A special needs trust, sometimes referred to as a supplemental needs trust, is a specific type of trust used to provide support for a special needs individual. This exceptional estate planning tool should be considered by anyone who has a child or loved one who qualifies. So what is a supplemental needs trust and why would I want to create one? A Special needs trust, or SNT, may be used for an individual who is physically or mentally disabled or who suffers from a chronic or acquired … [Read more...] about What You Need to Know about a Special (Supplemental) Needs Trust
Special Needs Planning
Five Lesser Known Benefits of Good Estate Planning
Everyone knows that an estate plan can ensure your chosen beneficiaries receive the right inheritance. But did you know there are other benefits too? Here’s five things a good estate plan can for you. Protect Against Disability – No, your estate plan can’t prevent disability from striking but it can certainly ensure that you and your estate are protected if it happens. Using an Advanced Health Care Directive and General Durable Power of Attorney can ensure that your medical wishes are … [Read more...] about Five Lesser Known Benefits of Good Estate Planning
Special Needs Children Need Special Planning
Think about all the details you know about your child and his or her life. As the parent of a child with special needs, there are some things that only you know. And, if you weren’t there, that information would be lost. What impact would that have on your child’s life? A care plan can ensure that all the important information about your child, down to the smallest detail, is communicated to his or her guardian or trustee. Often done in the form of a Letter of Intent, a care plan is simply … [Read more...] about Special Needs Children Need Special Planning
Why Is Special Needs Planning Necessary?
If you are the parent of a child with special needs, you understand the joy these children bring to a family as well as to everyone with whom they interact. You are also likely familiar with the worry and fear that comes with thoughts of your child’s future. Fortunately, many children with special needs now live very independent lives; however, as a parent you may still wish to ensure that your child has your financial support as an adult, even after you are no longer here to provide it in … [Read more...] about Why Is Special Needs Planning Necessary?
Providing for Your Child with Special Needs
If you are the parent of a child with special needs, you need to address your child’s needs in your estate plan to ensure that he or she is well protected both during your lifetime and after you are gone. Care must be taken, however, to ensure that your child will benefit from the financial assistance you intend to gift to him/her. To help you get started, let's see how you can provide for your special needs child in your estate plan. Why Is a Special Needs Trust Necessary? As the parent, … [Read more...] about Providing for Your Child with Special Needs
Interaction between Education Savings (“529”) Accounts and ABLE Accounts
In previous newsletters, we have discussed both so-called “529 accounts”, which are a type of tax-efficient education savings accounts and ABLE accounts, which are a relatively new type of account that can be established to provide additional resources for persons receiving Supplemental Security Income (SSI) benefits. While each account is for a different purpose, they do share some similar features. Due to a recent law change, it is now possible to make limited transfers from existing 529 … [Read more...] about Interaction between Education Savings (“529”) Accounts and ABLE Accounts
Why A Will Isn’t the Only Document You Need (part 1 of 2)
If you’re thinking about getting a will, know that it may not be your best option. A will allows you to have control over future decisions. However, you should know that it’s important to consider other planning techniques, in addition. A will is not the only planning tool that you need. Take a look at the following information, to learn more. If you have any questions, contact an estate planning attorney. You can’t plan for incapacity. Your will is only effective after you die, … [Read more...] about Why A Will Isn’t the Only Document You Need (part 1 of 2)
An Update On ABLE Accounts
We have previously wrote about the long-awaited arrival in California of the so-called ABLE accounts. Formally, known as an Achieving a Better Life Experience (ABLE) account, they are a low-cost, easy-to-access plan established by federal law that began rolling out in 2016 and is now available in California. Modeled after the so-called “529 accounts”, an educational savings program offered by individual states, ABLE accounts let children or adults with disabilities incurred before age 26 … [Read more...] about An Update On ABLE Accounts
California Finally Approves ABLE Accounts
At long last, California has rolled out its ABLE accounts. Authorized by a federal law entitled the Achieving a Better Life Experience (or ABLE) Act, it is designed to make available additional funds to persons with disabilities who receive public benefits. The ABLE Act is administered at the state level and California finally began formally recognizing ABLE accounts in late December. ABLE accounts are like Section 529 plans. But, while 529 plans are for education expenses, ABLE accounts … [Read more...] about California Finally Approves ABLE Accounts
Probate Avoidance Made Easy (part 2 of 2)
Probate can be an extremely costly, lengthy, and public process. Many people take the time to carefully plan their estate in order to avoid probate. If you’re looking to avoid probate, you will need to utilize the right techniques. Take a look at some more great ways to avoid probate. If you have any questions or if you’re ready to discuss your probate avoidance needs, meet with an experienced, qualified estate planning attorney. Gift during your lifetime. If you’re able and willing … [Read more...] about Probate Avoidance Made Easy (part 2 of 2)
