If you are the parent of a person with special needs, you are well aware that the role you play is very different than it may be for other children. Properly planning to meet their financial needs, both in the immediate and long term, is a critical part of supporting your child. This support must often continue well past the typical age of adulthood, which means parents need to put in place financial tools to care for their children, in the event of the parents’ death.
Trusts can be a highly effective tool in nursing home planning. Certain types of trusts are effective even when a nursing home stay is imminent
When you build a house, you want to do so efficiently. Pine 2x4s are cheaper than 1½” oak floor boards, so that’s what you use to frame the house. When you’re making your estate plan, you don’t want the family farm to wind up being sold to pay a tax bill, the costs of probate, or the medical expenses of your beneficiaries. Fortunately, with a little forethought and some organization, you can avoid those kinds of problems and make a plan to pay or even avoid those costs without jeopardizing your wishes. [Read More]