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Estate planning options for adult children in Nevada

On Behalf of | Aug 5, 2014 | Heirs & Beneficiaries

The estate planning process can be a highly personal journey and require a great deal of thought about the future. There is much more that needs to be decided aside from who gets the house and other assets. For Nevada residents who have adult children with special needs or who are unable to care for themselves, there may be the need for special considerations and forethought when estate planning.

Adult children who are considered to have special needs or who have mental issues may be unable to live alone and could also be unable to support themselves. In cases such as this, they may receive help in the form of Social Security Disability payments that are necessary for long-term care and support. If they inherit funds from a parent who passes away, they may lose those much-needed funds, however. A parent of a child in this situation may be better off to look into creating a trust as a means of leaving funds to an adult child.

Adult children may also live at home with parents. If a parent needs to be hospitalized or placed in a nursing home, that adult child may need daily care, money for bills and general financial support. It may be necessary to draft estate planning documents that outline this kind of care along with the wishes of the parent.

The estate planning process in Nevada can be vastly different for each family, depending on that family’s unique circumstances. When it comes to adult children, additional documents may need to be drafted. Parents in this situation may want to explore, carefully weigh and then discuss the options with the adult child, if possible, and with other family members.

Source: lakeconews.com, “Estate Planning: Caring for dependent adult children”, Dennis Fordham, Aug. 2, 2014