Chipman Mazzucco Emerson LLC

December 2018 Archives

Important information about special needs trusts

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).

How parents can help their children with estate planning

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.

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