The opioid crisis has significantly affected many families across the country. The growing epidemic of addiction is also changing the need for estate planning. Addiction statistics show that more than 142 Americans die each day from a drug overdose. It’s also anticipated that more than 650,000 people will die over the next decade from opioid overdoses.
A family member suffering from addiction can generate unique concerns about estate and wealth planning. Estate planning professionals have for decades focused on tax planning- a valuable approach.
However, a lot of tax exposure has been eliminated in recent years, although an addict can put unimaginable financial and emotional strain on a family. If you are concerned about someone who is addicted to opioids in your family, they may be exhibiting unpredictable or violent behavior, and this can lead to further conflict within the family.
Estate planning options for someone who appears to be addicted to opioids could include:
- An outright bequest
- A disinheritance
- Distribution of funds to siblings for the benefit of the beneficiary addicted
- Trust planning
The addicted beneficiary should be given an opportunity to review any trust and then funding should be completed after the beneficiary signs the document.
These complex issues highlight why it is so important to hire an experienced attorney who will be sensitive to your individual needs and protect your family and loved ones well into the future. The right lawyer is a major asset when putting together the paperwork for your claim.