Today, a significant event took place at the White House that holds immense importance for individuals with disabilities and their families. President Biden delivered a
While it may not seem necessary when a special needs child is young, setting up a trust to ensure their financial stability is better to be done sooner rather than later.
If your beneficiary designations are out of date and you die without updating those designations, your assets could go the wrong people–a former spouse, for example–no matter what your will says.
Equally sharing the wealth among the children isn’t always fair, such as when one sibling is the primary caretaker, or another is already wealthy.
Having a child with special needs can come with all sorts of unique challenges from a financial and estate planning standpoint. Public benefits, for example, can play a huge role in anticipating how much money your child will need down the road in your later years, as well as when you’ve passed away.
What may have seemed like something to take care of ‘one day,’ has turned into a basic necessity that makes it essential and necessary for you to encourage your clients to act now.
As our children with disabilities grow older, and we ourselves grow older, the future can seem daunting. The future can be overwhelming. Taking steps to plan for the future can seem way too complicated, especially when you don’t know where to start.
A special needs trust allows the beneficiary–your family member–to receive government benefits, while still receiving funds from the trust.
Anyone with a child with special needs understands the need to prepare for the future. A trust is always a good place to start, and figuring out a savings goal for that trust is a key part to your planning.
The state will most likely be happy to do it for you after you die. If you do not have a will or an estate