ESTATE PLANNING DURING COVID-19
Estate planning for many is a task in a perpetual state of procrastination. Often making its way to the forefront of consideration after the passing of a family member, friend, or basketball legend. Anything that reminds us of our own mortality typically reminds us of this seemly uncomfortable task of planning our Estate.
Covid-19 is no exception. During uncertain times like these, many are looking to make sure their affairs are in order. Here is what we have been getting the most questions about.
SPECIAL NEEDS TRUSTS
Estate planning is an act of love. The goal is to create a plan that provides for those we leave behind.
Many do not realize that leaving an inheritance to a loved one with a disability can potentially disqualify them from receiving government benefits. You need to plan appropriately.
Government benefits can generally be separated into two categories; entitlement (based on a recognized disability) and needs (based on income). Often, loved ones who qualify for benefits due to a disability, are unable to work, and can therefore also qualify for benefits based on income.
Income requirements to qualify for needs-based benefits are stringent. Leaving an inheritance directly to your disabled loved one can disqualify them from receiving the benefits they deserve.
Special needs trusts are vehicles that can shelter a disabled loved one’s inheritance, allowing them to qualify for benefits and utilize the money you leave them to supplement their quality of life.
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(714) 204-0058
"We make a living by what we get. We make a life by what we give."
Winston Churchill
LDB Legal is dedicated to providing excellent estate planning services to the Southern California area.
With our experience in the legal community, we can provide you the services you need and the representation you deserve.
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Ready to take the next step? Contact our office today and download a complimentary confidential questionnaire.