If you currently provide care for a child or loved one with special needs (such as mental or physical disabilities), you must have contemplated what may happen to him or her when you are no longer able to serve as the caretaker.
Many families believe they cannot provide for a loved one with special needs because they will lose their government benefits. If you do not leave them any assets, the benefits provided by these programs are generally limited to the bare necessities such as food, housing and clothing. As you can imagine, these limited benefits will not provide the resources that would allow your loved one to enjoy a richer quality of life. Fortunately, the government has established rules allowing assets of the individual with special needs to be held in trust, called a “Special Needs” or “Supplemental Needs” Trust without resulting in disqualification for SSI and Medicaid, as long as certain requirements are met.
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 support 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.
A company cannot survive without an able owner or manager at the helm. In the event of a key person’s sudden death, illness, or retirement, businesses are often left scrambling to find a suitable replacement.
An attorney with expertise in business and estate planning can help owners and shareholders establish a plan that facilitates a smooth transition. Business success plans are customarily created after employees, coworkers, shareholders and family members have been consulted and goals for the future of the company have been outlined. Succession planning can be tailor-made to fit any business model and should address a number of issues. With so many factors to consider, it is important that you consult an experienced business planning attorney who can help protect your interests.
Starting a business requires thorough planning. Our firm assists business owners in the formation of legally sound business entities and helps entrepreneurs develop business strategies that help them achieve their goals. We advise on the business startup and formation process as well as issues related to selection of entity type and jurisdiction, including:
In consultation with business owners, we review, draft and negotiate contracts related to various business activities, including:
If you are looking to start a new business, or buy or sell an existing business, call our firm today.
Farmers today are faced with many difficult choices. With the rising value of land, many farmers are worried about losing the farm to the nursing home. Other farms worry about who will take over the farm when they’re no longer here. Farmers also worry about how to treat all the children fairly when only on child is interested in continuing on the farm. At Ross Estate Planning, we help farms put together farm succession plans and make sure the right tools are in place to ensure you don’t lose your farm to the nursing home or other disaster.