If you have a family member with special needs, it is important to factor him or her into your estate planning. In fact, there are “special needs trusts” or “supplemental needs trusts” that can be created specifically for this purpose. Working with a special needs lawyer in Orange County is the best way to make sure that you are setting your loved one up to be cared for when you are no longer able to do so yourself.
Any trust and estates lawyer in Newport Beach can tell you that they have to ask their clients a lot of very uncomfortable questions. Who really wants to think about their own mortality and contemplate what life will be like for their families after their own death? But, by facing these thoughts and questions, you are actually able to have far more of a say in what will happen than you would by avoiding the topic altogether.
Last year’s uncertainty about the future of the estate and gift tax caused many people to put their estate planning on hold. Now that the clouds have lifted and Congress has given us clarity, there is simply no reason for anyone to delay in implementing these five estate planning essentials.