Estate planning doesn’t have to end with the transfer of assets when you pass away, it’s about ensuring your loved ones are cared for, your wealth is protected, and your legacy is preserved. Postmortem planning is a vital aspect of your estate plan, addressing issues that arise after your death, such as the needs of family members with disabilities or protecting inheritances from creditors or irresponsible spending.
Trust for Minor Children: Ensuring Financial Support
A Trust for minor children is a powerful estate planning tool that allows you to designate assets for their healthcare, education, and daily living expenses, while providing clear guidance on how those funds should be managed until they are mature enough to handle the inheritance themselves.
Special Needs Trusts: Protecting Loved Ones with Disabilities
A Special Needs Trust is a legal arrangement designed to provide financial support to a beneficiary with a disability without jeopardizing their eligibility for government assistance programs such as Medicaid and Supplemental Security Income. These Trusts are essential for individuals who are receiving, or may in the future require, government benefits, to provide resources beyond what public benefits can provide.
Spendthrift Trusts: Protecting Inheritances from Creditors and Poor Decisions
A Spendthrift Trust is designed to protect a beneficiary’s inheritance from creditors and safeguard it from being squandered due to poor financial decisions or addiction. This type of trust is useful if you have a beneficiary who has a history of financial mismanagement or you are concerned about their ability to manage a large sum of money responsibly.
Business Succession Planning
If you own a business, it’s essential to create a clear plan of leadership and management after you’re gone. Succession planning can ensure your business continues to thrive, whether it’s passed to family members or sold to a third party. You can also plan ahead so that one or two family members can take over the business while ensuring your other family members receive a reasonable share of your estate.
Pet Trusts
For pet owners, a pet trust can ensure that your beloved animals are cared for after your death, with money set aside for their care and well-being.