Sometimes you may want to leave assets for the benefit of people who should not have assets titled in their own names. This is frequently because having assets would interfere with their government benefits, but special needs planning is also in order if you have a beneficiary who has addiction issues, who has creditor problems, or who in incarcerated. Your special needs beneficiary might even be your parent who may need Medicaid in the future.
We can help you decide which documents are appropriate for your loved ones who need the assets that you would like to leave to them to be protected.
What is most important when you have a beneficiary with special needs is that you make plans to be sure that assets don’t accidentally pass directly to your loved one resulting in them losing their benefits, or all of your assets going to their creditors. If you don’t make plans, your assets will pass through intestate succession, which means that they will go to your closest living relatives, even if those relatives should not receive assets directly.