Category: Special Needs Planning
“An applicable multi-beneficiary trust can solve some–but not all–of the challenges that the new act presents.” The SECURE Act eliminated the life expectancy payout for inherited IRAs for most people, but it also preserved the life expectancy option for five classes of eligible beneficiaries, referred to as “EDBs” in a recent article from Morningstar.com titled […]
“It is critical that parents and grandparents give careful thought to any gift of money or bequest in an estate plan, when the recipient has special needs.” Parents and grandparents do all they can to help their children and grandchildren lead their best lives, and that often extends to the child or grandchild’s adult lives. […]
“Estate planning generally focuses primarily on lifetime protection and post-death distribution of assets. Special needs planning focuses primarily on the individual beneficiary’s lifestyle and care needs.” Special needs planning is far more detailed than estate planning, although both require regular reviews and updates to be effective. For creating a wholly new plan or reviewing an […]
“Having a child with special needs can come with all sorts of unique challenges from a financial and estate planning standpoint. Public benefits, for example, can play a huge role in anticipating how much money your child will need down the road in your later years, as well as when you’ve passed away.” Many government […]
Special Needs Trust Pitfalls: Planning for Parents “Both the state and federal government, administered through the Social Security Administration (SSA) and Medicaid provide disabled individuals with a variety of life enhancing, and sometimes life sustaining, public benefits.” Public benefits for disabled individuals include health care, supplemental income, and resources, like day programs and other vital […]
Special needs trust may be answer to new tax reforms. Some of the people who were concerned about the new tax reform law were people with disabilities, according to The Hill in “Restructured tax code would unduly burden people with disabilities.” However, the concerns raised in that article did not materialize. Not only will they […]
The rules that allow first party special needs trusts to protect assets while receiving assistance from the government are being tightened. First party special needs trusts are established by a parent, grandparent, guardian or by court order for the sole benefit of a person with special needs. The assets of the person with special needs […]
When their daughter had a breakdown while attending college, there was nothing that Keisha Sacher’s parents could do when she refused to come home. At age 19, she was an adult. They had no legal control over her. When she finally did return to their home, the family endured a nightmare of her drug addiction, […]
Planning for family members with special needs can be overwhelming, particularly when so many decisions may have lifelong consequences. Beyond figuring out the intricacies of government programs, parents fret over guardianships, how governmental services may erode and what legal documents they need. Children are raised to eventually be able to support themselves, but this isn’t […]
New studies are providing more current cost estimates. “What we found was shocking,” Mandell said. “This is a huge hit on families.” The costs to care for a child with special needs is on the rise, as reported in a new study in the medical journal JAMA Pediatric. The study found that the total lifetime […]
