Having an estate plan in place is an excellent way to help make sure your loved ones are provided for and protected. Although many people believe that having a will is enough, in order to have a comprehensive estate plan, you will need to address several key areas. Here are five ways to improve your California Estate Plan:
For someone with a disability, having a special needs trust can be the difference between having what they need to be comfortable and just getting by. One of the most important features of this resource is that it can be used to pay for the trust beneficiary's qualifying expenses without endangering his or her public benefit eligibility. However, trust payments need to be made carefully. Otherwise, they could be considered income to the beneficiary. Many beneficiaries want to know: Can a Special Needs Trust Pay for Food and Shelter?
Your will is a part of your estate plan, which allows you to expressly state how you want your assets to be divided when you pass away. Ideally, your wishes will be apparent to everyone involved and honored by your loved ones and survivors. Unfortunately, there can be problems which can lead to your will being contested. Fortunately, there are steps you can take, which may help prevent challenges to your will.
When you think about planning for the future, taking steps such as drafting a will or creating a trust probably come to mind. Another important part of preparing is being ready if you can't make decisions about your health care or finances. Fortunately, by including California powers of attorney as part of your estate plan, you can have the right measures in place to help protect your interest.
Californian residents who are dealing with the aftermath of the passing of a loved one will likely have to go through the probate process. This can be somewhat complex and difficult to deal with, but there are ways to get through.
When you have a condition which limits your ability to work, government programs can be instrumental in meeting your medical needs and helping to pay for daily expenses. Although these benefits are crucial, they are also income-sensitive meaning that in order to qualify to receive them, your income and assets will be extremely limited. For California residents, setting up a special needs trust can be an effective way to pay for additional expenses without endangering benefit eligibility. However, you have to have a qualifying disability to create this device. What disabilities typically qualify for a special needs trust?