As Rubin Law of Chicago points out, "Public benefits such as Social Security, Medicaid, and more may be crucial sources of financial support for your child throughout life, and the loss of those benefits could be catastrophic. A special needs trust has the advantage...
Five important elements of estate planning are presented for families with a special needs adult child….
The difference between Special Needs Trusts and INvestABBLE accounts has to do with spending. With trusts, the trustee is the one who pays for goods and services for the special needs individual. ABLE accounts, in contrast, allow the special needs person to access the funds as needed.
New developments in the INvestABLE accounts for special needs individuals makes financial independence even more of a possibility for disabled adults as well as children.
For families with a special needs child, life insurance can be an especially effective tool for funding a trust.
Estate planning requires specialized planning when you have a child with special needs. Looking to the future as to how your child will be able to function in the world as they age is particularly tricky to assess. What is the child’s long-term prognosis and what type...
By Dara M. Hensel, Estate Planning Paralegal Having a special needs child has many challenges. One of the toughest challenges faced by many parents is knowing how to best care for their special needs child as they reach adulthood. There are many areas that need...
There’s no limit on the amount of cash or assets that may be put into a trust for a child with “special needs”, but setting up and administering a special needs trust (SNT) is no simple matter due to state and federal laws, which dictate a host of rules about: how...
“There is a great deal of overlap between estate planning and family law,” as California attorney Christina McPherson points out. Last week we discussed just one example of the way different fields of law overlap, talking about the fact that grandparents planning to...
