WHO GETS YOUR STUFF WHEN YOU DIE? by J Loren Norris

WHO GETS YOUR STUFF WHEN YOU DIE? BETTER QUESTION WHO TAKES CARE OF THOSE YOU CARE ABOUT WHEN YOU CAN’T?

“If your child has physical, emotional or mental challenges, careful estate planning is crucial. One of the most important reasons to create a proper estate plan is to preserve the child’s eligibility for government benefits and other programs. There are many things that could go wrong and jeopardize eligibility for those benefits.

One of those includes beneficiary designations in retirement plans and other accounts. If these funds are left to children with special needs, it can have a dramatic unintended financial impact on those receiving needs-based government benefits. For instance, if the child qualifies for Medicaid and receives aid to help with his daily living and medical needs.

If your retirement funds or other accounts pass directly to your child, then receiving those assets may disqualify him or her for Medicaid benefits. In layman’s terms, since only a home, a car used as transportation for medical care, and $2,000 in cash are exempt from Medicaid calculations, inheriting a large sum of money could disqualify your child for Medicaid and disability benefits.”

https://dentonestateplanninglawyer.com/planning-for-children-with-special-needs/

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