a business or has interests in a business; The client is in a blended family situation; or The client v