A special needs trust is a legal document that can help to better ensure the care of loved ones who are unable to make decisions on their own. This legal tool, also referred to as a supplemental needs trust, offers many benefits.
Many of us are animal lovers and non-human companions come in a lot of shapes and sizes. As we have noted in another section of our site, millions of New Yorkers have pets they love as much as (or perhaps more than) family. Understandably, it's not unusual for pets to be named as beneficiaries of estate plans, but unless it's done correctly, legal issues can arise.
Planning is a good thing. Not everyone likes it, but in the face of the inevitable and to ensure that assets representing one's legacy continue to serve the well-being of intended beneficiaries, few can dispute the value of the proposition.
Ensuring the well-being of loved ones incapable of caring for themselves is one of the greatest challenges any New York City family can face. If the onset of the incapacity is the result of some unexpected catastrophe, such as a near-fatal accident, concern about how to meet care costs can infringe on the delivery of that care.
Trusts come in a wide range of styles. There are revocable trusts, irrevocable trusts, even incentive trusts, which we wrote about in a post some time ago. This is not a complete list of trust tools available under New York estate planning law. The one that might be most appropriate for your needs can be determined by consulting with counsel committed to understanding what you want to accomplish.
It is no surprise that the cost of caring for ourselves and our loved ones as we age is expensive. We expect there to be certain costs tied to nursing care, medical care and other needs as we age. We plan, we save and we do our best to make the right choices for our family's future financial stability.
Planning for retirement is an important step towards financial security. Finding the right plan for your family can be an intimidating feat, especially for families with a special needs child. In addition to planning for the future financial needs of two adults who are no longer receiving an income from an employer, these families also need to take into account the needs of another individual.
Putting together an estate plan is likely on your to-do list. You know that list. The one that also includes other fun projects like putting together a budget, double checking the health insurance policy and cleaning out the basement. This list likely gets brushed aside on a regular basis.
When most people think about estate planning, the document known as a last will and testament likely comes to mind. While a will can be used to convey one's wishes with regard to the ownership of personal belongings and the disbursement of assets, a trust is typically a better option for people who wish to avoid probate, leave property to young children and protect assets from creditors.
Every parent wants their child to succeed and do well in life. To help steer a child towards or keep a child on what a parent considers to be the right path, a parent may offer an incentive to help a child out financially. For example a parent may agree to pay a college-bound son or daughter a monthly stipend provided that he or she maintains a certain GPA. These types of incentive or conditional arrangements are fairly common between parents and children. What happens, however, if a parent dies and is no longer able to provide the nudge in the right direction that a child may need to achieve his or her goals.