Estate Planning For Individuals with Special Needs

Estate Planning For Individuals with Special Needs

Business Planning is essential for a business owner and yet, with all of the day-to-day demands it is often difficult to be proactive.  Really, estate planning and business planning go hand-in-hand.

Many of our clients are active business owners whose personal wealth is directly tied to their business.  Other clients have real estate holdings or other unique investments that they would like to consolidate and keep in the family for generations. They are also rightly concerned about the threat of creditors reaching their other assets if a claim arises against their business assets.

At Wake Law, LLC, we have some unique offerings for business owners who want to plan for their business.  Many attorneys approach business owners as order takers, instead of as consultants.  True business planning will take an integrated approach and consider how the Legal, Insurance, Financial and Tax aspects interact and work together.

To help our clients meet their goals, we set up family business entities, including corporations and limited liability companies.  Often, these business entity formation decisions can reduce taxes, enhance asset protection, and impact profit margin.

Why Start Planning Now?

Future care planning for a child with special needs is often a difficult step for parents to take, which is why we do everything we can to make the process as easy as possible.

Our mission is to liberate parents from the fear they have about their child’s future and empower them to make the very best decisions possible about how to protect their child for life.

Our Special Needs Trusts are carefully designed to ensure that the beneficiary is afforded the protection provided by a personalized and well-designed Special Needs Trust. Special planning must be done to ensure your child has the competent, loving care they need.

If you have a child or a loved one who is disabled or otherwise not able to care for themselves, special planning must be done.  When parents fail to plan, they may inadvertently disqualify their child from essential governmental benefits. Without proper guidance, parents often leave their money in ways that do not serve their children and leave them unprotected.

Wake Law, LLC takes great care to help you create a special needs trust for your child or loved one so that they will be able to benefit from various government benefits throughout their life, while the trust supplements their needs with trust funds.

Frequently Asked Questions:

How do we prepare for our child’s future when we don’t yet know the extent to which he will be able to care for himself as an adult?

What if my child is able to care for herself as an adult, but we have already set up a Special Needs Trust for her? Can we plan for the possibility that she might be self-supporting?

Is it a good idea to have our daughter serve as Trustee of our son’s special needs trust? What other ways are there to ensure my daughter is involved in my son’s life?

Who will advocate for my son with autism and make sure that he gets needed benefits if we aren’t able to do so for him?

How can we make sure that future caregivers have the guidance and instructions they need to care for our child?

Is there a way to let other family members know about the importance of leaving an inheritance to our son in a way that doesn’t cause him to lose needed benefits?

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