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Estate planning may be beneficial for Florida parents

It is likely that any Florida parent will worry about his or her children throughout the children's lives. This worry may be more prominent for parents who have children that require specific care or certain other needs. As a result, those parents may face a significant concern when it comes to how their children will be cared for in the event of the parents' deaths. Luckily, estate planning can help.

When considering their plans, parents of special-needs children may wish to explore a supplemental-needs trust. Though they may be familiar with a living trust and have such a document in place, a supplemental-needs trust could be more useful for specific circumstances. This type of trust still designates assets for inheritance, but the assets remain under the control of the trustee. 

This plan can be particularly useful for individuals who receive benefits for their care because, in some cases, a considerable influx of money could potentially disqualify an individual for those benefits. By keeping the inheritance in the trust and under the management of a trustee, this issue may be avoided. As a result, parents may rest easier knowing that their child's or children's needs are being addressed.

Exploring the various types of trusts could help individuals feel more confident in their plans. Because each case is unique, it is important that each person's specific needs and wants are met. By finding out more information on estate planning and how certain circumstances could be addressed, Florida residents may feel less stress and worry about the lives of their surviving loved ones.

Source: The Wall Street Journal, "Estate Planning When You Have a Special-Needs Child", Henry E. Klosowski, March 27, 2016

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