Assistance With A Range Of Estate Planning Concerns
Remember that every estate planning situation is unique. If your family dynamic includes concerns with a blended family, children with special needs, or spendthrift children, our Western New York firm can help. Only an experienced attorney can help you to determine whether a will or trust is the right option for you, and if so, what kind of trust is best for your economic and family situation.
Estate Planning For Parents Of Blended Families
In life family dynamics change. Sometimes couples usher children into a marriage from a previous marriage or union and then have more children together. This is often referred to as a blended family. Estate planning for a blended family requires careful consideration to ensure the needs of each spouse are met, as well as the needs of each parent’s children.
Poor planning for a blended family in New York can lead to a race for survival between spouses or even sibling rivalry. Establishing a clear estate plan that addresses multiple outcomes with specific legal documents, like a will or a trust, can safeguard your assets on terms that your family can all agree upon for the future.
Keeping Your Special Needs Child Secure
Looking after a loved one with special needs is a challenging and rewarding experience for any New York family. If you have a child or grandchild with special needs, creating a special needs trust will allow for your assets to be left to them. A common practice is to disinherit your disabled children in order to receive benefits. But establishing a special needs trust instead safeguards your assets for your special needs loved one’s everyday needs, and they will still qualify for government benefits.
A special needs trust in Western New York can also provide for other needs, such as the following:
- Essential dietary needs
- Hobbies, music, exercise, and sports
- Event tickets
- Health care costs and medical procedures
- Vocational rehabilitation
- Household goods and expenses
- Personal care products
- Personal services (lawn mowing, babysitting, house cleaning)
- Real estate
- Automobiles (including gas and insurance)
- Public transportation (everything from buses to air travel)
- And more
Keep Control Of Your Children’s Spending
You want to ensure that your hard-earned assets are being appropriately used after you pass. If you are concerned about your heirs quickly spending their inheritance, an irrevocable trust can assist with managing your assets. The trust will place assets into the hands of a competent trustee who can make distributions as outlined in the trust. This can be very helpful for parents whose children may not be good at handling money or who may not have experience handling large sums of money. This can even help protect assets from a child’s future bankruptcy, as assets in a trust that the beneficiary does not control cannot be accessed by creditors.
Your Family Is Unique. Your Estate Plan Should Be, Too.
Ingold Law PLLC can provide quality legal services in estate planning, trust planning, special needs planning, elder law, asset protection, probate and estate administration in Buffalo, Amherst, Tonawanda and all surrounding areas. Contact our Williamsville office today to preserve your legacy and give you peace of mind for your family’s future. Call 716-972-3698 today.