Five important elements of estate planning are presented for families with a special needs adult child….
special needs trust
Special Needs Children – Spending “For” and “By”
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.
INvestABLE Enables Financial Independence for the Disabled
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.
Life Insurance Can Fill a Special Need
For families with a special needs child, life insurance can be an especially effective tool for funding a trust.
How much money do you need in a special needs trust?
Determining how much money to have in a special needs trust has been one of the most challenging tasks faced by parents who have children with special needs. In essence, they need to answer the question, “How much will it cost to provide for my child years after I...
Planning for Children with Special Needs
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...
Tips on Creating an Estate Plan that Benefits a Child with Special Needs
By Rebecca W. Geyer Parents want their children to be taken care of after they die. But children with disabilities have increased financial and care needs, so ensuring their long-term welfare can be tricky. Proper planning by parents is necessary to benefit the child...
There’s No Limit on Assets Going into a Special Needs Trust
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...