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Michael Cherewka

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Estate Planning for Parents

Estate Planning for Parents

Wanting to protect your children when you aren’t there to do so is one excellent reason to develop an estate plan. Here are some leading child-related issues to consider as part of your estate planning efforts.

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For Heirs Requiring Continuing Care, Consider Special Needs Trusts

If the beneficiaries of your estate include anyone with significant physical or mental limitations making it likely he or she will require continuing care, you should think about a special needs trust, especially if it’s important to retain that individual’s eligibility for government benefits programs, such as Medicaid or Supplemental Security Income (SSI).

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When You Might Consider Creating a Living Trust

It’s crucial to note a living trust does not take effect until specific assets have been transferred into the trust to fund it; this may require additional paperwork to complete formal transfer of those assets’ title.

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