There are a number of different things that you must take into consideration when you are planning your estate in Iowa. It is not a cookie cutter, one-size-fits-all endeavor.

The extent of your assets are a factor, and the form of your assets should be considered as well.

In addition to the preparation of the assets themselves, you should consider the people who will be receiving inheritances. Each person on your inheritance list is a unique individual. They have different strengths, weaknesses and challenges. With this in mind, let’s look at the estate planning device called a supplemental needs trust in Davenport Iowa.

Last Wills

Everyone knows what a last will can accomplish. With this document you state your final wishes regarding the transfer of your property after you die. You typically maintain personal possession of this property up until the time of your death.

You name people in your will who will be receiving inheritances. After the process of probate has run its course, they will receive these inheritances directly.

Medicaid and Supplemental Security Income

People who have disabilities often rely on Medicaid and Supplemental Security Income (SSI). To qualify for these programs you must stay within very modest upper asset limits.

If you name someone who is receiving these benefits in your last will and leave this individual a significant inheritance, benefit eligibility could be jeopardized.

Supplemental Needs Trust in Davenport Iowa

Is there any way that you can leave an inheritance to someone with a disability without doing more harm than good? The answer is yes. You could make the person the beneficiary of a supplemental needs trust.

The name “supplemental needs trust” provides a hint with regard to how this works. You can’t put money directly into the hands of the beneficiary without violating program rules with regard to asset ownership.

However, the trustee who is administering a supplemental needs trust could spend money that has been conveyed into the trust to enhance the quality of life of the beneficiary. These expenditures would be used to address supplemental needs.

To understand what is meant by “supplemental needs,” in a general sense they would be expenses that would not be covered by the government benefits.

Personalized Attention

A supplemental needs trust can be the ideal solution for some families. Regardless of the family dynamic, there is always going to be an optimal course of action if you act in an informed manner.

Personalized attention is very important when you are planning your estate. You should be able to explain your family situation in detail to your Davenport Iowas estate planning attorney. When you are working with someone that you feel comfortable with, you can ask all the questions that you have and get straightforward answers.

In the end, you will emerge from the interaction in possession of an ironclad estate plan that is perfect for you and your family.

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Ryan M. DenmanandDennis D. Duffy

Duffy Law Office, PLLC