Any family that cares for a child with special needs must consider special needs planning as a part of their overall estate plan. Why? Because someone has to be able to take care of that child in the event of the parents’ death. A special needs trust can be just the solution you’re looking for. Parents of children with developmental disabilities and other special needs often face unique challenges when it comes to estate planning. A simple will or trust is not enough While the average family … [Read more...] about Planning For a Child With Special Needs
When you are creating an inheritance list you should consider the life situation of everyone on the list. There are various different ways to arrange for others to inherit assets after you die. The best way to proceed will vary on a case-by-case basis. If you make assumptions, you can make mistakes that ultimately yield negative consequences. People often assume that legal advice is too expensive. This is a misconception, because there is such a thing as cost, and there is also such a thing as … [Read more...] about How Much Does a Special Needs Trust Cost?
A special needs trust is a specific kind of trust that can be created to benefit children and adults with disabilities. Whether you're caring for a special needs child or have a family member who has developed a medical problem and needs a trust to ensure their financial safety, there are several kinds of several needs trusts available to you. However, special needs trusts differ by state, and each state has different rules that apply. Type 1: Family Trust. A family trust is usually created by … [Read more...] about 3 Types of Special Needs Trusts
Living Trusts are becoming more common in Estate Planning, and these can include Special Needs Trusts to help take care of a disabled loved one. What may people don’t take into account, however, is that a Special Needs Trust must be drafted carefully to avoid interfering with the disabled person’s eligibility for government benefits such as Medicaid or Social Security benefits. When it comes to Medicaid, the government determines eligibility based on income and asset limits. Income is pretty … [Read more...] about Special Needs Trusts Need Special Planning
Do you have a loved one with special needs? If you plan to leave assets to your loved one, it is important to plan carefully. With the help of a special needs trust, you can leave assets to your loved one without disqualifying him or her from important benefits. Here are some common questions regarding special needs trusts: What is a special needs trust? This type of trust is specifically made to benefit mentally ill or disabled beneficiaries. With a special needs trust, you can leave … [Read more...] about Special Needs Trusts FAQ