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A Credit Counselor Versus a Bankruptcy Attorney


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A Credit Counselor Versus a Bankruptcy Attorney

When I was drowning in debt, I knew that soon enough I would need to file for bankruptcy. I simply didn't make enough to cover the amount of debt I had accumulated. However, I was not sure whether I should work with a credit counselor or a bankruptcy attorney. I did a lot of research on the subject and found that there are pros and cons to working with both a credit counselor and a bankruptcy attorney, and that you also had the option of working with both at the same time. Ultimately, I decided to hire the attorney, but that may not be the best option for everyone. I created this website to help you understand what a credit counselor is and what they do, what a bankruptcy attorney is and what they do and how each can help you if you are drowning in debt.

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Special Needs Trusts: Estate Planning Lawyers Provide Security For Vulnerable Individuals

If you are planning your estate, one area you may want to pay special attention to is planning for vulnerable individuals you care about.

Estate planning lawyers play a vital role in creating Special Needs Trusts (SNTs), which provide a crucial financial safety net while preserving eligibility for government assistance programs. Here's what you need to know about these types of trusts.

Understanding Special Needs Trusts

A Special Needs Trust is a legal instrument designed to manage and protect the assets of an individual with special needs without jeopardizing their eligibility for government benefits such as Medicaid and Supplemental Security Income.

SNTs are established by estate planning lawyers to provide financial security, support, and a higher quality of life for individuals with disabilities.

Preserving Eligibility for Government Benefits

Without proper planning, receiving an inheritance, settlement, or even a significant gift could result in the loss of crucial benefits.

However, estate planning lawyers can structure trusts in a way that safeguards eligibility while providing supplementary funds to enhance the individual's quality of life.

Tailoring the Trust to Individual Needs

Estate planning lawyers work closely with families and individuals to create SNTs that are tailored to the specific requirements of the beneficiary. They understand that each individual has unique circumstances and varying levels of care required.

Lawyers take into account the individual's disabilities, medical needs, and personal preferences to ensure that the trust addresses their financial, healthcare, and lifestyle needs comprehensively.

Management and Distribution of Trust Assets

Estate planning lawyers help in selecting suitable trustees who have the knowledge, experience, and empathy to administer the trust. They provide guidance on financial management, investments, and oversight to ensure that the assets are protected and utilized optimally for the beneficiary's well-being.

Coordination with Government Programs

Navigating the complex web of government assistance programs can be overwhelming for families and individuals.

Estate planning lawyers with experience in special needs planning have in-depth knowledge of the intricate rules and regulations associated with these programs. They work hand-in-hand with families to coordinate the trust provisions with government benefits.

Periodic Reviews and Updates

Estate planning lawyers provide valuable assistance in monitoring the trust's performance, making necessary adjustments, and ensuring that the SNT remains aligned with the beneficiary's evolving needs and goals.

Talk to an Estate Planning Lawyer ASAP

Special Needs Trusts are powerful tools that provide financial security and peace of mind for vulnerable individuals with disabilities. Estate planning lawyers play a crucial role in creating these trusts, offering expertise and guidance to protect the financial future of the beneficiaries. 

Contact an estate planning lawyer for more information.