I frequently have parents who have a child with special needs tell me that they need to omit their child from their estate plan because the child is receiving governmental or charitable benefits and that any inheritance left to that child will disrupt or terminate the benefits that they are receiving.
This is not the case. You can absolutely leave an inheritance to a child with special needs, even one receiving governmental or charitable benefits. You just have to do it the right way, meaning by using a special needs trust.
So you set up a corporation or LLC for asset protection. You want to keep your business liability separate from your personal assets. Did you know that if you fail to form the entity correctly or if you fail to perform certain acts each year to maintain your entity, the entity may not actually provide the asset protection you were looking for in the event of a lawsuit?