If you have a loved one with special needs, estate planning is a little different. Not just any plan will work. There are a few considerations to take.
A recent article from Crain’s Business highlights this issue.
“If a trust is not drafted in accordance with appropriate federal and state laws, the disabled individual may lose means-tested public benefits.
Two types of trusts for disabled individuals exempt from means-tested public benefits are third-party and self-settled trusts.”
The article explains both of the above-mentioned types of trusts, and how to go about planning in accordance with appropriate laws for the situation.
Follow this link to read the full article.
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