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Does Your Retirement Plan Include Moving to a Lower Tax State?

People have long moved from high-tax to low-tax states. However, this movement increased during the pandemic and continues today. The response from high-tax states has become aggressive, especially in cases where people maintain a home in two states and try to pay taxes only in the less costly state. A recent Forbes article issues a clear warning: “Beware The Tax Traps Spring On Those Who Move In Retirement.”

These states levy a tax on income, estate and sales taxes based on where people make their legal domicile. However, determining where you live isn’t quite as cut-and-dried as people think. Tax departments in high-tax states have amped up their residency audits. When the system sees someone who once filed an income tax return as a full-time resident begins filing as a part-time resident or doesn’t file, the state wants to ensure that it’s not missing out on any revenue.

A residency audit is conducted. It may consist of a questionnaire asking about where the person lives, asking them to provide information about their lifestyle and providing details about the property they own in both states.

An aggressive state will search property records and other public records for evidence of ongoing connections to the state. Social media has become part of this information gathering, no matter how private people may set their profiles.

If you’ve moved for retirement or enjoy the benefits of living in two or more states, you’ll need to choose a state and prove your legally established residence in that state. Ideally, you’ll do this long before the residency audit arrives.

Did you already receive a letter from a state tax authority asking questions? Chances are the state has already begun investigating your status. The letter might include a questionnaire, an interview request, or both.

If you haven’t yet moved, consider how you’ll respond to these questions:

  • Where do you vote?
  • Where are your cars, boats, or other vehicles registered?
  • Do you belong to a house of worship, and if so, where is it located?
  • Do you have an estate plan, and what address does it show?
  • Where do you own property, and how much time do you spend at each location?
  • Do you belong to any social clubs – country clubs, bowling leagues, gyms, or community groups?
  • If you own a business or are an employee, where is your business or employer located?

You’ll need to demonstrate where you live and whether you’ve truly cut ties with your prior state of residence. A final word of advice: don’t go into a residency audit unprepared or unrepresented. The possibility of paying taxes in two states should motivate you to make any necessary changes.

Another detail to consider when moving to retirement is that an estate plan made in one state may not be valid in another state. A local estate planning attorney in your new domicile should be consulted to review your will, power of attorney, healthcare directives and other state-specific documents to ensure they will be effective in your retirement home.

Reference: Forbes (April 23, 2024) “Beware The Tax Traps Spring On Those Who Move In Retirement”

Prepare Now for Coming Changes to Estate Taxes

Anyone who wants to leave their estate to heirs needs to plan now so their wishes will be followed and, equally importantly, to minimize their estate’s tax liability. A recent article from The San Diego Union-Tribune asks, “Are you prepared for changes to estate tax laws? Here’s what you need to know.”

Because of the Tax Cuts and Job Acts of 2017, taxpayers who die in 2024 can pass up to $13.61 million federal tax-free to their heirs. In 2025, this amount will be adjusted for inflation. On January 1, 2026, the federal basic exclusion amount reverts to $5 million indexed for inflation. Many experts expect this to adjust to $6.5 to $7 million.

When calculating the total value of one’s estate, the IRS looks at all taxable gifts made while you are living, and all assets transferred upon your death. This includes the value of your home and its contents, retirement and investment accounts, life insurance not owned by an irrevocable trust, cash, annuities, boats, vehicles and bank accounts.

Estate planning must include tax planning. With the right planning, preserving the 2024 and 2025 higher exclusions may be possible through a lifetime gifting program. Let’s say the exclusion amount in 2026 is $7 million. You’d have to gift more than $7 million before January 1, 2026, to preserve the current exclusion amount.

Two years ago, in April 2022, the Treasury and IRS published Proposed Regulation Section 20.2010-1(c)(3) to limit certain types of gifts from qualifying for the current exclusion and restrict benefits of certain types of gifts if they were made within 18 months of the date of death. This regulation is still proposed and not final. However, you and your estate planning attorney must remember it during the estate planning process.

If making large, multi-million-dollar gifts is not possible without constraining the taxpayer’s lifestyle, there are other gifting strategies to use to take appreciating assets out of the estate over time. One way to do this is to make annual exclusion gifts every year. These are gifts that pass entirely tax-free. In 2024, a taxpayer could gift up to $18,000 per person to an unlimited number of people without paying any gift taxes.

Gifts to 501(c)(3) charities of any amount can be made tax-free with no gift or estate tax. This includes gifts made while you are living or after you have passed.

It is also permissible to pay an unlimited amount for tuition for an unlimited number of people, if the payment is made directly to the educational institution. These gifts may not include room, board, or fees. Similarly, one person can pay for another person’s medical expenses if the payment is made directly to the healthcare provider.

There are many ways to prepare for the coming changes to tax laws. What is right for one person may not be right for another, as everyone’s circumstances are unique. Discussing how to prepare for these changes with your estate planning attorney should take place soon, as it takes time to work out the details of a new estate plan and you can be sure estate planning attorneys will be very busy in 2025.

Reference: The San Diego Union-Tribune (April 30, 2024) “Are you prepared for changes to estate tax laws? Here’s what you need to know”

How Do I Create End-of-Life Plan?

Any family facing the end-of-life of a loved one deserves to know what their loved ones want, as observed in an article from The New York Times, “How to Make End-of-Life Planning Less Stressful.” Hosting a family gathering with pizza and chocolate cake made the conversation easier for one family.

The reporter learned things about her family she never knew. Her parents didn’t want a memorial service because, as they told her, they don’t like big gatherings, alive or dead. A sister wants her memorial service held at Starbucks. The discussion included the possibility of having cremated remains pressed into a vinyl record of the person’s choice (her father’s comment). Taking a lighter approach worked for this family.

Here are some suggestions to start this important, albeit difficult, conversation:

First, ask the family members involved if they’d be open to a family meeting and set a date. It could be done via Zoom, although in-person is better if they are far-flung.

You could bring up a news story about dementia and say it got you thinking about how important it is to talk about these issues now. If you are the older family member, tell your loved ones you are putting your affairs in order and want to spare them the added stress of figuring out your healthcare and funeral wishes.

Create a document for the family to review and a checklist of topics and prompts to review. Two key areas to discuss are deciding who will serve as your health care proxy if you cannot make health care decisions and what directives you want in a living will.

Once these are decided, your estate planning attorney can make it enforceable by preparing a Durable Power of Attorney for Health Care. Copies should be given to loved ones and your doctor.

Another topic to cover, often overlooked, is what you or your aging parents want to do with the remaining years. You might ask, “What is undone in your life?” You may learn your parents have always wanted to visit an ancestral village in Italy or travel to see the Northern Lights. How can you help them make this happen? If your aging parent is a widow or widower, could an adult child travel with them?

These are significant questions and can’t always be resolved in one meeting. Having “check-in” conversations throughout the year will foster further communication between family members. This may also expand to issues like ensuring that their home is accessible for aging, from a ramp for the front steps to properly installed grab bars in the shower.

The conversation should also address the creation of a last will and testament. If your aging parents don’t have a will and you do, share your estate planning attorney’s contact information. If none of you has an estate plan in place, these conversations could help all the family move this critical task to the forefront.

Reference: The New York Times (March 8, 2024) “How to Make End-of-Life Planning Less Stressful”

Spend Your Golden Years in a Coveted State: Estate Planning Retirement Strategies

Are you eyeing Florida’s sandy beaches, Colorado’s stunning landscapes, or Virginia’s historical charm for your golden years? According to WalletHub’s latest survey, “Best and Worst States to Retire (2024),” those states top the list of the best places to retire in 2024. However, before you pack your bags, let’s dive into how estate planning can help you afford and enjoy your retirement in one of those coveted states. This article discusses why estate planning is essential for your golden years and strategies that help secure your retirement.

Why are Elder Law and Estate Planning Strategies Important for Retirement?

Estate planning isn’t just for passing on your legacy. As Social Security uncertainty increases and pensions become more challenging to obtain, estate planning is paramount to support your retirement and beyond. Being proactive in addressing fixed income in retirement and planning for healthcare expenses will go a long way toward living comfortably in a top-rated state or where you choose to live.

What Elder Law and Estate Planning Strategies Do I Need for Retirement?

Financial planning is critical to retiring in a prime location. Affordability, quality of life and healthcare accessibility are pivotal factors. Luckily, states like Florida, Colorado and Virginia excel in these areas. Work with a knowledgeable estate planning attorney to explore strategies, including trusts and powers of attorney, to protect assets and preserve the wealth you’ll need for retirement. Strategically structuring your estate plan to optimize tax benefits and minimize tax liabilities will help stretch your hard-earned savings.

Advance care planning is another integral part of retirement planning. Experiencing cognitive decline or any incapacitating illness without legally documented medical wishes can be disastrous to your health and savings. Estate planning strategies empower you to designate healthcare proxies, outline medical directives and protect your best interests if unforeseen circumstances arise.

Access to quality healthcare remains a top concern for retirees. Estate planning allows you to safeguard your healthcare choices. Trusts and other legal instruments serve as proactive planning to name or appoint advocates for your medical care and agents to manage medical bills and other matters. These documents also help healthcare providers honor your wishes and help you avoid additional expenses.

Key Takeaways:

  • Strategize Tax Optimization: Preserve wealth with trusts and maximize retirement funds.
  • Prioritize Healthcare: Protect your medical choices as you age with advance directives.
  • Consult with an Attorney: Understand elder law and estate planning strategies with a knowledgeable attorney.

Conclusion

As you embark on this exciting chapter in life, remember that proactive estate planning is the foundation for a secure and fulfilling retirement. Whether you’re drawn to Florida’s tropical paradise, Colorado’s outdoor playground, or Virginia’s historical charm, investing in a comprehensive estate plan ensures that your retirement vision becomes a reality.

Reference: WalletHub (Jan 22, 2024) “Best and Worst States to Retire (2024)”

Can You Gift Money from a Retirement Account?

When preparing an estate plan, it’s easy to neglect charitable giving, especially if your main focus is to get the plan done most efficiently and move on to the next task on your list—like spring cleaning or gardening. However, a recent article from the Tri-Cities Area Journal of Business recommends a way to take care of charitable giving as part of your estate plan that won’t be overly burdensome: “Use retirement accounts to give to charity in your estate plan.”

An estate comprises different assets, which all have different characteristics. Some assets are distributed by a will, and others by the beneficiary designation on the account. Some are subject to income taxes for heirs, and others are not taxable. This info needs to be considered when preparing an estate plan.

If you choose to give pre-tax retirement accounts, those funds are typically subject to income tax when beneficiaries withdraw money from them. A pre-tax retirement account may be more expensive for heirs, especially if they are in a high-income tax bracket. The inheritance could also push them into a higher tax bracket.

Nonprofits are not subject to income tax and are grateful to receive pre-tax retirement assets.

Your estate plan consists of a last will and testament, powers of attorney and health care directives. Your estate includes different types of assets, and you’ll need to consider their value in light of their tax liabilities when creating an estate plan.

Beneficiary designations are usually used with life insurance policies and retirement accounts. They can be changed whenever you want, and you can name whoever you want to receive the accounts, except pensions governed by federal law. Those must go to your spouse and follow the rules of the pension custodian.

To understand this concept, let’s say a married couple has two children and a net worth of $one million, which includes a $500,000 house, $100,000 in the bank and $400,000 in their retirement accounts. If they want 10% of their estate to go to a charity and the rest to their children, they could do the following:

  • Write the amount or percent of the donation into their will and direct their executor to ensure funds are donated from their probate estate, or
  • They can use the beneficiary designation on their retirement account to give a certain percentage to their children and charity.

The charity will receive $100,000 from the pre-tax assets, thereby preserving more nontaxable assets for their children. As assets change over time, they may need to change the percentage of the assets given through the retirement accounts. Assuming high marginal tax rates, by giving from their retirement accounts, their heirs will net a higher amount than if other assets were used to make the gift to the charity.

If your estate plan hasn’t included charitable giving, and this is an important part of your legacy, consult with an estate planning attorney to learn how to structure your estate plan and beneficiary designations to work together to achieve your goals.

Reference: Tri-Cities Area Journal of Business (April 15, 2024) “Use retirement accounts to give to charity in your estate plan”

How Younger Adults Take Charge of Estate Planning

However, recent anecdotal trends show a new, positive shift among millennials or Gen-Z individuals. According to a recent article from Forbes, “Why Gen-Z Is Suddenly Creating Wills And Trusts—And You Should Too,” within recent months, more and more millennials and Gen-Zers who are being told to create an estate plan are actually going ahead and doing so.

The article says Gen-Zers and millennials have become the “quiet leaders” of estate planning. Several things are driving this shift:

Digital Assets. Younger people, even those of modest means, have significant digital assets, including cryptocurrencies, online businesses and many social media accounts.

COVID. Living through a global pandemic and experiencing the unexpected loss of family members raised awareness relatively early in their adult years of the repercussions of not having an estate plan.

Changing Family Structures. “Modern Family” is more than entertainment. Today’s family is more likely to be different than the traditional family structure of the past, and clear directives are needed to prepare for asset distribution.

Valuing Philanthropy. Younger adults are more aware of the role nonprofits play, whether in their immediate communities or globally. They are also more likely to give a portion of their estate to nonprofit organizations.

Financial Savvy. Younger adults are more candid than past generations with their peers about money and how to protect it through estate planning as part of money management and investment strategies.

Having an estate plan can protect a legacy for family and children, while not having one could mean giving half of your estate to the government in taxes. An estate planning attorney can help to avoid or minimize probate, a court process requiring your will to become a public document. Probate can delay the distribution of property and can be costly.

Another reason to have a will is to minimize family conflict. Your family won’t be left guessing how you want your assets to be distributed. It is also less likely that there will be family fights or misunderstandings after you’ve passed.

Estate plans are not just for wealthy people but anyone who cares enough about their family to protect them. Younger adults embracing estate planning is a good sign for the future.

Reference: Forbes (April 17, 2024) “Why Gen-Z Is Suddenly Creating Wills And Trusts—And You Should Too”

What Will Happen to O.J. Simpson’s Assets?

A wrongful death lawsuit in 1997 found O.J. Simpson liable for the deaths of ex-wife Nicole Brown-Simpson and her friend Ron Goldman. Yet, their families have received little of the $33.5 million judgment levied by a California civil jury. According to an article from The Washington Post, “If O.J. Simpson’s assets go to court, Goldman, Brown families could be first in line,” we may find out soon whether or not Simpson had done any estate planning.

If Simpson had only a will, the estate would go through the probate process in court. Probate laws vary from state to state, but generally, the estate is filed in the person’s state of residence. Simpson resided in Nevada but might have owned assets in California or Florida, where he resided at different times. If that’s the case, separate probate cases will also be opened in those states.

The Nevada probate rule requires an estate to go through probate if its assets exceed $20,000 or the decedent owns any real estate. Probate must take place within 30 days, so things may happen quickly.

If no documents are filed, creditors can file claims to recover assets. The Goldman and Brown families may not be alone in filing for assets, but they’ll undoubtedly have a higher visibility than a credit card company or bank.

In California, the law holds that creditors with a judgment are considered to have “secured debt” and take priority over other creditors. In one instance, a family was awarded $9 million by a jury, but the debtor subjected them to a prolonged series of appeals and delays. When the debtor died, the estate paid the $9 million plus accrued interest of $3 million.

Did Simpson leave an estate big enough to cover his debts? At the time of the civil lawsuit, the court seized many of Simpson’s possessions. He was forced to auction his Heisman Trophy, which brought $230,000. He claimed to only have income from pensions, one from the NFL and the other a private pension.

Whether Simpson had a structured estate plan with trusts could affect how his creditors will be compensated. The creation and funding of the trusts will also affect their accessibility. Irrevocable trusts are robust legal entities but may not always be 100% impenetrable.

A transfer of assets made to avoid paying creditors is considered fraud, so any trust could be deemed invalid. If this occurs, the Goldman and Brown families may file separate lawsuits to attach assets in the trust.

You don’t have to be famous to have creditors trying to get assets from your estate. Seeking advice from an estate planning attorney about structuring your estate to shield inheritances from creditors is always advisable.

Safeguarding against Financial Exploitation: Estate Planning for Cognitive Decline

In this overview of estate planning for cognitive decline, we examine signs of dementia and the role of estate planning in protecting our aging loved ones. The National Institute on Aging (NIH) article, “Managing Money Problems for People With Dementia,” sparked our discussion on estate plans and cognitive decline.

It is becoming more common for families to encounter challenges and new issues in needing to help loved ones safeguard assets from fraud and exploitation. This article shares practical strategies to protect vulnerable individuals when we notice signs of dementia.

Understanding the Risks: Fraud and Financial Exploitation

Cognitive decline, particularly associated with conditions like Alzheimer’s disease, poses significant risks for financial exploitation. Individuals grappling with dementia may struggle to manage bills, discern trustworthy individuals, and comprehend complex financial transactions. This vulnerability makes them prime targets for fraud and abuse. Here’s a closer look at common forms of exploitation:

  • Multiple Payments: Those with cognitive decline may inadvertently make multiple payments for the same service, leading to financial losses.
  • Misuse of Power of Attorney: Trusted individuals, including family members or attorneys-in-fact, may abuse their authority by making unauthorized cash transfers or mismanaging assets.
  • Undervalued Property Sales: Patients may be misled about the value of their property, resulting in sales below market value to the detriment of their estate.

Protecting against Fraud: Legal Safeguards and Capacity Assessment

To combat financial exploitation, it’s essential to understand the legal safeguards available and to assess the individual’s capacity to enter into agreements. Here are key considerations:

Legal Capacity: Contracts and agreements are enforceable only if both parties have the legal capacity to enter them. Individuals with Alzheimer’s or cognitive impairment may lack this capacity, rendering contracts voidable.

Capacity Assessment: Assessing mental capacity is crucial in determining the validity of agreements. Physicians, family members and legal experts play a vital role in providing testimony and evidence of cognitive decline.

Estate Planning’s Role in Protecting Our Aging Loved Ones

Signs of dementia are sometimes slow to appear or hard to detect. The National Institute of Aging pointed out that financial management is one of the first signs of cognitive decline affecting a loved one.

Estate planning helps prevent loved ones with dementia from losing money or property to scammers or unscrupulous people. It is crucial to establish financial powers of attorney before signs of dementia and enable a trusted family member to oversee bank accounts and pay bills for a loved one. Trusts are another tool that helps to safeguard a loved one’s assets.

Estate Planning and Cognitive Decline Key Takeaways:

  • Early Intervention: Recognize signs of cognitive decline and take proactive steps to safeguard assets.
  • Legal Expertise: Seek guidance from attorneys experienced in elder law to navigate complex estate planning and financial management issues.
  • Family Vigilance: Family members and caregivers should remain vigilant to watch for signs of financial exploitation and take prompt action to protect their loved ones.

Conclusion

Estate planning for cognitive decline requires careful consideration and proactive measures to protect vulnerable individuals from fraud and financial exploitation. Families can confidently navigate these challenges by understanding legal safeguards, assessing capacity, and seeking expert guidance. Are you ready to safeguard your loved one’s future? Schedule a consultation with our team today and take the first step towards comprehensive estate planning.

Reference: National Institute on Aging (NIH) (Oct. 3, 2023) “Managing Money Problems for People With Dementia”

Baby Boomers are Retiring and the Need for Elder Law Attorneys Is Rising

Millions of baby boomers are reaching retirement, facing age-related challenges, and making waves in healthcare, housing and financial markets. Elder law is emerging as part of a holistic estate plan to address medical, financial and incapacity issues as we age.

Beyond their legacy, baby boomers and their caregivers are planning for Medicaid, incapacity medical and financial oversight, and legally documenting end-of-life decisions. Based on Yahoo Finance’s article, “Elder Law Is More Important Than Ever. Why? Baby Boomers,” this blog examines elder law, the increasing necessity for attorneys in this field and where it fits in estate planning.

What Is Elder Law?

Elder law revolves around respecting individuals’ wishes and preferences, while protecting them from financial risks and court intervention if incapacitated. Elder law is the legal means to protect aging individuals and preserve their autonomy.

Elder law is a comprehensive legal framework that spans a wide range of issues as we age, from health and long-term care planning to surrogate decision-making and estate administration. In this complex landscape, elder law attorneys play a pivotal role, offering invaluable counsel to protect their clients’ rights and well-being. This compassionate legal practice is dedicated to ensuring the financial, medical, and holistic well-being of older adults.

Why Elder Law Is Necessary in Today’s Estate Planning

The impact of the baby boomer generation on the United States is staggering. A Census Bureau article, “U.S. Older Population Grew From 2010 to 2020 at Fastest Rate Since 1880 to 1890,” revealed that in 2020, 16.8% percent or 55.8 million people were at least 65 years old. As this massive generation enters retirement, the country’s demographic landscape is undergoing a seismic shift, posing significant questions on how to protect an aging loved one’s independence, while ensuring their well-being. This is where the role of elder law in estate planning becomes crucial.

The complexities surrounding asset management, healthcare decisions and estate planning have escalated. Seniors now possess a substantial portion of the nation’s wealth, necessitating sophisticated strategies to preserve and distribute assets effectively. Advancements in medical care have also prolonged life expectancy, while introducing intricate legal considerations regarding autonomy and treatment preferences.

Strategies to Address Evolving Needs – Estate Planning Meets Elder Law

Trusts and estates play a pivotal role in asset management and succession planning. Trusts serve as tools for individuals to dictate the management and distribution of their assets during their lifetime and after death. An individual appoints a trustee to administer and distribute estate assets according to their wishes for peace of mind.

In tandem with trusts, wills are estate planning instruments delineating how assets are distributed among heirs upon one’s passing. Whether through probate proceedings or overseen by an executor, the orderly transfer of assets hinges upon the clarity and validity of the individual’s will. By proactively addressing these matters, individuals can mitigate potential disputes and ensure that their legacy is preserved according to their intentions.

Addressing Incapacity and Conservatorship

As individuals age, the prospect of incapacitation becomes a pertinent concern, necessitating preemptive measures. Through mechanisms like powers of attorney (POAs) or advance directives, individuals can designate a trusted person to manage their affairs in the event of physical or mental impairment. Medical and financial POAs empower individuals to safeguard their well-being and interests and maintain autonomy, even in challenging circumstances.

Elder Law and Estate Planning Key Takeaways:

  • What is Elder Law: Elder law encompasses a wide array of legal services tailored to the unique needs of older adults and individuals with special needs.
  • The Catalyst to Rising Elder Law Needs: Baby boomers’ retirement has fueled a surge in demand for elder law attorneys, underscoring the importance of specialized legal expertise in navigating complex issues.
  • Strategies For the Aging Population: Trusts, wills, POAs and advance directives are essential for elder law and estate planning.
  • Proactive Planning: A holistic estate plan addresses disability and conservatorship concerns of preserving autonomy and safeguarding one’s interests in later life.

Conclusion

As the demographic landscape continues to evolve, the role of elder law attorneys expands to protect and honor the rights and well-being of older adults. Individuals proactively address their unique needs by understanding the nuances of trusts, estates and related legal instruments and charting a course for a secure and dignified future.

If you’re seeking guidance on elder law matters, don’t hesitate to contact a qualified attorney to explore your options and safeguard your legacy.

References: Census Bureau (May 25, 2023) “U.S. Older Population Grew From 2010 to 2020 at Fastest Rate Since 1880 to 1890“ and Yahoo Finance (Sep 13, 2023) “Elder Law Is More Important Than Ever. Why? Baby Boomers”

Can You Support a Child with Special Needs?

Families that include individuals with special needs require planning to secure their loved ones’ security in the future, both in legal and financial terms. There’s usually no expectation of the child becoming an independent adult, so careful planning is needed, as advised in the recent article “Financial Planning for Families with Disabilities” from Wealth Management.

Many families neglect planning for their retirement, focusing all their resources on developing a plan for their disabled child. However, retirement and their child’s future need to be secured, which is where an estate planning attorney can help.

In 2014, Congress created The Achieving a Better Life Experience (ABLE) accounts to allow disabled individuals to own accounts with up to $100,000 without the assets being counted against their eligibility for Supplemental Security Income. A parent may make annual contributions, and costs not covered by government benefits can be paid using this account.

A Pooled Special Needs Trust is a group of several Special Needs Trusts managed by a nonprofit, which, as its name implies, pools the assets of many Special Needs individuals together. Each account remains separate, and the trust provides management and investment services.

Unlike a typical SNT, people over 65 may participate in a pooled SNT. Medicaid and SSI beneficiaries wishing to spend down their assets to become eligible can transfer assets directly into a pooled trust account. Consult with an estate planning attorney to ensure that this occurs correctly.

The most significant responsibility for parents planning for their disabled child is to ensure that no one mistakenly puts their child’s eligibility at risk for Medicaid and SSI. A well-meaning family member leaving assets to the child could undo plans, so they must be informed of the necessary restrictions.

Medicaid does far more than provide health care benefits. It funds social and occupational programming, residences for group living and many other benefits of great value to the disabled individual. The eligibility rules are complex and require the help of a skilled estate planning attorney to navigate successfully.

Reference: Wealth Management (March 1, 2024) “Financial Planning for Families with Disabilities”

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