8/3/2023 0 Comments Mymoney network review![]() ![]() People who receive government assistance may have limits on how much they can have in assets. “We want to make sure that if we are caring for someone who’s receiving that type of benefit, we don’t accidentally leave them something that disqualifies them from that benefit,” Nkenchor says. While a basic trust may suffice for a loved one who has a mental illness but mostly functions independently, it could negatively impact one who doesn’t and receives government assistance. Having a trust in place can also help beneficiaries avoid probate, a court process for handling estates that could be stressful for someone who has a mental illness.ĭOES MY LOVED ONE RECEIVE GOVERNMENT ASSISTANCE?Īnother important question to ask is whether the person receives government assistance or may need to in the future. Likewise, you can request money be allocated to health care expenses and anything else that helps them live a healthy and functional life. One example includes someone with depression.Ĭriminal cases for killing eagles decline as wind turbine dangers grow While these loved ones are often independent, they may still have difficulty managing assets on their own, says Lillie Nkenchor, an attorney who does estate planning in New York. Trusts can be especially helpful for transferring assets to loved ones who have a mental illness but are still able to function independently. A trust enables you to leave specific instructions for trustees about how to care for your loved one and distribute assets. Setting up a trust is one way to transfer wealth to a loved one and create financial stability for them. ![]() If a family member’s mental health issues may interfere with their ability to manage finances, answering these questions could help them create long-term financial stability. Chances are, some of these individuals will be inheriting wealth at some point. More than 50% of Americans will be diagnosed with a mental illness or disorder during their lifetime, according to the Centers for Disease Control and Prevention. ![]()
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