This case study for Wills & Trusts is the story of Amanda and her sons, Patrick and David. It is a poignant reminder of the delicate considerations that come into play when estate planning involves a family member with special needs. This blog discusses how protective trusts can balance the need for inheritance with the maintenance of state benefits and support, as demonstrated by Amanda’s forward-thinking estate planning decisions.
The Family Dynamics
Amanda is widowed and mother to Patrick, who is in his early 30s and married to Jenny and the father of their 3 children. Amanda is also mother to David, who is in his 20s but lives with a life – limiting illness that means he will always need assistance and will never be able to live independently. Amanda cares for him full-time in the house that she and her late husband bought more than 35 years ago, but recently has started to worry about what might happen to David if she were to pass away.
Patrick and Jenny have reassured Amanda that they will ensure David’s best interests are met but Amanda is well aware of the fact that if David were to inherit a half share of the house, this could seriously disrupt his life and affect his entitlement to state benefits and state support that he currently receives.
The Solution: Wills with Protective Trusts
In consultation with Everest Estate Planning, Amanda crafted a will incorporating protective trusts. These trusts offer a multifaceted solution:
Preserving State Benefits
They ensure David’s inheritance does not affect his entitlement to state aid.
Tax Efficiency
The trusts are structured to take full advantage of tax allowances tailored to individuals with special needs.
Empowering Patrick and Jenny
A particular trust allows Patrick, with Jenny’s support, to manage the trust assets. This ensures David benefits from his inheritance without the risk of financial vulnerability.
The Outcome: A Secure Future for Both Sons
Amanda’s careful planning means Patrick can inherit without complications, providing for his family and future. David’s needs are met without risking his vital support systems. By utilising protective trusts, Amanda ensures that both her children are taken care of according to their individual life situations.
Estate Planning with Empathy and Expertise
Amanda’s proactive approach with Everest Estate Planning exemplifies how estate planning can be tailored to meet complex family needs with compassion and precision. The trusts she set up not only safeguard David’s way of life but also protect Patrick’s and his children’s legacies.
This case study for Wills & Trusts, Amanda’s story … highlights the importance of expert estate planning to provide peace of mind and secure care for loved ones. Through careful structuring and a deep understanding of familial bonds, protective trusts can ensure that those who need support are never left vulnerable, and that legacies are preserved for future generations.
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