For a family dealing with children with handicaps or other challenges, the journey does end when the child turns age 18. Many parents and families worry about how their adult children will fare after their parents pass away. Fortunately, a well-crafted family estate plan can provide solutions to these problems.
Children with medical difficulties and handicaps may need a special needs trust to preserve eligibility for government aid and other programs that could be jeopardized by a sudden influx of wealth.
For children dealing with substance abuse, a special purpose trust could be the answer. In some cases, a family may consider disinheriting a child to prevent an inheritance from furthering a destructive lifestyle. While this is an option, special legal care is needed to ensure that money does not fall into the wrong hands and situation.
Nevada is considered the best state in the country for estate planning and may offer options and flexibility for your family’s estate plan that your home state does not. And you do not need to be a resident of Nevada to establish and benefit from a Nevada trust. Contact Philip Brown at Alliance Trust in Reno at 775-297-4277 to learn more about the advantages of a Nevada Trust.
