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KnowDifferent.net

Does Your Will Provide For A Trust For Your Special Needs Child?

November 24, 2014 By Carissa Garabedian

Many families with a special needs child or grandchild either have simple wills in place providing for the child  to receive property and assets upon death, have named the special needs child as a beneficiary of their life insurance policies and retirement accounts, or perhaps have no will at all. This can be a costly mistake.  If you have a child, whether a minor or adult, who is unable to provide for themselves or is incapable of making financial decisions due to mental or physical incapacities and you do not have a trust for that child in place upon your death, it may be necessary to appoint a guardian and/or conservator over your child and his estate, which can be a lengthy and expensive court proceeding. Also, if your child is receiving public assistance such as SSI or Medicaid when he inherits assets, this can make your child ineligible to receive those benefits or may prevent him from qualifying for such programs in the future.  Government benefits generally provide for only bare necessities and while you most likely want to leave money for your child that would allow him to enjoy a richer quality of life, doing so can make him ineligible for those benefits.  A properly drafted Special Needs Trust (also known as a Supplemental Needs Trust) can be established either during your lifetime or by your will upon your death which can allow your child to continue to receive public assistance while still having access to money from your estate to be used for supplemental and extra care that is not provided by the government.  An attorney knowledgable in this area can advise you on how best to provide for your child upon your death and can draft a Special Needs Trust for your child which can allow your child to receive money for his benefit while preserving his benefits from needs-based government programs.  Contemplating no longer being around to care for your children is always a difficult thing to think about; however it is made much more difficult when you have a child who you know will need long-term care after your death.   Knowing that you have provided protection for your special needs child after your passing can give your family great peace of mind.

 

Taylor, Taylor & Taylor, Inc. is a small, family-focused law firm conveniently located off Nuckols Road in the Hickory Park office condos between the YMCA and Suntrust. They offer many services to meet the needs of families with loved ones with special needs including: durable powers of attorney, advance medical directives, guardianship and conservatorship proceedings, and creation and administration of special needs trusts.

The firm was established in 1993 when Hayward and Melissa Taylor (husband and wife) joined Hayward’s father at his Lakeside office which opened in 1973. The Nuckols Road office opened in the summer of 2011 and is now the sole location. Hayward and Melissa Taylor reside in Wyndham, and are actively involved in the community with three children currently attending Henrico High School Center for the Arts, Deep Run High School and Short Pump Middle School. Taylor, Taylor, & Taylor, Inc. recently welcomed a new associate, Ben Tyree. The firm is a general practice law firm which can handle almost any issue your family or business might encounter and strives to deliver personal attorney contact that most larger firms don’t offer.

 

Hayward F. Taylor, IV

University of Virginia McIntire School of Commerce 1989

University of Richmond T.C. Williams School of Law 1993

Primary Practice Areas

Commercial and Residential Closings- Sales and Purchases

Deed Preparation

Landlord/Tenant Issues and Foreclosures

Estate and Trust Administration

Formation of Business Entities

 

Melissa S. Taylor

Wake Forest University 1990

University of Richmond T.C. Williams School of Law in 1993

Primary Practice Areas

Wills & Trusts

Powers of Attorney and Advance Medical Directives

Separation/Property Settlement and Prenuptial Agreements

Uncontested Divorce

Divorce, Custody and Support

 

Benjamin S. Tyree

University of Richmond 2008

Wake Forest University School of Law 2011

Primary Practice Areas

Civil Litigation

Collections

Personal Injury

Divorce, Custody and Support

 

Taylor, Taylor & Taylor, Inc. would be happy to become your personal law firm. Contact them at (804) 266-9619 and mention Know Different for a $50 credit toward any initial consultation or fixed fee service. 11213 Nuckols Road, Suite E, Glen Allen, VA 23059

www.tttlaw.com

 

$50 credit toward any initial consultation or fixed fee service

 

 

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Filed Under: Featured

About Carissa

Carissa Garabedian is the publisher of Know Different and mother to a special needs child in Richmond, Virginia. Carissa also publishes the award-winning Macaroni Kid of Richmond.



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