 What I Learned from the Special Needs Trust Conference
I attended the 2013 Special Needs Trusts-National Conference last week. The conference focused on how to customize and manage Special Needs Trusts, also known as Supplemental Needs Trusts. One of the focuses was on how important it is to customize the Special Needs Trust to the beneficiary’s situation.
Several of the sessions were on the importance of the trustee knowing how to protect government benefits. One session discussed the responsibility of the trustee evaluating the needs to the beneficiary. One of the recommendations was to make sure to have a comprehensive life plan.
Read more about what Leigh learned at the conference on her blog.
#10 Estate Planning Mistake - In Second Marriages, Failing to Protect Your Spouse and Your Kids
If you have children from a prior marriage, when you die your property will be co-owned by your spouse and children. I had a client several years ago whose husband owned a piece of land prior to them getting married. After they got married, they built a building on the property and she worked full-time creating a business on that land. He died suddenly without a will. When the probate court judge asked her if her husband had a will, she responded “No, he wasn’t planning on dying.” Under the laws of intestate succession, she was entitled to 1/3 of the income from the business and 1/3 of the proceeds when the property was sold. This is probably not what she and her husband wanted to have happen. The only way to prevent this is to have a will in place that specifies who the property goes to on death.
To learn more about avoiding this mistake, please visit our blog.
Thank you for the referrals!
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Jovan Johnson
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Rob Buckheight
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Phillip Romero
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Bellann Morales Hyten
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Ray Croff
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Gary Crooms
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Pete McCleskey
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