Category: Children

The rate of second and third marriages in the United States continues to increase. Each spouse may bring children, assets, heirlooms, and very specific wishes into the new marriage. Some want their children to inherit the bulk of the assets. Others want specific heirlooms (painting / jewelry / watch) to be passed down to specific people....

The newly enacted ABLE accounts permit people with disabilities to save money without jeopardizing their government benefits. Account holders can have up to $100,000 in these accounts without jeopardizing their SSI (Supplemental Security Income) benefits. Medicaid benefits do not get jeopardized regardless of the amount of money held in these accounts.These accounts enable...

There are many things that can go wrong with an outright distribution: Judgment creditor can seize a beneficiary’s inheritanceBankruptcy court can seize a beneficiary’s inheritanceAn incapacitated beneficiary can squander an inheritance before anyone can step in to help him.A divorce court can award some of the beneficiary’s inheritance to an ex-spouseIf...

When drafting a testamentary or an estate plan, one always should always consider family dynamics in order to preserve family relationships. Parents may have several concerns about their children: entitlements, sibling rivalry, children’s spouses, safeguard from malpractice actions, and safeguard from drug abuse. Entitlements: for parents of younger or minor children, the parents may...

Second marriages bring additional estate planning considerations, especially when children from past relationships are involved. Here are some suggestions for addressing a blended family in estate planning:If you are not married yet, write a prenuptual agreement, which specifies who owns which asset, the support arrangement in case of future separation, and asset distribution in case of death....

In a recent New York case, In re Paradiso, the court did not reform a father’s will which left money in a trust to a disabled daughter. In the Will, the father attempted to create a testamentary special needs trust, which would not have jeopardized the daughter’s government benefits (Medicaid and SSI). However, the...

There are many considerations when planning for your children. There are even more issues to consider when planning for your child with Special Needs. Regardless of the child’s age, the need for special care will continue. Advanced Directives. You need to have a trusted family member or a friend to make financial...

Do you have minor children? Planning for the children involves multiple considerations. 1. Who do you want to raise your children if you are gone?You need to name a “guardian” who will take care of your children in the event of your demise. You should name an alternate guardian, in case your...