Many people today are looking for ways to plan for the future and keep their property from going through the probate process. One important tool that is available is for the party to create a trust. There are various types of trusts and they can serve many different functions. For example, a couple where one of the spouses is disabled and the other is caring for the disabled spouse. If the healthy spouse were to predecease the disabled spouse it could cause problems with SSI and Medicaid benefits if the transfer of property puts them over the permissible amount of assets, which is currently $2000.00. A testamentary special needs trust can be established so that the disabled spouse is cared for out of the trust without losing the benefits. The remainder of the trust can also be passed on to other family members at the death of the dependent spouse. If you would like to learn more about this, or any other estate planning options please contact me, I am happy to help.
Posted on: Sun, 07 Dec 2014 05:07:51 +0000
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