Ethical wills first began to appear in the 1990s, usually in the form of a “legacy letter” written just before a person died and then bolted onto their main will as an appendix.
All couples can now take advantage of tax benefits for married partners, pass assets from one spouse to another with ease and qualify for Social Security spousal and survivor benefits. However, not all couples want to get married.
Perhaps the largest number of people who may benefit from asset protection planning are those who are at most mildly concerned about asset protection issues, or not even aware of the need for such planning.
Even if you've already drawn up a will, if you're in one of these situations, it's a good idea to review your final wishes and make any necessary changes, so your money and personal belongings are left in the right hands.
Only you know your capacity and willingness to serve, or the degree of need expressed by the person asking you. However, it should help to know first that if you do decide to accept, there can be help out there and second there are standard procedures and practices you can follow.
Special needs trusts can help fund quality-of-life improvements for the beneficiary, such as a phone, a trip or a private room in a group care facility.
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Graber & Johnson Law Group, LLC is devoted to serving clients in the highly specialized areas of estate and business planning. Book a time to meet the Graber & Johnson Law Group Kansas Estate Planning Law Firm.