Having a child with special needs can come with all sorts of unique challenges from a financial and estate planning standpoint. Public benefits, for example, can play a huge role in anticipating how much money your child will need down the road in your later years, as well as when you’ve passed away.
The possibility that a power of attorney might be rejected may be one reason not to simply pull a form off the internet and hope it will be accepted.
What may have seemed like something to take care of ‘one day,’ has turned into a basic necessity that makes it essential and necessary for you to encourage your clients to act now.
Whenever you open a financial account, you’re almost always asked to name a beneficiary. Simply stated, a beneficiary of the account is someone who is entitled to the benefits of the account, typically, on the death of the account holder. If you’ve purchased life insurance, for example, you name a beneficiary who receives the benefits of the policy when you pass.
As you age, it is important to have your affairs in order to ensure peace of mind for you and your family. Several documents need to be in place to help your family know and carry out your wishes.
Probate and trust administration are not the same. There are important differences and similarities between administering a decedent’s probate estate and administering a decedent’s trust estate.
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