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October 2023
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HOW TO SECURE A FULFILLING LIFE FOR DISABLED LOVED ONES Protect Their Inheritance and Government Benefits
During this fourth quarter of 2023, we recognize National Estate Planning Awareness Week and World Mental Health Day. These occasions cause me to reflect upon the challenges faced by individuals who advocate for and safeguard the interests of loved ones with mental or physical disabilities who will ultimately depend on government-funded programs to provide essential medical care, housing, and poverty prevention. As my team and I engage with these individuals to assist them with estate planning, we endeavor to educate them about the critical need for meticulous planning to ensure a level of stability in the lives of their disabled family members. Government benefit programs such as Medicaid and SSI, which provide crucial life-sustaining support, come with stringent regulations concerning the allowable level of assets for recipients to remain eligible for benefits. Even a modest inheritance received by a disabled beneficiary can exceed the government’s asset limit imposed by the government, resulting in a suspension of benefits until the inheritance is depleted. Once the inheritance is exhausted, benefits are reinstated. Consider the profound impact this can have on your disabled beneficiary. While government benefits cover essential needs regarding the care of your beneficiary, you, as a caregiver, often provide numerous “extras” that enhance their quality of life. These extras may include favorite toiletries, access to preferred books, games, movies, family trips, and enriched education. In the unfortunate event of your passing, leaving an outright inheritance to your beneficiary would not only halt government benefits but also cease the provision of these cherished extras you worked so hard to provide. Once the estate is depleted and government benefits resumed, your beneficiary would lose the special comforts you provided, relying solely on government- funded basic services — a bleak prospect indeed.
continuing to enjoy the “extras” you provided during your lifetime. This can be accomplished by establishing a family special needs trust for your beneficiary’s inheritance. The family special needs trust enables you to provide financial support for your disabled beneficiary while safeguarding their uninterrupted access to government benefits. In establishing the trust, you will appoint trustees for the individual’s trust who will take over the management of the trust in the event of your disability or death. Provisions set up by you within the terms of the trust will specify that funds may only be disbursed for purposes other than those covered by federal, state, or charitable benefit programs. Consequently, a family special needs trust ensures your beneficiary will receive vital benefits while leading a fulfilling and enriched life, even in your absence.
However, through prudent planning, you can ensure your beneficiary maintains essential government benefits while
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A Greener Future for All EXCITING ADVANCES IN THE WORLD OF SUSTAINABLE ENERGY
of Transport to proceed, as concerns have been raised regarding the durability and reflectivity of the panels.
The hunt for sustainable energy sources continues! Throughout the past two decades, we have seen countless efforts around the globe to develop more environmentally friendly energy practices. You may have noticed solar panels appearing on roofs around your community or watched news reports about wind turbines offshore. These are far from the only efforts organizations, governments, and individuals are making. Two large-scale sustainability projects were announced that could lead to a more sustainable future. Solar Railways In many areas of Europe, the best way to get from point A to point B is by train. Switzerland alone has a national railway network that stretches over 2,000 miles. A startup called
New Wind Turbines Offshore wind farms are nothing new. They first appeared in 1991, but the technology has evolved immensely. The Spain-based startup X1 Wind has created a new floating wind turbine prototype that could change the entire industry. Located off the Canary
Islands, the X1 floating turbine is more efficient and environmentally friendly than other turbines. The best news? In March, it generated its first kilowatt- hour of power, opening the door for further manufacturing. These are just a couple of the many sustainability projects recently introduced. As long as we continue to develop and discover environmentally
Sun-Ways recently announced a plan to outfit Swiss railway lines with solar panels to generate additional power. Sun-Ways developed a specialized train car to lay down solar panels between the rails of the track using minimal labor. The company estimates
that its solar panels can generate 2% of Switzerland’s annual energy consumption. At the time of writing this article, Sun-Ways is still waiting for a sign-off from the Federal Office
friendly practices, we can look forward to a greener future for all.
SAFEGUARD YOUR FAMILY’S FUTURE WITH A TRUST
categories: revocable and irrevocable. A revocable trust can be changed anytime during the owner’s lifetime. An irrevocable trust is set in stone as soon as you sign the agreement. One of the best parts about trusts is how they help keep your money in the family for generations. Many don’t realize it until they go through probate, but extreme taxes and fees arise after you pass away. Without proper planning, the value of your estate can dwindle to nothing as your family pays these fees, leaving minimal amounts for them. This is not what you want to happen to your loved ones. While trusts can be slightly more expensive than other estate planning options, their benefits are endless. Call us if you have any questions about trusts or want to create one to protect your family and assets.
only need a will, and everything else is just extra, but this is rarely the case.
When people begin the estate planning process, they usually do so to protect their assets and set their children and grandchildren up for success. An estate plan helps you safeguard everything you worked for and distribute your assets to your loved ones. However, many people believe they
Wills have become synonymous with estate planning thanks to pop culture, but in reality, wills are the bare minimum for most people’s estate planning needs. A will only comes into effect after you’ve passed away. If you become incapacitated, your health care and durable powers of attorney act in your place, which can complicate things. Having a will does not guarantee you’ll avoid probate, either. If you want to safeguard your family and assets fully, consider establishing a trust instead of just having a will. With a trust, you have more freedom and control over the management of your assets. There are different types of trusts to fit everyone’s specific needs, but they all fall into two
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Say Goodbye to Pet Hair Woes Tips and Tricks for a Hair-Free Home
applying the mixture to the hair-heavy area. This will cause the hair to clump together, which you can then sweep up with a broom. Run a vacuum cleaner over the area, and it will look (and smell) as good as new! Drill Brush You might not think your power tools would come in handy for this chore, but you’d be surprised. Using a brush attachment on a power drill is one of the best ways to loosen up pet hair. All you have to do is run the brush over the hair-covered area and follow behind it with your vacuum cleaner hose or crevice attachment, and the surface will look pristine. Brush attachments for drills are reasonably inexpensive and can be bought online or in home improvement stores. Prevention You don’t have to limit where your furry friends can go in the house, but using
easily washable furniture and car seat covers will make pet hair cleanup much easier. Frequent passes with your vacuum, broom, and mop can also prevent pet hair buildup, but so can getting your pets groomed regularly! Whether you brush your furry friend down every day or take them to a professional groomer, these acts can help remove loose hair and stop it from ever reaching your floors.
There’s no doubt about it: We love having our furry friends by our sides each day. Dogs, cats, rabbits, and other small animals make great companions, but they also come with their own challenges. One obstacle nearly every pet owner has to deal with is an overabundance of pet hair throughout their homes. Pet hair sticks to surfaces, and it’s not uncommon to find it on your clothes, on your carpets, or even in your car. You shouldn’t have to pat yourself down with tape or use a lint roller to remove hair whenever you leave the house, so here are a few methods to remove pet hair around your home. Fabric Softener Spray It’s no secret that fabric softener helps remove pet hair from clothes when used in a washing machine, but it can also free up the pet hair trapped in your carpets, rugs, and car seats. Mix 2 tablespoons of fabric softener with water in a spray bottle before
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9 Red Roof Lane, Salem, NH 03079 603-894-4141 978-969-0331 LegacyCareLaw.com
INSIDE THIS ISSUE
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Ensure a Bright Future With a Family Special Needs Trust
All Aboard the Green Energy Revolution
Future-Proofing Your Assets With Trusts
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Pet Hair Takeover? Not Anymore! Top Solutions for Hair-Free Living
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Lessons From Anna Nicole Smith’s Billion-Dollar Drama
THE ANNA NICOLE SMITH STORY Costly Consequences of Neglected Estate Planning:
didn’t make this change in his will or any other estate planning document. Instead, his $1.6 billion estate went to his son, Pierce Marshall. The matter went to probate, where it was determined that Smith would inherit nothing. The following year, she filed for bankruptcy in California, and the California court disagreed with the probate results, stating that Smith was entitled to $449 million. The case then proceeded to the federal level and was eventually presented to the U.S. Supreme Court. The Supreme Court ruled in Smith’s favor, but when all was said and done, there were no winners. Pierce passed away in 2006, and Smith passed away the following year. Smith’s son also passed away in 2006 and was the only beneficiary on her estate plan, as Smith had failed to add her 5-month-old daughter to it before she passed. There were several more legal battles between Smith’s and Pierce’s estates — one of which made it in front of the Supreme Court again — before finally, the last of Smith’s
Whenever a prominent celebrity, entrepreneur, or athlete passes away, there’s usually quite a bit of money left on the table. Most of these individuals put careful consideration into their estate plans to ensure their assets are distributed appropriately, but that’s not always the case. In 1995, Anna Nicole Smith found herself in the middle of a probate case that would haunt her for the rest of her life. In 1991, a 23-year-old Smith met 86-year-old petroleum tycoon J. Howard Marshall. Marshall was worth over $1 billion at the time and quickly became smitten with Smith. In the following years, Smith appeared in TV shows, movies, and advertisements, and her popularity exploded. In June 1994, Smith and Marshall married in Houston, but their wedded bliss was short-lived. Marshall passed away 13 months after the wedding at the age of 90. Before passing away, Marshall promised Smith half of his estate. Unfortunately, he
cases was closed on Oct. 24, 2022, over two decades from when the disputes began. There are many lessons we can learn from this situation, but the most important one is to update your estate plan whenever you experience a life change. It’s also wise for celebrity couples to have a prenuptial agreement. It would have saved everyone years of struggle if Smith or Marshall had done either.
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