How to provide for loved ones who cannot or should not inherit from you

Loving people can mean taking good care of them, taking responsibility for them. In some estate-planning situations, the responsible thing to do is to make provisions, but not necessarily leave an inheritance.

Many of us have family members who struggle with addiction. Assets or cash can often cause harm and in some cases may even be fatal. The combination of grief and an influx of cash can be overwhelming to an addict and devastating for their family.

Many of us have elderly parents who would be lost without our emotional and sometimes financial support. However, if they are on government assistance such at Medi-Cal or Medicaid, leaving them an inheritance may have the unintended consequence of interfering with their eligibility for those benefits.

In the last few months I have written trusts to address each of these issues. Through a trust, you can provide for your loved one without ever allowing them to receive cash in hand. You can pay for someone’s health, education, daily living needs, and support if they are struggling. You can provide funds that supplement social security and governmental assistance for comfort, welfare, and happiness.

Estate planning is about the people you love, the people you trust, and the people you are responsible for. With a personalized estate plan, you can take care of everyone who is counting on you in a way that is best for them.

Warm regards,

Patricia De Fonte

De Fonte Law PC

Published in AAC, Best Practices, Lawfirm, Work-life Balance