David Wingate in Frederick MD Frederick, MD  David Wingate in Frederick MD 301-663-9230 David Wingate in Rockville MD Rockville, MD  David Wingate in Rockville MD 240-453-0070 David Wingate in Hagerstown MD Hagerstown, MD  David Wingate in Hagerstown MD 301-360-5949
Elder Law Office of David Wingate, LLC

Posts Tagged ‘special needs trust’

How should I distribute my assests to my special needs child and my other children?

Parents should consider the possibility of leaving their retirement benefits to children without disabilities and leave other assets—cash, stocks, real estate, insurance, etc.— to the special needs trust. Leaving non-retirement assets to the special needs trust avoids the unsatisfactory consequences associated with the shorter pay-out required when the special needs trust names an older contingent beneficiary or where the parents would like to name a charity as a beneficiary of the trust. The retirement funds left to the children without disabilities can be stretched out to the extent permitted by law, and more of the favorable tax treatment and opportunities…

Read More »

Parents need immediate estate planning to make sure their assets are properly disbursed for the specialized care of their minor or adult children when they die — an event that can happen at any time.

Parents are encouraged to call upon the trained expertise of financial and legal advisors.

Special Needs Estate Planning

Whether paid directly to a disabled person, or into an ordinary trust, most gifts and inheritances and accident, workers compensation, divorce, and other litigation recoveries jeopardize government aid and even may have to repay prior benefits.

SHOULD YOU HAVE A SPECIAL NEEDS TRUST?

Bill and Susan have begun to realize they, in the future, may no longer be able to care for Sam and, equally important to them, they don’t want to jeopardize the services paid for by the Medical Assistance program.

MENU
Close
loading...