Establishing a Financial Trust: Professional Disability Estate Planning in Milton
For families with a family member with a disability, financial trusts can be an extremely crucial part of financial and estate planning and can provide several benefits. Disability Dreams Group can assist you with disability estate planning in Milton. Many important decisions must be made when establishing a trust as part of an estate plan.
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When to establish the trust?
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Who will be the trustees?
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Is the trustee able to manage and invest the assets?
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What is the trustee’s relationship with your family member with a disability?
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What is your trustee’s age in relation to the age of your family member with a disability?
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What assets will be put in trust?
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What kind of trust will be created?
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Who will receive trust assets following the death of the beneficiary?
Planning to care for yourself and those you care about can be complicated, and we only want to introduce the subject here. Please feel free to contact us to discuss these issues further.
Estate Planning for Beneficiaries with Disabilities
Estate planning is crucial for ensuring your wishes regarding assets and liabilities are fulfilled after you pass away. When planning for a beneficiary with disabilities, it’s especially important to maintain their financial security while preserving access to provincial disability benefits like the Person with Disabilities (PWD) benefits in BC.
Key considerations include establishing trusts in your Will, such as the Henson Trust and Qualified Disability Trust (QDT), and leveraging tools like the Registered Disability Savings Plan (RDSP). These steps can ensure that your loved one’s needs are met without losing access to vital benefits.
The Importance of Proper Planning
Without a Will, the province determines who benefits from your estate, which may not align with your wishes. For beneficiaries with disabilities, the Public Guardian and Trustee may get involved. A proper Will ensures that your beneficiary’s needs are met and that assets are managed appropriately.
Disability Tax Credit
Eligibility for the Canadian disability tax credit certificate has more stringent tests than for provincial disability benefits; therefore, receiving the PWD in BC is possible but not eligible for a QDT. To assist in estate planning for persons with disabilities, applications to the CRA for the disability tax credit should be made as soon as possible.
Disability Dreams Group in Milton is here to guide you through the complexities of disability estate planning. Our services help ensure your loved ones with disabilities are financially secure and well-cared for.
