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same issue with scattered finances: IRA here, 401(k) there, trust account, savings account, bank CD, insurance Insurance: Look into protecting your nest egg with some term life insurance. CharitableContributions #AssetProtection #EstatePlanningLawyer #IRAs #401k #HoustonWills #PowerofAttorney #Insurance

These specialized accounts supply vital support for supplemental needs without messing with benefits A special needs trust, also called a supplemental needs trust or SNT, is a personal legal arrangement An SNT is a crucial planning tool permitting beneficiaries to maintain eligibility for Supplemental Security Typically, a family member or other third party who wants to provide supplemental support funds the trust special needs trusts include court settlements, inheritances, assets from divorce proceedings, life insurance

disabled loved ones that are under the age of 65 and inherit directly, consider establishing a first-party supplemental Create a Third-Party Special Needs Trust Establishing a third-party supplemental (special) needs trust Transfers to a special needs trust generally incur no penalty. Your Legacy Legal Care has personal experience in planning for loved ones with disabilities and will ensure

If your parent has a Medicare Supplement, they may not have to worry about a large deductible. If your parent has long-term care insurance, check to ensure that it covers assisted living or home health Even with long-term care insurance, your parent may face a deductible or an elimination period, which Medicaid: If your parent does not have long-term care insurance and is facing a stay longer than 100 Do they have an end-of-life plan, long-term care insurance, and an estate plan?

Can a Special Needs Trust Ensure the Individual Will Still be Eligible for Other Benefits? Is There a Difference Between a Supplemental Trust and a Special Needs Trust? There is one difference between a supplemental trust and a special needs trust. A supplemental needs trust is put in place to supplement government benefits. A simple will does not include the estate planning tools necessary to ensure your child has the best

Special Needs Trusts A Special Needs Trust , or a Supplemental Needs Trust, is created to provide financial This type of trust is designed to be managed by a trustee who will ensure the funds are used only for the beneficiary’s supplemental needs. counted as an asset when determining eligibility for government assistance programs like Medicaid or Supplemental Remember that proper planning now can help ensure that your beneficiaries receive the maximum benefit

Supplemental (Special) Needs Trusts are often used in Texas to plan for future support of special needs Supplemental (Special) Needs Trusts Supplemental (special) needs trusts are the most effective trusts You can also fund special needs trusts with the proceeds of a life insurance policy, or you can make Supplemental needs trusts can be a critical component of planning for the future of your child with a Your Legacy Legal Care offers comprehensive estate planning services to ensure your loved ones are protected

But remember that Social Security was designed as a supplemental retirement insurance program, not a

you retire prior to eligibility for Medicare, you need to plan how you’re going to pay for medical insurance Investigate some supplemental coverage and don’t forget about long-term care costs that may occur later

An estate plan that is set up to benefit someone with special needs can go a long way toward ensuring Minimizing the assets a person with special needs has ownership of ensures they will be able to qualify The assets in a special needs trust can be used to supplement the support received from the government It is our pleasure to lend a hand with this process, and to help ensure that people who need extra love

Review your insurance needs. You should look at your insurance coverage. For the immediate future, you should know how much your health insurance deductibles and co-pays will For the long-term, consider whether you have enough life insurance. Parents should also make sure they have disability insurance, which can bridge a financial gap in the The birth or adoption of a child is a perfect opportunity to review beneficiary information on insurance

Life insurance can be very complicated and confusing. A recent study that looked at the life insurance purchased by 94 ultra-wealthy business owners with a A recent Forbes article, “How The Ultra-Wealthy Avoid Life Insurance Missteps,” says that there were The most common mistake made by more than 80% of the business owners was buying more life insurance than Also, for 60% of these uber-wealthy business owners, their life insurance wasn’t effectively integrated