In case I'm put into a nursing home I want my children to have everything I have.how do I go about this? I already have a will but I don't want what ever amount of my Monet paying for a nursery home how do I do this?
1 Answer from Attorneys
It sounds like a Special Needs Trust is what you need. Without going into too much detail, you put assets into a trust that a trustee manages for your benefit while you are alive and then the trust assets are not considered (after a waiting period) as yours for purposes of qualifying you for governmental assistance. After your death, the trust assets are distributed to whoever you designated when you set up the trust. This explanation is oversimplified, here, but easy to understand with a little face time.
Let me know if you have other questions or feel free to call me. (206)624-6761.