Preventing Beneficiary Designations from Wreaking Havoc on Special Needs Beneficiaries

Preventing Beneficiary Designations from Wreaking Havoc on Special Needs Beneficiaries

The main way most American families save for the future is through private retirement savings plans such as 401(k)s and IRAs.  These plans offer the opportunity to designate a beneficiary upon the death of the account holder.  These designations allow the account assets to bypass probate and pass directly to the named beneficiaries. Often, individuals make these decisions when initially setting up the account and never reconsider them.

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Dealing with the Diagnosis:  Practical Legal Steps to Take when Planning for an Uncertain Future 

Dealing with the Diagnosis:  Practical Legal Steps to Take when Planning for an Uncertain Future 

  Whether it is Alzheimer’s disease, dementia, Huntington’s, ALS, MS or another illness, when a family member has been dealt a life-altering diagnosis, it changes the way you must plan for the future. A family with a person who has received such a diagnosis should seek legal advice as soon as possible. Even if the individual with the diagnosis is cognitively impaired, it does not mean that they cannot be a part of the planning process. Many times, the impaired individual can be actively involved.

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