Help For Disabled Son

Make sure that you and your wife have wills in place. That will make the process go all that much more smoothly.

-john-

You should think caefully about who will be the executor of the estate. You say that your son handles money carefully. That is good. Can he also take care of paperwork, sort out bank accounts, make reasonable financial decisions, etc.? If so, then consider making him the executor of the estate he will inherit rather than having someone else do it. Since executors get paid for the work they do, he will inherit more if he does the work of the executor himself.

One possible snag will be the sale of the Florida condo. There is some chance here of overcharging and dipping into the proceeds by people who become involved with the business of the estate, so take precautions. Make arrangements to have the condo appraised by a disinterested person before it is put up for sale. You might consider discussing all these matters with your son and provide what guidance you can in advance. Good luck.

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A will or a living trust?

TIA

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Anthony, I'd strongly suggest speaking with an estate planning attorney who is familiar with your type of case, it's a specialized area of law. A big issue here is the effect of any inheritance on disability benefits and other support that your son might currently qualify for. You may have looked into this already, but there is an estate-planning method called a "Special Needs Trust" that is used in this context. The purpose of an SNT is to pass assets to a disabled beneficiary without disqualifying them from their disability benefits. As part of that you can include planning to address the estate administration - as someone posted that's something to consider also, the probate of a FL estate, given that your son is in MA.

Ideally you want someone that knows both MA & federal benefits law and FL probate law...a Boston-based snowbird?

-Tad

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Yes, that is a very good idea. Anthony, I would suggest you research these issues on your own, as best you can, before you consult a lawyer. Then, you will be in better position to understand what the lawyer tells you.

I have one reservation. Be wary of any offer on the part of a lawyer to take over the whole process and serve as executor, especially if it is done for a percentage of the value of the estate, such as 2%, 5%, or whatever. That is a danger signal. Not only lawyers, but also banks and other financial institutions, can take advantage of bereaved heirs who are lacking in knowledge of how the probate process works.

Get legal advice and other professional advice when it is needed, for specific issues that may arise. Pay the lawyer his or her usual hourly rate for consultation about particular matters. The same goes for accountants, real estate people, etc. Avoid any professional person who wants to do something you do not understand for a suspiciously high fee or for a percentage of the value of the estate.

-------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup.