December 2018 Archives
Parents of special needs children have a wide range of reasons for wanting to set up a trust even though their assets fall well below the exemption limit for the estate tax. These reasons include guardianship and the questionable availability of public resources. Complications can also arise when it comes to the income cap for recipients of Medicaid and Security Supplemental Income. Thankfully, there is a special type of trust for this situation: the Special Needs Trust (SNT).
Some parents and their adult children in Connecticut may encounter some friction over estate planning. Many baby boomers feel that their children need to create estate plans. However, these children may feel too overwhelmed by debt and other issues to address this. For some families, the solution is for the parents to pay for the estate plan. In such situations, most adult children will follow through on the process.
When you think of estate planning, you may think of writing a will, but there are other factors in a plan that can be useful — even during your life.
Connecticut readers know that it's important to establish an estate plan. However, having a plan isn't enough. It will need to be occasionally reviewed and updated to make sure it still meets an individual's needs.