What Single Parents Should Consider in Estate Planning
There are a lot of myths concerning estate planning. Because of many of those myths, Illinois residents mistakenly assume that they do not need to talk to an estate planning lawyer anytime soon, if at all. Yet, nearly all adults can benefit from estate planning, even if the process only involves creating a will and one or more advance directives. For single parents, estate planning is especially important — particularly when you have a minor child or a disabled adult child. What should single parents consider when it comes to estate planning? Our Oak Park estate planning lawyers can tell you more.
You Can Designate a Guardian for Your Child During the Estate Planning Process
For single parents with minor children, one of the most important parts of estate planning is designating a guardian to care for their minor children in the event of their death. While nobody likes to think about the possibility of a devastating fatal accident or a life-threatening illness, unexpected life events do happen, and it is important to be prepared. By naming a guardian for your minor child or minor children, you can be certain that someone you trust will have your children’s best interests in mind, even if you are not here to provide that care for them.
You Can Ensure a Disabled Adult Child Has the Money They Need
If you have a disabled adult child, they are most likely receiving some form of disability benefits. Supplemental Security Income (SSI) payments, which many disabled adults receive, are income-based or asset-based benefits. In other words, if a disabled adult earns or holds assets above a certain amount, they will no longer be eligible for SSI payments, along with Medicaid coverage for their health care.
When a parent is alive and providing additional financial assistance to an adult child, those assets do not usually impact the child’s own finances, and thus, their SSI and Medicaid eligibility is not affected. However, if you pass away and leave those assets to your child in a will, the child will likely be forced to spend down those assets before qualifying for SSI and Medicaid once more. To ensure that your child remains eligible for disability benefits while still benefitting from your resources, you can establish a Special Needs Trust (SNT) under Illinois law with help from an estate planning attorney.
Contact an Oak Park Estate Planning Lawyer for Assistance
Are you a single parent who is currently considering talking to an estate planning attorney? You should remember that estate planning is extremely important for all adults in Illinois, no matter what their financial circumstances might be and regardless of their current health or age. Estate planning is especially important for single parents with minor children. If you have questions or if you want to learn more, one of the experienced Oak Park estate planning attorneys at our firm can talk with you about your circumstances and estate planning needs. Contact the Emerson Law Firm today for more information.
See Related Blog Posts:
What Does a Trustee Do?
Common Myths About Estate Planning
You Can Designate a Guardian for Your Child During the Estate Planning Process
For single parents with minor children, one of the most important parts of estate planning is designating a guardian to care for their minor children in the event of their death. While nobody likes to think about the possibility of a devastating fatal accident or a life-threatening illness, unexpected life events do happen, and it is important to be prepared. By naming a guardian for your minor child or minor children, you can be certain that someone you trust will have your children’s best interests in mind, even if you are not here to provide that care for them.
You Can Ensure a Disabled Adult Child Has the Money They Need
If you have a disabled adult child, they are most likely receiving some form of disability benefits. Supplemental Security Income (SSI) payments, which many disabled adults receive, are income-based or asset-based benefits. In other words, if a disabled adult earns or holds assets above a certain amount, they will no longer be eligible for SSI payments, along with Medicaid coverage for their health care.
When a parent is alive and providing additional financial assistance to an adult child, those assets do not usually impact the child’s own finances, and thus, their SSI and Medicaid eligibility is not affected. However, if you pass away and leave those assets to your child in a will, the child will likely be forced to spend down those assets before qualifying for SSI and Medicaid once more. To ensure that your child remains eligible for disability benefits while still benefitting from your resources, you can establish a Special Needs Trust (SNT) under Illinois law with help from an estate planning attorney.
Contact an Oak Park Estate Planning Lawyer for Assistance
Are you a single parent who is currently considering talking to an estate planning attorney? You should remember that estate planning is extremely important for all adults in Illinois, no matter what their financial circumstances might be and regardless of their current health or age. Estate planning is especially important for single parents with minor children. If you have questions or if you want to learn more, one of the experienced Oak Park estate planning attorneys at our firm can talk with you about your circumstances and estate planning needs. Contact the Emerson Law Firm today for more information.
See Related Blog Posts:
What Does a Trustee Do?
Common Myths About Estate Planning
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