Special Needs Trusts
Following the resolution of a personal injury litigation matter, we assist in creating a Special Needs Trust. This trust will hold assets given to the injured individual as a result of the award.
Special language as required by law is included to ensure that the award is not treated as an asset of the injured person. In this way, the injured person can continue to qualify for any government assistance benefits, including SSI/SSDI.
The trust can include specific instructions on how the assets are to be used during the beneficiary’s lifetime, and what should happen to any assets still in the trust after the beneficiary passes away. Additionally, while the awarded assets are held in a trust, they are also protected from creditors.
Trusts
There are many other types of trusts available, that are used to avoid all of your assets
having to go through probate, and to keep the affairs of your estate private and confidential.
They also allow you to take advantage of certain tax adjustments and minimize estate taxes. In a similar way to a Will, they make sure your assets are used and distributed the way you wish them to be after your death. They also simplify management of your estate in the event that you become disabled, a protect your assets from creditors and future ex-spouses of your beneficiaries.
Guardianship and Conservatorship
A Guardianship is a court-ordered authority to care for an individual who is either under the age of 18 if not the individuals natural parents, or disabled in some way.A conservatorship is a court-ordered authority to care for an individuals financial needs.
Once the court orders a guardianship or conservatorship, in most cases the guardian or conservator is required to file reports with the court on the status of the disabled person and their assets.
Elder Law
As we age, it is important to make plans for the possibility that we are not able to make decisions on our behalf. By executing a Healthcare Directive and Power of Attorney while we are physically and mentally able, we make decisions, appoint agents, and leave instructions so that our loved ones are not left guessing as to what we would want done concerning our business and financial matters, and healthcare decisions, including end of life care and funeral and other arrangements.
Also, if you are caring for aging parents, relatives, or other loved ones, it’s important to get good information so that we care for them in the best way possible, and preserve the assets they spent a lifetime of hard work accumulating.
Probate
Probate is the court-supervised process that validates your will and gives your executor authority to carry out the management and distribution of your estate. If your estate is relatively small and uncomplicated, then probate can be a quick, fairly inexpensive proceeding. Often, however, the probate process can be lengthy and expensive, chewing up the value of your estate while your assets sit in legal limbo.
Estate Planning
Proper Estate Planning will ensure that your assets are distributed according to your desires after your death. If you on’t have a plan, the State you live in has one for you, and decisions about your assets will be left to the courts. Your Estate Plan can also direct a medical treatment plan, carry out any burial wishes, and potentially make life easier for the people you leave behind – financially and emotionally.
