When we think about heirs fighting over assets, it is the big ticket items that typically come to mind, such as the family home, investments, bank accounts and the like. However, according to a recent article in the New York Times, it is often items of sentimental value - a mother's necklace, for example, or a father's watch - that cause the most contention. This is particularly true in the case of blended families. Worse, battles over sentimental assets often lead to hard feelings that can last for years or even permanently sever relationships between family members.

How can you prevent your heirs from fighting over items with sentimental value? Many people believe that a statement in a will or trust that basically says 'tangible personal property should be divided as my heirs see fit' will solve the problem. However, this can lead to a host of potential conflicts. A better approach is to put specific items that you believe are of interest to certain family members in writing, and then discussing your decisions in advance with your family. In this way, many emotionally charged disputes can be avoided.

What if you are convinced that a former spouse, one of your children, or the spouse of one of your children will cause trouble no matter you specify in your will? In this case, you might want to consider a no contest clause. In essence, this clause makes the risk of challenging your will outweigh the potential benefit of doing so. A no contest clause generally stipulates that if a beneficiary contests the will’s provisions or its validity, his or interest in the will is forfeited. It is important to note, however, that you have to leave the heir in question enough of an inheritance to motivate him or her not to challenge the will.

To learn more about this issue, visit http://www.nytimes.com/2015/04/04/your-money/when-heirs-fight-over-assets-with-sentimental-value.html?_r=0

For many families with a special needs child, a special needs trust is one of the most important components of the family's overall estate plan. A properly designed and implemented special needs trust can provide a number of important benefits.

Maximize quality of life while protecting eligibility for government assistance.

A special needs trust allows you to provide funds that can help improve the quality of life for your special needs loved one without jeopardizing eligibility for necessary government assistance, such as Supplemental Security Income (SSI). Funds in the trust can be used for all of the following and more:

• Medical procedures or therapies not available through government assistance
• Supplemental nursing home care and private companion services
• Travel expenses
• Entertainment expenses such as movies, concerts or electronic equipment
• Fees for guardians and attorneys
• Other expenses, services or products not provided by a government assistance program

Lower costs for healthcare services.

Medical providers who have contracts with the state to provide Medicaid services generally deliver those services for much less than beneficiaries paying privately. In situations where the special needs trust must reimburse the state for services provided over the beneficiary's lifetime (the payback provision), reimbursement will be for this lower cost and avoid any penalties or interest.

Avoid the stress, expense and frustration of guardianship.

A properly designed special needs trust can avoid the need for a guardianship proceeding over property issues because trusts are recognized as a less restrictive means to guardianship. This in turn can protect the beneficiary from having to pay for the ongoing costs and formalities of maintaining a guardianship.

For more information about special needs trusts and how we can help you choose the one that is right for your special needs loved one, contact us for a personal consultation.