If you have a loved one with special needs, you may be looking for ways to provide for their future. One option is to set up a special needs trust. A special needs trust is an estate planning tool that can help you manage assets for your loved one's benefit. There are many advantages to using a special needs trust, and this blog will discuss some of the key benefits.

Supplemental Needs Trusts in Texas 

Special needs trusts, also called supplemental needs trusts, ensure that a disabled person or an individual with special needs receives the care he or she needs. For example, a grandmother caring for a grandchild with cerebral palsy may worry about the care her grandchild will receive once she has passed away. In a situation like this, a special needs trust may be set up to provide consistent financial support for the child even after the grandmother dies. Funds from a special needs trust may be used to pay for medical expenses, in-home care, therapy, housing, and other needs. 

Protecting Assets and Supplementing Government Benefits 

One of the main advantages of using a special needs trust is that it can help you protect your loved one's eligibility for government benefits. If your loved one has significant assets in his or her own name, he or she may not be eligible for needs-based government benefits like Medicaid. However, if the assets are held in a trust, the assets will not be counted when determining eligibility for government benefits. 

As any small business owner can tell you, getting a business up and running is no easy feat. Even when a business is humming along smoothly, unexpected disputes resulting in litigation can crop up at any time. Small business owners must constantly be on their toes, ready to respond to surprises with agility so that legal disputes have a minimal effect on a company’s growth and productivity. Here are some common legal disputes that Texas small business owners may face that a great business law attorney can help with. 

Common Types of Business Disputes

The nature of certain businesses will expose them to a greater likelihood of facing disputes than others; for example, a construction business is much more likely to face litigation for an injured employee than a business selling records. Knowing your field is essential for understanding the kind of risks you undertake as a business owner and any potential liabilities you may face in the future. Common types of disputes small business face include, but are not limited to: 

• Intellectual property disputes 

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When you and your spouse got married, you united not only your lives but also your families. This can be a wonderful thing, but it also comes with many new challenges. Therefore, you need to create an estate plan to protect each other and your children. If you are in a blended family in Texas, there are some specific things you need to take into account. Let's look at them below.

Estate planning and subsequent marriages in Texas

When you marry in Texas, part of your property will become your partner's. In fact, they will have a superior say in what happens to your assets when you die than any other person related to you. That's why estate planning is necessary to protect all your heirs, including those from your previous marriages.

Considerations when estate planning for your blended family

Here are some of the crucial factors to keep in mind after marrying into another family:

In Texas, one of the most important steps you can take to secure your loved ones' futures is to have an estate plan in place. This document will dictate how your estate should be handled after your death. It's important to have a frank discussion with your family about your estate plan so that they know what to expect.

Why should you have the discussion?

There are a few reasons why having this conversation is so critical. For starters, it can help avoid family conflict. If everyone knows what to expect, there's less of a chance for disagreements to arise about who should inherit what.

This conversation is also so important because it allows you to make sure that your wishes are carried out after you die. You may want to leave particular assets to certain family members, or you may want to set up a trust to take care of your children. Whatever your wishes may be, having this conversation with your family can help make sure they're carried out.

Your business in Texas is likely to deteriorate if you pass away or become incapacitated without an estate plan. Estate taxes, unclear ownership and leadership are the leading business killers. Here's how you can make sure your business is in safe hands with an estate plan.

Estate planning for business in Texas

Estate planning for business involves setting up strategies that determine how your beneficiaries, business partners, creditors, etc., will deal with your company if you're incapacitated or after your passing. This is critical because even when you are incapable of working, things should go according to your plan. In addition, a good estate plan can help your beneficiaries or your business itself from suffering serious tax consequences.

Get all documents tied to your business in order

For you to create a solid estate plan, you need to first find all the documents that prove your ownership and authority in your business as well as your other assets. For instance, a financial power of attorney will give someone you trust the power to run your business or estate when you are incapable. While that is in action, you can use an advanced health care directive to give someone power to make medical decisions for you or have your own directives regarding how doctors should treat you when incapacitated. Other important documents include: