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Many parents put off estate planning because they do not think they have substantial assets to protect. This outlook is common among young adults who think they have plenty of time to accumulate wealth and plan for it at a later date. However, in failing to create a proper estate plan, many parents cannot adequately protect their children. All parents, with or without a great deal of assets should have an estate plan in place to set forth their wishes for their children which includes, among other things, nomination of a guardian in the event that they have an untimely passing while the child is still a minor.<\/p>\n
In your estate plan, you can appoint a guardian (also known as a conservator) for your children upon your passing. If there is no plan in place, the court will appoint a guardian to raise your children based on what it deems to be in the best interest of your children. Unfortunately, the court appointed guardian may not be your first choice and in some cases, he or she may actually be your last choice. From just a few brief hearings, it is often impossible for the courts to determine who is best suited to care for your children in your absence.<\/p>\n
In some cases, where no clear-cut guardian is named, children may be sent to Child Protective Services to remain with a foster family until the court decides on a suitable guardian to take on the responsibility. For many parents, this scenario is reason enough to create an estate plan to protect their children.<\/p>\n
Nominating a guardian can be a very difficult decision and one that should not be made without serious consideration. The individual selected should provide stability for your children in the difficult transition and ultimately continue care in a fashion with which you are comfortable. You should consider the following traits and circumstances when determining who is best suited to raise your children:<\/p>\n
In the event that the guardian you have selected in your estate plan is unable to raise your children upon your passing, you should have two alternates who also meet the aforementioned criteria. This will ensure that your children are left in the hands of trusted relatives or friends and not in the court system.<\/p>\n
If you have multiple children and would like to appoint different guardians to raise them separately, you may also outline multiple guardian appointments in your estate plan, however, this situation is generally not regarded as ideal for close siblings.<\/p>\n
All appointed guardians must ultimately be approved by the court at the time of the parents\u2019 passing. If a biological parent is still living, they will usually be named the guardian of the children unless evidence is presented that this individual is unfit to provide care to the children in question.<\/p>\n
In general, if an individual dies without an estate plan, his or her assets are distributed according to a formula determined by the state. In most instances, these laws pass wealth to both the surviving spouse and children. A properly crafted estate plan gives you control over this distribution allowing you to provide for specific people you designate and at the right time. It is recommended that all parents of minor children create a trust that is designed to safeguard the inheritance for their children. Such a trust gives you the ability to outline how much money your children will receive, the age at which they will receive the inheritance and to an extent how they are to spend this money. This allows you to designate funds for their college educations and give them their inheritance at a certain age, ensuring that they don\u2019t waste their inheritance on fancy cars as soon as they turn eighteen years old. The trust can also protect against potential creditors or even divorce.<\/p>\n
Trust funds can also be used to provide support to your children until they reach the age at which they may receive their inheritance. In your estate plan, you must also name a trustee who can ensure this money is handled properly. It is important to note that the trustee may be different from the guardian selected in your estate plan. This is recommended if the guardian is good with children but not with money.<\/p>\n
Trusts are important in that they ensure you still retain control over your wealth after your death in effect giving you greater control of your children\u2019s futures. Trusts allow you to set aside funds for a surviving spouse ensuring that your children will be provided for even if your partner is not wise with money or remarries. Furthermore, a trust allows you to outline how the trustee is to budget funds for each child. If you have one child who has a special need or requires additional training to develop a talent, your trust may outline these appropriations. This is particularly important if you have a child with physical or mental disabilities who may require significant care beyond his or her 18th birthday.<\/p>\n
Children are often the greatest assets that parents have and an integral part of the estate planning process. Your children\u2019s well-being is only ensured with proper planning and while most parents hate to think about leaving their children before they are adults, it is essential that this possibility be considered and an effective plan formulated. If you have not yet created a plan that adequately provides for your children, we encourage you to contact our knowledgeable estate planning attorneys today.<\/p>\n
If you currently provide care for a child or loved one with special needs (such as mental or physical disabilities), you must have contemplated with concern about what may happen to them when you are no longer able to provide and care for them.<\/p>\n
While you can certainly provide that they receive money and assets, such a bequest may prevent them from qualifying for essential benefits under the Supplemental Security Income (SSI) and Medicaid programs. However, public monetary benefits provide only for the bare necessities such as food, housing and clothing. As you can imagine, these limited benefits will not provide those loved ones with the resources that would allow them to enjoy a richer quality of life. But if parents leave any assets to their child who is receiving public benefits, they run the risk of disqualifying the child from receiving them. Fortunately, the government has established rules allowing assets to be held in trust, called a \u201cSpecial Needs\u201d or \u201cSupplemental Needs\u201d Trust for a recipient of SSI and Medicaid, as long as certain requirements are met.<\/p>\n
Our law firm can help you set up a Special Needs Trust so that government benefit eligibility is preserved while at the same time providing assets that will meet the supplemental needs of the person with a disability (those that go beyond food, shelter, and clothing and the medical and long term supports and services of Medicaid). The Special Needs Trust can fund those additional needs. In fact, the Special Needs Trust must be designed specifically to supplement, not replace public benefits. Parents should be aware that funds from the trust cannot be distributed directly to the disabled beneficiary. Instead, it must be disbursed to third parties who provide goods and services for use and enjoyment by the disabled beneficiary.<\/p>\n
The Special Needs Trust can be used for a variety of life-enhancing expenditures without compromising your loved ones\u2019 eligibility such as:<\/p>\n
Special Needs Trusts are a critical component of your estate planning if you have disabled beneficiaries for whom you wish to provide after your passing. Generally, Special Needs Trusts are either stand alone trusts funded with a separate asset like a life insurance policy or they can be a sub-trust in your existing living trust.<\/p>\n
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Mozingo\u00a0<\/span>&<\/span>\u00a0<\/span>Patel, A.P.C., prides itself in developing relationships of duration, serving as legal advocate, confidant, and advisor.<\/p>\n Mozingo\u00a0<\/span>&<\/span>\u00a0<\/span>Patel distinguishes itself from other law firms by maintaining a personal, one-on-one relationship with each of its clients. The firm is committed to ensuring that each of its clients has a thorough and complete understanding of the methods employed to protect client assets while minimizing client costs. While focused on the end result, the firm utilizes its resources efficiently, maximizing results and minimizing expense.<\/p>\n We invite you to become a client and look forward to the opportunity of assisting you in the near future.<\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″ global_parent=”2859″ _builder_version=”3.25″ background_color=”#b38e5d” custom_padding=”120px|50px|120px|50px” custom_padding__hover=”|||”][et_pb_text global_parent=”2859″ _builder_version=”3.17.6″ header_font=”Amiri||||||||” header_text_align=”center” header_text_color=”#ffffff” header_font_size=”44px” header_letter_spacing=”-1px” custom_margin=”||-2px” text_orientation=”left”]<\/p>\n [\/et_pb_text][et_pb_divider global_parent=”2859″ color=”#1c3350″ divider_position=”center” divider_weight=”5px” _builder_version=”3.17.6″ max_width=”23%” module_alignment=”center” custom_margin=”||20px” \/][et_pb_text global_parent=”2859″ _builder_version=”3.17.6″ text_font=”|600|||||||” text_text_color=”#ffffff” text_font_size=”21px” header_font=”||||||||” module_alignment=”center” custom_margin=”20px||” text_orientation=”left”]<\/p>\n Contact us through our website, or by phone for your complimentary consultation at <\/br>(949) 260-4777<\/p>\n [\/et_pb_text][et_pb_button global_parent=”2859″ button_url=”\/contact” button_text=”Contact Us Today” button_alignment=”center” _builder_version=”3.21.4″ custom_button=”on” button_text_size=”16px” button_text_color=”#b38e5d” button_bg_color=”#1c3350″ button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”0px” button_letter_spacing=”4px” button_font=”Cabin|700||on|||||” button_icon=”%%24%%” custom_margin=”80px||” button_border_radius_hover=”4px” button_letter_spacing_hover=”3px” locked=”off” button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”on” button_border_radius__hover=”4px” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”on” button_letter_spacing__hover=”3px” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off” \/][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section bb_built=”1″ _builder_version=”3.27.4″ background_color=”rgba(0,0,0,0.92)” custom_padding=”0|0px|0|0px|false|false” prev_background_color=”#ffffff” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” disabled=”on” disabled_on=”on|on|on” z_index_tablet=”500″ inner_width=”auto” inner_max_width=”1488px” global_module=”3001″][et_pb_row global_parent=”3001″ custom_padding=”25px|0px|26px|0px|false|false” _builder_version=”3.25″][et_pb_column type=”4_4″ global_parent=”3001″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text global_parent=”3001″ _builder_version=”3.21.4″ text_text_color=”#adadad” text_font_size=”12px” z_index_tablet=”500″ text_orientation=”left”]<\/p>\n 2024 Copyright M&P Mozingo & Patel, A.P.C. | A Website Design by Ahrens Technologies<\/p>\n<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Planning for Children &Special Needs Planning PLANNING FOR CHILDREN Many parents put off estate planning because they do not think they have substantial assets to protect. This outlook is common among young adults who think they have plenty of time to accumulate wealth and plan for it at a later date. However, in failing to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"acf":[],"yoast_head":"\nLet’s Work Together<\/h1>\n