Protecting Your Legacy

Author

Stone Law, LLC

For more information about the author, click to view their website: Stone Law

Posted on

Dec 06, 2022

Book/Edition

Colorado - Northern Colorado

We work hard over a lifetime to build a financial legacy. Your legacy may entail property, business endeavors, investments and retirement accounts, collectibles and jewelry, just to name a few. The details look different for everyone, yet we all have a need to plan for what happens with everything we’ve worked hard for when we pass it on to our spouse, children, other family members, or friends. Unfortunately, if we don’t have a plan the state has one for us.  

 

Two of the biggest concerns may be providing for a loved one with a disability or special need and how to ensure any gift you hand down is used in the manner you intend.

 

First, when you have loved ones with disabilities a lump sum from an inheritance could impact their ability to receive care. If they are accessing disability benefits (typically based on resources) inheriting a large amount of money can upset the balance of their accounts and kick them off existing benefit plans. Having a Special Needs Trust (SNT) as part of your comprehensive estate plan can protect any inheritance received by individuals with disabilities, allowing them to access funds for things the government wouldn’t otherwise pay for through public benefits. A SNT puts the trustee of your choice in the role of gatekeeper, allowing the individual named to ask for financial support and be provided for without having an inheritance dwindle unnecessarily.  Choosing a compassionate, financially wise person for this role is crucial.

 

A second way to protect your beneficiaries and ensure your financial legacy doesn’t end up part of a divorce settlement, used for an addiction, or spent when creditors come calling, is creating a heritage trust (a specific type of Dynasty Trust). Setting up heritage trusts for your beneficiaries can preserve your financial legacy for multiple generations; protecting what you give your children (or grandchildren) from their creditors, lawsuits, divorce, and in some cases even estate taxes.

 

Editor’s Note: This article was submitted by Andrew P. Stone, Esq. Andrew is the principal attorney with Stone Law, LLC and may be reached at 877-897-6591 or by email at andrew@stonelawllc.com

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Local Services By This Author

Stone Law, LLC

Elder Law 430 East 6th Street, Loveland, Colorado, 80537

There are so many issues that can addressed with effective estate planningfrom something as simple as a will to a complex trust specifying who gets what finances from your estate and how they can use the fundsyour worries and concerns can all be taken care of. We can also include special planning for those with disabilities who need additional support. With proper estate planning, you can ease the burden on your loved ones following your death or illness. Stone Law can help you plan for whatever you and your family need.

Stone Law, LLC

Estate Planning 430 East 6th Street, Loveland, Colorado, 80537

At Stone Law, we support you and your family with any aging and disability concerns. We can help make sure you have a solid plan for these and other what ifs to give you peace of mind. Our primary goal is to advocate for the elderly so no one can take advantage or manipulate a situation to their benefit. We aim to make sure your needs and wishes are met. We will always be sensitive to your needs and emotions. We also recognize that issues and concerns are broader than simply addressing legal needs and can help facilitate partnerships with other helpful agencies.