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Estate planning is not a one-size-fits-all type of process. The path taken depends on the amount of assets in the estate, the goals for the estate and the complexity of relationships within the family.

Special needs trusts (also known as supplemental needs trusts) are an important part of the financial planning process for a special needs child. These trusts are designed to provide benefits to those with physical, psychiatric, or intellectual disabilities, and still allow them to receive governmental health care benefits under Medicaid.

The best estate planning attorneys advise heir clients that estate plans should be reviewed every 3 to 5 years and after any major life events. All estate planning documents should be reviewed and not just the will.

Trusts are created to give legal protection for a person’s assets, to make sure those assets are distributed according to that person’s wishes and to save time, and in some cases avoid or reduce inheritance or estate taxes.

Are you trying to help an aging parent with their finances or wills? Or, do you want to make sure your parent's wishes will be honored should they become incapacitated?