Minor, Special Needs, & Revocable Living Trusts in Marion, NC
Developing a trust plan is often an excellent way to manage assets and inheritances, especially for people who cannot administer finances themselves. Several trusts are available, and Little, Lattimore, & Ledford, P.A. handles everything from special needs to revocable living trusts in Marion, NC. Special Needs Trusts: Can be set up by parents or grandparents for disabled persons between age 1 and age 65. This kind of Trust can own property and receive inheritances for the disabled person without destroying his or her eligibility to receive Medicaid and other benefits.
Revocable Living Trust
Although it’s not a topic, we like to think about, how our assets are distributed after our death is something everyone should review. As part of your estate planning process, consider discussing your options for a revocable living trust. The term revocable simply indicates the option to make changes at any time.
Special Needs Trust
A parent or guardian may establish a special needs trust for disabled persons between the ages of one and 65. This trust is an excellent option for some individuals because they can own property and receive inheritances without affecting their Medicaid and other benefits eligibility.
Because a trustee must be an adult to manage assets, a parent or guardian may create a minor’s trust for a child under 18. Access to the trust is restricted until the child comes of age.
Our team is ready to assist with protecting your assets and financial future, from deed writing to establishing trusts.