Older adults are often concerned with preserving their homes from long term care costs. For many years, the solution has been to transfer their homes to one or more of their children. Doing so can be perilous for a number of practical reasons including the impact upon property in the event one of these children […]
Abbie Dorn, while delivering triplets in 2006, suffered catastrophic injuries and was left permanently disabled. A medical malpractice action yielded a settlement of $6,730,000. A Special Needs Trust was established, which was funded with an initial contribution of $910,275.20. The balance was funded by a $4,333,105 annuity, which was to provide periodic payments of $31,000 […]
“Will the trust affect my child’s benefits?” In over 25 years of practicing law, this question is constantly asked. The irony of the question is that the client is coming to the office with the understanding that they will be receiving an affirmative response to that concern. The purpose of a special needs trust is […]
Parents who care for children with disabilities almost invariably incur additional financial challenges than others. They often pay for additional medical bills while their children are growing up. Upon attaining the age of 18, many children with disabilities are eligible for Supplemental Security Income (SSI) and Medicaid. Although these benefits are helpful, SSI payments often […]
By Thomas D. Begley, III, Esq. Co-Authored by Brittany A. Verga, Esq. Although most people initially think that a Will is the cornerstone of estate planning, it is often asserted that the most important document is a power of attorney. A power of attorney is a document in which one individual vests authority in another […]
In 2010, Claude Newsome, who was already legally blind due to macular degeneration, became a quadriplegic as a result of an automobile accident. After a personal injury action was filed on his behalf, he received a settlement which netted nearly $4 million. His attorney recommended that he establish a special needs trust with these funds. […]
The United States Treasury Department has proposed new regulations which would substantially curb the ability of family owned businesses to transfer wealth from one generation to the next. For many years, families have been able to lawfully transfer interests in their business to the next generation through entities including Limited Liability Companies, Family Limited Partnerships […]
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