Category: Asset Protection Planning

Top 3-Estate Planning Docs. Can Devastate-Pt. 3

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The Top 3 Reasons How Online Estate Planning Documents Can Devastate Your Family and Leave Them In Financial Ruin – Money Can Be A Curse!!

Reason 1: The Pitfalls of Not Getting Legal Advice from an Attorney Can Cause Your Estate Plan to be Defective Because of Wrong Heirs, Wasteful Spending, and Worthless Investments

Arguably one of the biggest reasons why online estate planning documents can devastate your family’s estate plan and leave them in financial ruin is because you don’t get legal advice with do-it-yourself documents.  What most people don’t realize is that the value of an estate plan isn’t just in the documents – it’s in the advice and counsel you get from your estate planning lawyer.  An estate planning lawyer can identify issues that are unique to your financial and personal life that will affect your estate plan.  Some of those issues might include: blended families, predeceased beneficiaries, family drug/alcohol problems, problems with the in-laws, careless spending, worthless investments, and Medicaid planning opportunities. Part I and Part II of this series addressed the concerns you might have if the wrong heirs inherited your estate, as well as with concerns you might have with wasteful spending and worthless investments.  This blog addresses how online documents miss planning opportunities for unforeseen circumstances in your life, such as nursing home care.

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ABLE Accounts as an Estate Planning Tool for Special Needs Children

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Did you know that if you die without proper planning, the assets your special needs child inherits may make the child ineligible for government assistance? Estate planning is important for everyone, especially when disabled children are involved. Traditionally, attorneys use an estate planning tool called a special needs trust. The special needs trust is used to pay for expenses that are not covered by government benefits. Upon the death of the parents, the assets inherited by the special needs child are protected from being used up for the child’s basic needs paid by government programs. Today, there are additional tools attorneys can use, including ABLE accounts. But are ABLE accounts right for you?

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Ohio Legacy Trust

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In March 2013, the Ohio Legacy Trust Act went into effect. What’s noteworthy about this type of trust is the degree of protection it can shield trust assets from future creditors. In situations where people have a typical revocable living trust, potential creditors can still reach the assets in the trust. With an Ohio Legacy Trust, the assets are much more shielded.
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Special Needs Trust

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Typically, a physical or mental disability may qualify a person for government benefit programs, such as Social Security or Medicaid. Since these programs are administered only to those who financially qualify, gifts or inheritances must be planned very carefully so they will not interfere with the disabled beneficiary’s eligibility for government benefits. Setting up a special needs trust is one way to help pay for the challenges associated with raising a disabled child, while still preserving government benefits.

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