Many people want to implement an estate plan prior to their passing to provide for loved ones. Estate planning should be done carefully when disabled individuals are left behind to provide for them even after a family member’s death. This is particularly true if the person receives government benefits because, in some instances, they may have to spend their inheritance before receiving further payments. Readers can visit cacalilaw.com to learn more about estate planning for disabled family members.
Estate Planning for Disabled Beneficiaries
Estate planning to benefit disabled individuals is a very complex process. Disabled beneficiaries have special, different needs that should be taken into consideration. When setting up an estate for a disabled person, consider the following factors:
- The person’s condition
- Their limitations and abilities
- Their future needs such as long-term nursing care
- Government benefits for which they may be eligible
A carefully-crafted estate plan can maximize resources for a disabled person without jeopardizing their eligibility for government benefits. While avoiding probate and saving on taxes is important, the primary goal of estate planning attorney in Irvine, CA is to protect the family’s assets from being considered an inheritance for benefits purposes.
Disinheritance
One of the simplest options is to simply disinherit the disabled person. Although it may seem counterintuitive, a disinheritance can allow the person to collect benefits from the state while also being supported by other family members. An estate plan involving a disinheritance would leave assets to others while imposing an obligation to use some of the assets to care for the disabled family member.
Disclaimer
Disclaimers are used similar to disinheritances. In such a plan, the disabled person would refuse their inheritance, and it would be paid to other beneficiaries. However, in some jurisdictions, a disclaimer can disqualify someone from receiving state benefits. It is better to plan ahead than to rely on the disabled person’s refusal of an inheritance.
Do Families Need an Attorney?
Estate planning is a complex process, especially when it involves planning for the long-term care of a disabled family member. An estate planning attorney in Irvine, CA can help families find and avoid potential problems, as well as the law firm of The Law Offices of Neil J. Cacali ensure that the planner’s intent is expressed clearly while their wishes are followed after death.
