Parents in Ohio who have children with special needs may be concerned about how they can best provide for their children in the future, especially if they will need to access government benefits as adults. By using a special needs trust, family members can supplement a disabled person's income from government programs without limiting their eligibility for such income. By creating this type of trust, the beneficiary will be able to receive funds from the trust without limiting their access to government benefits.
The role of an estate planning professional
An Ohio resident who is creating an estate plan may want to work with a team of professionals. This could include an attorney, financial planner, and accountant. Unfortunately, many people think an estate plan and a will are the same thing. However, there are many other components to an estate plan.
Avoid conflict: Talk to your adult children about dividing assets
Your children are heading into middle age, prosperity and children of their own. Their future is important and so talking about an estate plan can be emotional.
Common errors in estate planning
According to a recent Wells Fargo survey, one in four older Americans do not have a plan in place to take care of their medical and financial needs in case they become incapacitated. It's important to remember that there are several ways Ohio residents can protect themselves in case of incapacity.
What are the pros and cons of some common trusts?
When property such as real estate, cash, stock or other assets are placed in the control of another person to hold and manage for the benefit of another, a trust has been created. The property owner is the settlor, while the person receiving the benefit is the beneficiary. A trustee manages the trust. Title to assets are transferred from the settlor to the name of the trust.
Using pour-over wills to round out an estate plan
Pour-over wills are used with trusts and other estate planning tools as a catchall for anything that wasn't included in the other documents. This helps the heirs and executor avoid later problems in Ohio probate court if the deceased forgot to include something or obtained other property after they formed their trust.
