#estateplanning — Public Fediverse posts

We met with a lawyer yesterday to set up a revocable estate trust for our kids. Cost ended up being 0.5% of the assessed value of our assets, which is a fraction of what it would cost to have everything go through probate. Amendments are easy and it's good for something like 365 years.

It was not an option I had even really been aware of until last week, but it should work for our needs.

#death #taxes #EstatePlanning #NotDeadYet #IThinkIllGoForAWalk #IFeelHappy

Special Needs Trust – What It Is and Why You May Need One

Special Needs Trust: Protecting the Future of Your Loved One

Before making any legal or financial decisions, readers should consult a qualified estate planning attorney or financial advisor. The information below is for educational purposes.

Planning for the future is one of the most important gifts you can give a loved one with a disability. A Special Needs Trust (SNT) is a legal tool designed to provide financial support while helping preserve eligibility for important government assistance programs such as Supplemental Security Income (SSI) and Medicaid.

Whether you’re a parent, grandparent, sibling, caregiver, or an individual with a disability, understanding how a Special Needs Trust works can help ensure long-term financial security and peace of mind.

What Is a Special Needs Trust?

A Special Needs Trust is a legal arrangement that holds money or property for the benefit of a person with a disability. The trust is managed by a trustee, who uses the funds to improve the beneficiary’s quality of life without directly giving them cash that could jeopardize eligibility for certain means-tested government benefits.

The trust can pay for expenses that public benefits may not cover, including:

– Medical and dental expenses
– Specialized therapies
– Education and training
– Transportation
– Housing-related expenses (with planning considerations)
– Adaptive technology
– Recreation and hobbies
– Personal care services
– Travel and vacations
– Home modifications

The goal is to supplement—not replace—government assistance.

Why Is a Special Needs Trust Important?

Many public assistance programs have strict income and asset limits. Receiving an inheritance, legal settlement, or financial gift outright could unintentionally make someone ineligible for benefits.

A properly drafted Special Needs Trust helps:

– Preserve eligibility for Medicaid and SSI
– Protect inherited assets
– Ensure funds are managed responsibly
– Provide lifelong financial support
– Give family members peace of mind
– Create a structured plan for future care

Types of Special Needs Trusts

First-Party Special Needs Trust

This type of trust is funded using the beneficiary’s own assets, such as:

– Personal injury settlements
– Inheritances received directly
– Savings or other personal assets

These trusts must meet specific legal requirements and often include Medicaid reimbursement provisions after the beneficiary’s death.

Third-Party Special Needs Trust

A third-party trust is funded by someone other than the beneficiary, such as parents, grandparents, or other family members.

This is often used in estate planning because loved ones can leave money to the trust instead of directly to the individual with a disability.

Pooled Trust

A pooled trust combines assets from multiple beneficiaries while maintaining separate accounts for each person. These trusts are managed by nonprofit organizations and may be a practical option for families with smaller estates.

Who Should Consider a Special Needs Trust?

A Special Needs Trust may be beneficial if:

– You have a child with a disability.
– You care for an adult family member with special needs.
– A loved one receives SSI or Medicaid.
– You plan to leave an inheritance.
– A family member is expected to receive a lawsuit settlement.
– You want to ensure long-term financial management after you’re gone.

What Can a Trustee Do?

The trustee has a legal responsibility to manage the trust in the beneficiary’s best interest.

Responsibilities include:

– Managing investments
– Paying approved expenses
– Keeping financial records
– Following trust instructions
– Protecting government benefit eligibility
– Coordinating with caregivers and professionals when appropriate

Choosing the right trustee is one of the most important decisions when establishing a trust.

Common Mistakes to Avoid

Families sometimes unintentionally put benefits at risk by:

– Leaving an inheritance directly to the beneficiary
– Naming the individual as a direct life insurance beneficiary
– Giving large cash gifts
– Failing to update estate planning documents
– Choosing an inexperienced trustee

Working with an experienced estate planning attorney can help avoid these costly mistakes.

When Should You Create a Special Needs Trust?

Ideally, families should establish a Special Needs Trust as part of their overall estate plan before assets are transferred. Planning early gives families greater flexibility and ensures that financial resources will be available when needed.

Final Thoughts

A Special Needs Trust is more than just a legal document—it’s a long-term plan for protecting a loved one’s future. By preserving access to critical public benefits while providing additional financial support, these trusts can help individuals with disabilities enjoy greater independence, stability, and quality of life.

If your family is planning an inheritance, managing a disability-related settlement, or simply preparing for the future, speaking with an experienced estate planning attorney can help determine whether a Special Needs Trust is the right solution for your situation.

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I do have some openings for Estate Planning appointments in Oklahoma City over the next few weeks. My rates are affordable ($450 for my wills package, $1250 for my revocable living trust package), and I offer significant discounts to school teachers (at any level, preschool-college), peace & social activists, and neighbors, among other folks.

Details below on how to schedule an appointment: www.jmbranumlaw.com/estateplanning.htm

#EstatePlanning #Wills #Trusts #Law #Oklahoma

Got some resources up for planning a digital estate here: https://www.digitalassetshelp.com/your-estate Now includes an inventory template, a riff on my own privacy declaration, and a memo to bring to a lawyer. #death #digitalassets #estateplanning

#sandiego #jazz #unreal #estateplanning

@ai6yr Noted. Mom's stockpile knows where it needs to go. #EstatePlanning

Solomon Dwiggins Freer & Steadman launches cutting-edge website, showcasing premier estate and trust law expertise with innovative digital platform and comprehensive legal resources #LegalTech #EstatePlanning

When someone’s partner dies, the hardest thing for them to grapple with ought to be their grief. Instead, they may find themself contending with the reality that they cannot legally plan the disposition of their loved one’s body, nor the funeral.
https://medium.com/prismnpen/domestic-partnership-and-death-planning-for-lgbtq-people-b0c42dea17c7?sk=bc6d63c972ccd0cdf477357c7a3574bc

#LGBTQ #DeathPlanning #EstatePlanning

Investment News
"According to a study from wealth management consultant Alpha FMC titled, “Why LGBTQ+ Finance Is the Next Frontier in Wealth Management,” recent data estimates global LGBTQ+ purchasing power is approximately $4.7 trillion. In the U.S. alone, the community wields an estimated $1.4 trillion in annual spending power, the study said.

"Yet despite this economic influence, the Alpha FMC report says most wealth management firms lack inclusive offerings in foundational areas such as estate and legacy planning, retirement readiness tools, and support for family-building expenses such as adoption, IVF, and surrogacy."

#LGBTQ #LGBTQIA
#FinancialAdvisors #WealthManagement #EstatePlanning

https://www.investmentnews.com/practice-management/pride-month-a-reminder-for-advisors-about-underserved-lgbtq-community/260904

Crypto for Advisors: Bitcoin Inheritance Strategies - In today’s crypto for advisors, Zac Townsend from bitcoin life insurance company Meanwhil... - https://www.coindesk.com/coindesk-indices/2025/04/09/crypto-for-advisors-bitcoin-inheritance-strategies #financialadvisors #cryptoforadvisors #coindeskindices #estateplanning #inheritance #cryptotax

From interactive funeral experiences to digital chatbots of the deceased, technology is blurring the line between life and afterlife. Marketing professors weigh in on the implications for #grief, memory, and immortality: https://theconversation.com/logging-off-life-but-living-on-how-ai-is-redefining-death-memory-and-immortality-246306 #AI #death #estateplanning

From interactive funeral experiences to digital chatbots of the deceased, technology is blurring the line between life and afterlife. Marketing professors weigh in on the implications for #grief, memory, and immortality: https://theconversation.com/logging-off-life-but-living-on-how-ai-is-redefining-death-memory-and-immortality-246306 #AI #death #estateplanning