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Parents and family members often want to leave financial support to loved ones with disabilities. However, a well-intentioned inheritance plan can sometimes create unintended consequences. Assets left directly to a beneficiary may affect eligibility for programs such as Medicaid and Supplemental Security Income, potentially reducing or eliminating benefits the loved one depends on.
Many estates include illiquid assets that are not easily convertible into cash, such as real estate, long-term investments, or a family business. When those assets are transferred, families may face expenses without the necessary liquidity to cover them.
Estate planning fees are generally not tax-deductible, largely due to changes under the Tax Cuts and Jobs Act. However, in limited situations, certain costs may qualify for a deduction, depending on their purpose.
Estate planning is not the same as a will, though the two are closely connected. A will is one part of a broader estate plan, which can include additional tools designed to help manage your assets, protect your family, and guide decisions during your lifetime and after you pass away.
No single dollar amount determines whether an estate must go through probate. Instead, the answer depends on how assets are titled, whether they have designated beneficiaries, and how estate probate rules apply in your state.
When considering an estate plan, you may wonder about when probate is required. Probate is required when assets are not automatically transferable to another person. In these situations, the court steps in to oversee the distribution of property and ensure that debts or obligations are addressed.
Finding the right estate planning attorney is a key first step in building a plan that supports your family not just today, but for years to come. The process involves identifying attorneys who focus on estate planning, evaluating their experience and approach, and choosing someone who will take the time to understand your goals.