Families with special needs children are aware of the extra care and consideration that their children require. When the time comes to consider estate planning, families need to focus on structuring a plan that will ensure that the special needs child will be cared for throughout his or her life. Life insurance trusts are among the best options for Philadelphia families who are concerned about continuing care needs.
Many Philadelphia residents will spend a great deal of time and effort constructing their estate plans. The end results will be comprehensive plans that makes use of wills, trusts and other vehicles to facilitate the transfer of wealth to their intended heirs. Unfortunately, far too many people fail to adequately communicate with their loved ones about those plans, which can lead to a great deal of tension and strife amongst surviving family members.
Virtually all Philadelphia residents are aware that they need to put their final wishes into writing. For many, the vehicle that they choose to complete this important step is a simple will. While wills do provide a basic level of estate planning coverage, there are other options that offer many more benefits. Often, trusts are a far better fit for an individual's needs, and they are not much more complicated to create than a simple will.
When considering various estate planning options, most Pennsylvania families focus on how to pass assets to loved ones in a smooth and seamless manner. Many families fail to give proper consideration to the chance that a surviving spouse could end up requiring residential medical care, which can complicate matters of inheritance. In some cases, the cost of such care can completely deplete an inheritance, leaving little or nothing for children or grandchildren. When considering this estate planning matter, families should look into whether trusts can be a good fit for their planning needs.
We are circling back to our March 31 post and the discussion of turning down gifts, bequests or inheritances. As we said, it is possible. There is no law that says you must accept a gift, that you must accept your deceased uncle's bequest of a painting you suspect was looted by the Nazis or the trust fund set up by your robber baron great-grandfather.
The thought of dying and leaving property and assets behind is why some residents in Kennett Square, Pennsylvania, consider using estate planning tools, such as trust. Readers need to understand that without a trust and other estate planning tools, their property and assets will likely end in probate, which could take substantial time before heirs or beneficiaries can claim their fair share of the stake. One good reason that could convince people to create a trust is it can reduce taxes.