Posts Tagged ‘special needs’

You may want to learn more about a littleknown option called a “pooled trust,”

Joining a pooled trust may be an option for some people in certain states to receive home care
through Medicaid, without having to impoverish themselves in order to qualify.

Do you desire to that your special needs child will remain financially secure even when you are no longer around?

Determining funding of a special needs trust (SNT) is no easy task.

The estate tax – also known as the “death tax” or “inheritance tax” depending on one’s persuasion – has been suspended entirely for 2010.

With congress in post-election turmoil and heavy ideological difference at stake, there are many things that we simply can’t yet know and this makes planning both essential and baffling.

How do I become a more effective advocate for my loved one with special needs?

To become a more effective advocate for your loved one with special needs: v     Follow through on your instincts and investigate anything that you think may not be on the up and up. v     Put it in writing and save a signed copy for your records, specifically lay out what is bothering you or your family member. The more focused you are in your letter it’s easier for the caregiver or supervisor to resolve it. v     Whether your loved one lives with you, in a group home, or in a long-term care facility, you must be physically present in order…

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How should I distribute my assests to my special needs child and my other children?

Parents should consider the possibility of leaving their retirement benefits to children without disabilities and leave other assets—cash, stocks, real estate, insurance, etc.— to the special needs trust. Leaving non-retirement assets to the special needs trust avoids the unsatisfactory consequences associated with the shorter pay-out required when the special needs trust names an older contingent beneficiary or where the parents would like to name a charity as a beneficiary of the trust. The retirement funds left to the children without disabilities can be stretched out to the extent permitted by law, and more of the favorable tax treatment and opportunities…

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Should I name my special needs child as a beneficiary of my IRA?

Do not name your special needs child directly as a beneficiary of a retirement plan if your child receives or may later need SSI, Medicaid, or other benefits such as Section 8 assistance or food stamps. The distributions from the retirement account will either reduce the entitlements or eliminate them entirely. Instead, if you want your child to receive your retirement benefits, the named beneficiary on the account can be the special needs trust for your child. Even so, this trust should contain special provisions not typically found in special needs trusts to insure the most favorable stretch-out and tax…

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Planning for a loved one with special needs to be cared for after you’re gone may involve some of the most important and emotional decisions you make.

The process can certainly appear daunting at first, but the key is recognizing that you do need to plan, and the time to start is now.”

Most people need to complete three critical documents: a will or living trust, a health-care power of attorney and a power of attorney for your finances.

A trust in lieu of a will – may be better if you have a complex estate, require asset protection from the nursing home, a beneficiary who must meet certain conditions before receiving assets or a special-needs loved one who requires care after you are gone.

Parents need immediate estate planning to make sure their assets are properly disbursed for the specialized care of their minor or adult children when they die — an event that can happen at any time.

Parents are encouraged to call upon the trained expertise of financial and legal advisors.