Archive for the ‘Special Needs Trusts’ Category

Is there a way to preserve assets so they can be used to care for a disabled child?

Scenario:  Ann and George receive Social Security income for their daughter, Michelle, who is developmentally disabled.  George was diagnosed with dementia two years ago and his condition deteriorated rapidly over the last six months.  Ann is faced with placing George in a skilled nursing facility, but is concerned that the cost will drain their savings leaving no money to care for Michelle.  If they apply for ALTCS benefits, they will be told to spend down, which again will drain the funds they have to care for Michelle.  How can Ann obtain the care George needs and have the funds to

Should you write your own living trust?

People often wonder if they could do their own estate planning.  A will can have guardians chosen for your children if something should happen to you.  A trust can hold assets for your benefit if you are not capable of managing them yourself.   Even if it seems easy and a smart idea, there are many things that could go wrong with writing a will or trust on your own.  These bloopers can cost you a lot more than you saved in legal fees. In 1984, a man set up his own trust using a three-page form he purchased at an

A probate attorney can help with trust administration

There seems to be a lot of talk about the ways in which people can minimize probate, if not avoid it altogether.  Perhaps most commonly, people use a revocable living trust to accomplish this goal.  Without diminishing the usefulness of revocable living trusts, people considering such an option should know that trust administration requires attention to detail and a basic comprehension of the legalities surrounding the process. Just like with AZ probate, many trustees ultimately require an AZ probate lawyer to help them administer even a simple trust.  First of all, trustees must decipher the trust document and become familiar

Special needs trust planning

Parents of a child with special needs deal with a unique set of challenges and obstacles.  Depending on the child’s disability, issues might begin to arise as early as the child’s birth.  For instance, in addition to medical issues, parents must many times develop new parenting strategies to help their child with special needs to learn and grow.  Ultimately, parents of a child with special needs must take the child’s unique circumstances into consideration with nearly every decision they make. Of course, great rewards come with these additional considerations, and most parents do not know how they ever got along

Arizona Trustee duties

If you have been appointed to act as a trustee for an Arizona living trust, there are several duties with which you are legally bound to comply.  Failure to comply with any of these duties could result in removal from your position as trustee, or even personal liability in certain instances.  As such, one of the first things you should do if you are appointed as trustee for an Arizona living trust is to familiarize yourself with your duties.  The following briefly explains the key duties that you are expected to understand and abide by. Duty of loyalty: Put simply,

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