Estate Planning is all about peace of mind. What estate planning is all about is discovering the rig...

1. Trusts for special circumstances - National estate planning
Estate Planning is all about peace of mind. What estate planning is all about is discovering the right
tools to execute your fundamental needs. We do this using the most up to date tools so that we can
prepare a customized plan at the most affordable possible expense.
Trusts can be created for a variety of purposes or
circumstances. If you have unique planning concerns
there is probably a trust that is right for you. This article
will discuss trusts that address a variety of interesting
planning concerns.
Special Needs Trusts
A special needs trust would be used when planning for
an individual who may have a catastrophic or permanent
illness that requires assistance from government
sources. These government benefits would
predominately be SSI (Supplemental Security Income)
and Medicaid, although in some situations the
beneficiary may be receiving SSDI (Social Security
Disability Income) and Medicare.
Special needs trusts fall into two broad categories; first party or self settled trusts and third party
trusts. First party trusts are a function of federal law and represent "safe haven" trusts. These trusts
allow an individual who receives money (generally from a law suit settlement, inheritance, or child

2. support) to shelter these assets and remain eligible for their government benefits. First party trusts
are also known as "Mediciad pay-back trusts" because Medicaid has the first right to the remaining
assets in the trust at the death of the trust beneficiary.
Third party trusts are funded with assets that belong to someone else (not the beneficiary). A
common example would be a parent who creates a trust for the benefit of a disabled child either in
their will or in their revocable living trust. These are called testamentary special needs trusts
because they come into existence at the time of death. Third party trusts can also be "stand-alone"
trusts created during the trustmaker's lifetime.
Special needs trusts can be an integral part of planning for an individual who is disabled or has
special needs. However, they require the estate planning attorney have special expertise in the
needs of disabled individuals, special needs trusts, and government benefits eligibility. More
information is available at SpecialPeopleSpecialPlanning.com.
Life Alliance Partner Trusts
A life alliance partner trust is a trust that addresses the common concerns of unmarried couples
(either same or opposite sex). The purpose of a life alliance partner trust is to provide a lifetime
benefit to the surviving partner while creating asset protection and ensuring the final distribution of
the assets.
A typical scenario would be one where Tom and Bob have been in a long-term committed
relationship. Tom has children from a previous marriage. Although Tom cares deeply for Bob and
wants to provide for him financially in the event of his death, he is unwilling to put his children's
inheritance at risk. A life alliance partner trust can address this concern by holding Tom's assets in
trust at his death for Estate Planning Bob's benefit. For example, Bob could use the assets for his
health, education and maintenance. At Bob's death, the remaining assets will pass to Tom's children.
In the event Bob should enter into a new relationship or have a catastrophic creditor event, the
assets have a greater likelihood of being preserved for Tom's children. Tom then has choices about
continuing the trust protections he provided to Bob to his children as well. More information is
available at LovingWithoutaLicense.com.
Pet Trusts
Pet trusts are gaining in popularity across the country. More than 40 states have now enacted
statutes that allow for the creation of a pet trust. A pet trust allows the pet owner to leave assets in
trust for the benefit of one or more pets for their lifetime. Additionally, including pets in disability
directives and wills may prevent them from unintended outcomes (e.g. ending up at the shelter).
It is not uncommon for a family who loves their pets to want to make more than sure they are
provided for at the end of the pet owner's lifetime. Trusts can be created for the benefit of dogs,
cats, horses, and even hamsters. If your pets are important members of your family, you don't want
to leave them unprotected. Careful consideration should be given to the provisions of your pet trust.
Who will be the pet's caregiver? Who will manage the trust assets as trustee? Will you have an
oversight committee--an Animal Care Panel? What will happen to your pet at the end of its lifetime?
These are significant questions that require thoughtful answers. More information is available at
LegacyForYourPet.com.

3. Reanimation Trusts
A growing number of scientifically minded individuals are choosing cryopreservation at the end of
their lifetimes. There are significant medical and legal challenges. The medical challenges concern
the existing science and ability to reanimate someone after preservation. The legal challenges arise
from issues never yet discussed in the court system--can a trust be created for someone considered
legally dead, who may be reanimated in the future? The answers as yet are unknown.
The primary purpose of a reanimation trust would be to preserve assets for the benefit of the
cryopreserved individual for their future use. Assets may also be used to support research dedicated
to perfecting the science of cryonics. Other family members may be protected in the interim as well.
More information is available at Alcor.com.
As shown, trusts can be created for a variety of unique purposes and circumstances. The law of
trusts continues to evolve as our society's views change and mature. Seek out
http://ohioline.osu.edu/estate/index.html professional guidance when considering the use of a trust
for a special purpose.
http://www.examiner.com/article/trusts-for-special-circumstances
Lastly, estate preparation has to do with comfort. The procedure itself is crucial as well as could
help you produce a great, strong working strategy that will take care of you, your kids, as well as
your ownerships in situation of your fatality or disability.