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Consider Circumstances of Each Inheritance Recipient Each person that you are going to be giving an inheritance to is a unique individual. We all have our different strengths and weaknesses, and some of us live our lives under special circumstances. With this in mind it is important to discuss vehicles of asset transfer with a good estate planning lawyer when you are making preparations for the future. It is likely that you will have older, established relatives on your inheritance list. You may have absolutely no reservations about giving these family members direct inheritances knowing full well that they will be able to handle the assets appropriately. On the other hand, some people are not yet established. And there are also those who may have reached the age of maturity who have nonetheless demonstrated poor money management skills. You can set aside resources for the well-being of younger heirs and/or those who could be described as spendthrifts with certain controls that protect them from their own potentially poor decisions. Another thing to consider is special needs planning. If you have someone in the family who has a disability you have to be careful about how you provide for this individual. Many people with special needs rely on government benefits, and a direct inheritance could jeopardize benefit eligibility. Most laypeople are not going to know exactly how to proceed given these differing sets of circumstance. The intelligent course of action is to sit down with a good estate planning attorney and explain every nuance of your family dynamic. Your attorney will gain an understanding of your situation, listen as you explain your intentions, and assist you as you put together the plan that is ideal for you and your family. Experienced estate planning attorneys Warren NJ of the Augulis Law Firm offers estate planning and business planning resources to residents of Warren, NJ. To learn more about these free resources, please visit www.augulislawfirm.com/ today.
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