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Have you planned your estate yet? No? We get it. Estate planning isnt the most exciting activity in the world. But it is one of the most important tasks that somebody can do, especially if they have started a family. There are many aspects of estate planning that serve to protect your loved ones during the worst-case scenario, your passing. But dont worry, The Hatchett Law Firm is here to help with all your estate planning needs.
Special needs planning is the act of estate planning with the added challenge of making sure that children with disabilities are looked after. There are a lot of questions to ask yourself when you have a child with special needs. One of the biggest questions you have to answer is how to leave them the resources to get the continuing care they need but not cause them to gain too much money and therefore lose access to some of their benefits. The answer to that particular riddle is setting up a special needs trust. This functions much like any other trust does, except that it is specifically designed in order to provide funding for a special needs childs continuing care. A trust of this nature can ensure that your special needs child does not have to lose out on their benefits while providing them with the necessary funding they need. If you have a child with special needs, then reach out to The Hatchett Law Firm to learn how a special needs trust could help you and your child.
Special needs trusts are just one type of trust. There are quite a few different types of trusts, and they can be utilized for an almost endless variety of purposes. Two of the most common goals when starting a trust are to reduce the amount of taxes your estate will be required to pay upon your passing or to make it easier for your loved ones to inherit from you. You dont need to have a trust in order for an inheritance to be passed down; your will could handle this. But leaving it entirely up to a will isnt always the best idea. Putting your loved ones inheritance into a trust designed for that purpose can offer extra protections that mean your loved one actually does inherit what they were supposed to. For example, say you want to leave behind all your money to your child, but they end up on the wrong side of a lawsuit. That could result in them losing their inheritance in order to compensate the other party. But if that inheritance was in the right type of trust then the funds couldnt factor into the case.
The Hatchett Law Firm
11200 Broadway st, Suite 2743, Pearland, TX 77584
281-795-6827
www.HatchettLegalTeam.com
