Every parent wants to ensure their children are taken care of after they’re gone, but this is especially true if you have a child with special needs. If your child needs additional care, adequate estate planning may take much more than just writing a will. Here are a couple of ways parents of children with special needs can plan for the future. Establish a Trust Even if your child is a legal adult when you pass away, they may not have the capacity to handle their own finances. They could also be vulnerable to financial manipulation from unscrupulous family members or health care providers. Establishing a trust gives you more control over your estate after you’re gone and protects your child’s interests. A special-needs trust is a separate legal entity that manages your assets on behalf of your child. With these vehicles, you can choose a trustee to administer your assets and dictate when funds can be disbursed. If carefully managed, the funds held in trust can provide the resources your child needs for years to come. Many people with special needs also qualify for Supplemental Security Income (SSI), Medicaid, and other programs, many of which are needs-based. Fortunately, assets held in a properly worded trust aren’t counted as property of the beneficiary, so you can leave your wealth behind without worrying about your child losing their eligibility for support. Appoint a Conservator An estate plan gives you the opportunity to appoint a guardian to care for your minor children. This allows you to choose someone who knows how to provide the care they need. Otherwise, the court will appoint a family member, who may not be the person you would have chosen. Adult children may also need help with certain aspects of their lives. For instance, they may be able to live on their own but lack the capacity to pay bills or make important health care decisions. Nominating a conservator ensures that someone you trust will be given the legal authority to look after your adult child if something happens to you. Planning for the future can be frustrating and overwhelming, especially if your family has unique needs. Trailhead Estate Planning is dedicated to helping families throughout Signal Mountain, TN, protect those they love most and pride themselves on giving every client the personal attention they deserve. Visit their website for more on their estate planning services, or call (423) 228-7029 to make an appointment.

Proper estate planning allows any couple to enjoy greater peace of mind by protecting one another, along with their heirs. However, same-sex couples have some additional considerations to bear in mind throughout this process. Here are a few tips for navigating the planning process and designing the best arrangements for your needs. An Estate Planning Guide for Same-Sex Couples 1. If You're Unmarried, Be Specific in Your Will While marriage equality legalized same-sex marriage in the United States, same-sex couples who are unmarried are not afforded the same protections. Even if an unmarried couple has been together for decades, they do not have the same rights under the law as a married couple. For a married couple, assets typically flow directly to the spouse upon death of the other spouse. However, this wouldn't be the case for an unmarried couple. Each partner in an unmarried union should be specific in their will as to who should inherit their assets. If you overlook this, assets may go to someone else in your family. 2. Update Beneficiary Designations If you were married previously, regardless of the gender of your former or current spouse, it's a good idea to revisit beneficiary designations on wills, bank and retirement accounts, IRAs, and life insurance policies. Many same-sex couples appoint one another as beneficiaries to these accounts, but prior to the 2015 legalization of same-sex marriage, ending a same-sex relationship did not require an official divorce. Without a divorce to remind you, you may not have updated beneficiary designations and removed your partner. Now is the time to update these documents. 3. Factor in Medical Needs Same-sex spouses often face more obstacles when they need to make medical decisions for their partners when their partners are unable to communicate due to injury or illness. For this reason, set up an arrangement that names someone to act on your behalf and documents your wishes for end-of-life care and life-prolonging care, such as resuscitative measures, ventilators, feeding tubes, and pain medications. A healthcare proxy or advanced healthcare directive are two options that allow you to appoint your partner to make these decisions if the need arises. For assistance with drawing up your plans, trust the attorney at Trailhead Estate Planning . Serving the Signal Mountain, TN, area, he provides guidance at every stage of estate planning and will help you identify the best solutions for your situation. Whether you need a will, revocable or irrevocable trust, or any other arrangement, he will help you undertake the estate planning journey with confidence. Call (423) 228-7029 to schedule a consultation or visit him online to explore his services.

Sibling arguments seem to be a common occurrence after death in estate planning. As parents, you and your partner might try to ensure an even division of assets during the estate planning process, but there’s a chance that something will cause a disruption. Fortunately, understanding the most popular reasons for a quarrel could help to preserve peace. Take a closer look at the following to determine the best approach. Why Siblings Fight Over a Will It’s possible that each sibling has their own idea of what they're going to inherit after their parents pass away. Finding out that one sibling got more than the other could cause a disagreement. It could also be that they were counting on a certain amount to further business endeavors or pay off debts or carry on the family business. Not receiving what they thought was their due may cause hurt feelings and result in a quarrel. Another instance is when donations are made without the siblings' consent. This includes listing local organizations as the beneficiaries of priceless heirlooms or the family home. While you as a parent might intend this to be an act of generosity, your children could see it as a disregard for their feelings. How to Prevent a Quarrel Communication can be key in the estate planning process. It ensures that everyone is on the same page and can reduce the risk of a fight. For example, if you’re considering specific designations for personal belongings, ask if your children have any preference on the items that they should receive. This will show that you value their opinion and will give you and your children a chance to clear the air about everyone's expectations. You should also take care to select an unbiased executor for the estate, such as a trusted friend or a lawyer. This is the person who will be handling each of the accounts and dividing up the inheritance. Having an older sibling carry acting as the sole executor could instill feelings of suspicion within the family and leave the other siblings questioning if the oldest sibling is simply pursuing their own interests. If you’re beginning the estate planning process, reach out to Trailhead Estate Planning in Signal Mountain, TN. This local attorney has several years of experience and is licensed to practice in Tennessee, Georgia, and Alabama. He recognizes the unique circumstances of each case and offers a custom approach that will ensure the proper paperwork is on file. Call (423) 228-7029 to schedule a consultation, or visit his website for a complete list of services.

As people age, it's normal to experience unique legal challenges that range from estate planning to navigating the complexities of health benefits regulations. Elder law attorneys provide services tailored to help senior citizens protect their interests and their loved ones. The following guide offers an overview of elder law and how it can help you navigate difficult situations. What Are the Types of Elder Law Services? 1. Estate Planning Planning who will receive your assets after you pass away helps ensure those wishes are respected. In fact, writing a will is one of the best ways to make your preferences about the distribution of your assets legally enforceable. Preparing an estate plan also reduces the risk of conflict between your family members after you’re gone. In some cases, your estate planning attorney might also recommend setting up a trust during your lifetime (called an "inter vivos" trust). Assets held in a trust don’t have to go through probate , which simplifies the administration process. 2. Healthcare Planning An elder law attorney can also help you prepare a living will, which expresses your wishes about end-of-life care. For instance, you can grant or withhold consent for medical procedures and leave instructions regarding artificial life support, CPR, and other life-saving measures for certain scenarios. As part of your healthcare plan, you may appoint someone to act as your guardian to make important decisions on your behalf if you're incapacitated. This precaution ensures a trusted friend or family member is empowered to manage your finances, make medical choices, and protect you from elder abuse. 3. Disability & Special Needs Planning Many seniors develop age-related disabilities that require extensive treatments. Elder law attorneys have the expertise to create strategies to protect your assets while ensuring you get the care you need. For instance, they may suggest establishing an irrevocable trust to administer certain assets. Since these trusts are crafted to meet the criteria for exceptions to the means tests of public benefits, they can protect assets while allowing you to maintain your eligibility. If you need to turn to a trusted provider for estate planning, choose Trailhead Estate Planning in Signal Mountain, TN. This firm helps families throughout the area prepare for the future. Attorney Peter Harrison will assist with planning for incapacity, beneficiary eligibility, and estate planning, and he will design solutions tailored to your unique situation. Visit the website to learn more about his services, or call (423) 228-7029 to schedule an appointment.

When someone passes away, their estate will normally have to go through probate before their assets are distributed to their beneficiaries. This complex legal process involves settling the decedent’s debts, inventorying their assets, and resolving any legal challenges that might arise. Whether you’re preparing an estate plan or have been appointed as the executor of a loved one’s estate, the following guide highlights a few points you should know about probate law . What Should Everyone Know About Probate Law? 1. The Process Could Take Months Most probate cases take at least six months to resolve, but some go on for much longer. If the decedent had complex investments or a family member claims the will is fraudulent, the probate process can go on for years. Careful estate planning can minimize disruptions to ensure a decedent’s heirs receive their inheritances as quickly as possible. 2. Not All Assets Need to Go Through Probate If two people on a real estate title share joint tenancy with rights to survivorship, the property will automatically transfer to the survivor without going through probate. You may also name “transfer on death” beneficiaries on your bank accounts or car titles, ensuring your loved ones have access to those resources without going through probate. Trusts are independent legal entities that take control of your assets while you’re alive. Since those assets no longer belong to you, they don’t have to go through probate with the rest of the estate. 3. The Estate May Need to Go Through Probate Multiple Times Assets must go through probate in courts where they’re actually located. As a result, the process can become even more complicated for people who own property in several jurisdictions. For instance, if the decedent lived in Tennessee but owned a beach house in Florida, the bulk of their estate would go through probate in their home state. The vacation property, on the other hand, must go through probate in Florida, along with all of its contents. Estate planning can be a complex project, but the professionals at Trailhead Estate Planning can help make the process easy to understand. With their background in probate law and experience serving clients throughout Signal Mountain, TN, they can help ensure your wishes are respected without unnecessary delays. Visit their website to learn more about their probate law services, or call (423) 228-7029 to schedule an appointment.

An irrevocable trust allows a person to transfer assets to beneficiaries without wasting time and money going through probate. Yet, all decisions are permanent and can't be changed at will. The following guide explains more about this kind of trust and whether it may be right for you. How Do Irrevocable Trusts Work? You create an irrevocable trust similarly to any other trust. You name the trustee, beneficiaries, and the terms of when and how the property is distributed. The difference between a revocable trust and an irrevocable trust is that when you create an irrevocable trust, you give up the ability to make changes to the trust as its creator. If you're trying to get assets out of your name for Medicaid or tax purposes, you will not be able to be the beneficiary or trustee. Once the trust is set up, the property you choose is transferred to the trustees. At this point, they're no longer your assets and belong to the trust. Once transferred, the trustee administers the property based on the directions you gave. If you want the trust to hold assets until your death, then distribute them to family members, you can spell that out when you create the trust (though there may be estate tax consequences for this specific example). What Types Are Available? Due to their unchangeable nature, irrevocable trusts are usually task-specific. Usually, an irrevocable trust is called for when there is a specific need, and having the ability to change the terms of the trust is not desired, or has negative consequences (e.g., increased estate tax liability). If a revocable trust is like clay, an irrevocable trust is like cement. Irrevocable trusts are quite flexible in their creation, but once set, are generally unchangeable. If you have a specific purpose in mind for a trust, and having the ability to change the terms later is a bad result, an irrevocable trust is probably the correct tool for the job. Who Should Get One? Irrevocable trusts should be used when the occasion calls for them. An estate planning or elder law attorney should advise you as to when an irrevocable trust is the proper tool for the job. Common examples of an irrevocable trust are an irrevocable life insurance trust (an "ILIT"), a Medicaid trust, or an investment services trust An ILIT holds a life insurance policy outside the assets owned by its creator. This is most commonly used in estate tax planning to create a source of funds outside the taxable estate. These funds are then used at death to purchase assets from the estate to pay off any estate taxes due. If your estate is likely to not face an estate tax liability, this is likely not a tool to use in your estate plan. A Medicaid trust is a trust designed to get assets out of an older person's name for purposes of qualifying for Medicaid. This technique usually requires significant pre-planning, but when properly executed, can preserve considerable assets. The trust gets the assets out of the creator's name for purposes of meeting Medicaid's eligibility requirements but requires waiting a number of years to prevent incurring a Medicaid penalty. An investment services trust is a Tennessee-specific trust designed under Tennessee statutes to allow the creator of the trust to place some assets out of reach of the creator's creditors. Numerous legal commentators across the country have questioned and opined on the effectiveness of these self-settled asset protections trusts (often called Alaska or Nevada trusts after the first two states to pioneer this idea), but it is another example of a trust that needs to be irrevocable to get the job done. If you want to explore whether you need an irrevocable trust, contact Trailhead Estate Planning . This local practice provides reliable guidance for families throughout Hamilton County, TN. Their team will be happy to offer assistance and answer any questions throughout every step of the estate planning process. Visit them online to learn more about their services, and call (423) 228-7029 to book a consultation.

Writing a will is enough to divide and transfer the assets in your sole name after you’re gone. However, if you want more control over your assets, a trust may be a better option. The following guide explains more about the benefits of transferring assets through a living trust. What Are the Benefits of Setting Up a Trust? 1. Set Conditions When you write a will, the beneficiaries receive their entire inheritance as soon as probate is closed. However, a trust is a separate legal entity that holds the assets within until the terms of the trust direct them to be distributed. This advantage gives you the power to decide when certain belongings are distributed to the heirs. For instance, you may decide that the beneficiaries should receive monthly payments or receive a certain sum when they graduate college. The trustee can also invest your wealth so that the estate continues to grow. 2. Avoid Probate Most estates have to go through probate , which is the legal process of settling a decedent’s debts and executing the instructions in their will. This process can be lengthy and potentially costly if there needs to be a lot of legal work involved. Estates organized under a trust can avoid probate, potentially shortening the time until beneficiaries receive their inheritance. Further, the trust allows for continuity of management, meaning that a successor trustee can step in and carry on the management of your estate without a lengthy delay in obtaining a court appointment. This rule is handy for anyone with complex investments or property in several states. Otherwise, the executor will have to complete probate for each jurisdiction in which you own property. 3. Maintain Privacy As soon as wills are submitted to the court, they become matters of public record. Anyone who files a request with the court will be able to see how many assets you owned and who you bequeathed them to after your passing. Since trusts don’t have to go through probate, the contents are shielded from public view. As a result, a trust is also a valuable legal tool for anyone who values their privacy. If you need help from an estate planning professional, turn to Trailhead Estate Planning in Signal Mountain, TN. This business serves families throughout the area. Attorney Peter Harrison has the experience to help you create an estate plan that reflects your unique needs. Visit the website to learn more about trusts, or call (423) 228-7029 to schedule a consultation.

There are many challenges to getting older, and addressing these issues gets harder the longer you wait. Top issues include managing physical and cognitive decline, maintaining funds to preserve an accustomed manner of living, and ensuring quality care. Having the proper plan in place can mitigate or eliminate some of these challenges and give you or a loved one a sense of control in the face of the golden years. If you're unsure about how to handle these steps, it may be helpful to hire an elder law attorney . Their understanding of the challenges of aging and frequent solutions to these common issues can simplify getting a handle on your plan. How Can an Elder Law Attorney Help Address Aging? 1. Assess Known Issues and Identify Unknown Problems Lawyers use their knowledge and skill to advance their clients' interests. Clients consult with an attorney to address present and future problems. In the elder law context, this means assessing things like who will take charge in the event the client becomes incapacitated, how to preserve and use funds if medical and care costs increase, and how to provide for loved ones after the client's death. Frequently, a client may be aware of an issue or two, but be unaware of other issues ahead that are harder to spot without experience and knowledge of uncommon subjects. 2. Prepare Documents Once a client's concerns are identified, an elder law attorney can take action to achieve those goals. Frequently, an elder law attorney is called on to prepare documents and create an estate plan. An estate plan can address incapacity, providing for loved ones, and creating a framework for the smooth transition of assets, ideas, and control between generations and family members. 3. Give Guidance on Future Items Beyond drafting documents like a revocable trust or a power of attorney, a comprehensive estate plan from an elder law attorney will include advice on how assets should be titled, what issues need to be monitored, and the next steps when certain events occur. All of this advice should be geared toward addressing the identified issues for the client's challenges in aging. With the knowledge in hand, families can avoid common pitfalls and navigate their way to better outcomes. 4. Advocate for Benefits and Care An elder law attorney can also be called on in adversarial circumstances. In complex scenarios, an elder law attorney may be retained to argue for things like a client's eligibility for Medicaid, why a person should or should not be allowed to continue to make decisions for themselves, and whether to uphold an estate plan or throw out invalid documents. If you want to protect your loved one's assets and health, turn to Trailhead Estate Planning in Signal Mountain, TN. This local attorney has years of experience and is licensed to practice in Tennessee, Georgia, and Alabama. He understands the intricacies of elder law and will help your loved one make informed decisions. Call (423) 228-7029 to schedule an appointment, or visit his website to learn more about his practice.