Many general estate plans fail to take into account special needs planning. This is crucial, however, if your child, parent, or other loved one has special needs. Special needs planning protects assets for your loved one’s benefit without affecting his or her access to government benefits, such as Social Security Income (SSI) or Social Security Disability Insurance (SSDI). Without proper planning, assets left to those with special needs may disqualify them for these and other benefits.

Kearney, McWilliams & Davis can help you devise a solid special needs plan that protects your children, aging family members, and other loved ones. We provide productive and efficient legal counsel that is personalized to your situation. Our special needs planning lawyers have extensive experience in all aspects of estate planning and related matters.

Special needs planning is a way to protect individuals with mental or physical disabilities from losing SSI or SSDI benefits while still retaining access to assets in an estate plan. It is also a way to ensure that assets are properly managed when the beneficiary is not able to manage them on his or her own. If your child has special needs, you will likely want to plan for the possibility that you may eventually no longer be able to care for him or her. This is also true for those who serve as caretakers for a special needs parent, family member or loved one. Our firm can assist you with various aspects of special needs planning, including but not limited to:

While some parents and caretakers decide to leave nothing to the special needs children or family members in their care, assuming that government benefits will be enough to cover expenses, this is not a wise choice. Typically, government benefits only cover the minimum, such as food and housing, leaving the special needs individual without the resources he or she needs to live a full life.

Special Needs Trusts

Special needs trusts are designed to allow parents and caretakers to leave assets to individuals with special needs while also maintaining their eligibility for government benefits. There are certain requirements with special needs trusts, namely that the assets in question will supplement the disabled individual’s needs, rather than replace government benefits entirely. Special needs trusts can be used to help an individual with a disability:

This list is not comprehensive; a special needs trust can be used to supplement many activities or items that provide the trustee with a better quality of life. Our special needs planning attorneys at Kearney, McWilliams & Davis can help you find a personalized solution that fits your unique needs.

Tax planning is crucial for those who wish to take a proactive approach to protect their interests. At Kearney, McWilliams & Davis, PLLC, our tax practice assists individuals and corporate clients in addressing tax-related issues by developing proven and practical strategies. Our focus on proactive planning, coupled with our commitment to providing each client with a high level of service over the life of their business and beyond, sets us apart as much more than just a law firm. As laws, regulations, and circumstances change, we can help you navigate the changing times and fight for your rights and interests when they are threatened.

We counsel on international, federal, and state tax issues that arise in general business operations and commercial real estate and business transactions. Our tax attorneys create tax-efficient structures and provide innovative, practical solutions to the tax issues that challenge our clients. In addition, we provide a wide array of specialized advisory and strategic services for our clients, including but not limited to:

No matter your tax planning needs, our firm can assist you. We provide honest and efficient counsel and dedicated legal guidance to meet the needs of each individual client. In addition, KMD Law remains consistently available, answering our client’s questions and addressing concerns from start to finish.

If you’d like to help your heirs and beneficiaries avoid probate, you should consider establishing a revocable living trust. Living trusts allow you to retain control over and benefit from your assets and property while you are alive while also naming a successor trustee who will handle the trust upon your passing, as well as beneficiaries who will benefit from the assets controlled by the trust. Typically, assets placed in a trust are not subject to probate. A trust can also allow you a greater level of control over how assets are distributed. Trusts are particularly beneficial for individuals with large estates or those that own businesses, commercial real estate, and other considerable assets.

There are several benefits to placing assets into a living trust. Arguably the most important aspect of a trust is that it allows you to denote how your assets will pass in a very specific way. For instance, if you wish to ensure that your children from a previous marriage receive an inheritance, or wish to provide for a special needs relative, a trust can accomplish this. A trust can also be useful if you want to leave assets to an heir, but you want to ensure that these assets are properly managed. These are just a few examples of why you might choose to draft a revocable living trust. Other advantages offered by trusts include that they allow you to:

While revocable living trusts can be changed so long as you are able to do so, they are no longer flexible once they pass on to the successor trustee. Furthermore, trusts must be consistently maintained over time. If you purchase a new home, for example, you must update the trust and re-title your assets to ensure that they are properly transferred through the trust.

Every situation is unique. Speaking with an experienced trust attorney can help you determine the best course of action. At KMD, we offer a personal approach that is tailored to your particular goals from start to finish.

Perhaps the most basic and essential element of any estate plan is a last will and testament. Wills are important documents that denote how your assets and property will be transferred to your heirs and other beneficiaries. Although the state of Texas has put into place laws meant to simplify the estate planning and administration process, including laws related to drafting and formalizing wills, it is still wise to consult with an experienced will lawyer who can help you ensure that your will is created properly and that your assets are protected. This is particularly true if you have a complex situation and you think your will may be contested.

At KMD, we take into account your goals, values, and vision for the future. We understand how important it is that your assets are protected and that your loved ones are cared for. Our will attorneys can assist you with:

• Determining if you should set up a will or trust
• Drafting your will
• Creating a “self-proving” will
• Managing sizeable assets and/or real property
• Naming an executor
• Minimizing taxes, legal fees, court costs, and other expenses
• Ensuring your will is legally sound
• Handling complex issues, such as disinheriting a spouse, multiple businesses, and more.

Additionally, estate planning & will attorneys regularly assist clients with considerable assets, those with multiple children from previous marriages/partnerships, small business owners, and individuals with complicated or unusual situations. We are able to help you with everything from drafting a will to correctly submitting all required forms to signing the document. KMD attorneys are here to help navigate creating a will from start to finish.