Caring for a loved one can be a deeply rewarding experience, but it also comes with a myriad of challenges, especially when it comes to financial matters. As a caregiver, it’s crucial to approach these challenges with careful consideration and proactive planning. In this guide, we’ll explore some essential areas of planning for caregivers to consider from a financial perspective, covering topics such as budgeting, accessing government assistance, and handling the estate’s financial matters. [Read more…]
How to Choose the Right Trust for Your Loved One: Differentiating Between First and Third-Party Special Needs Trusts
When you have a beneficiary who is receiving government benefits, including benefits that pay for medical care such as Medicaid, reimbursement for expenses through SSI, or benefits for housing such as section 8, whether they are eligible for these benefits will depend both on their disability and on the assets they own. Therefore, any assets they receive from others either by gift or by inheritance can make them ineligible to receive these critical benefits. We have seen children who are receiving medical care paid for through governmental benefits become ineligible for these benefits and stop receiving the medical care they need. Proper planning is essential so that a family member can gift assets during life and/or after death to a child who is receiving governmental benefits without jeopardizing these vital benefits. One of the main tools used by families is to create a “special needs trust” which is designed to supplement but not replace any benefits that a child would be receiving from the government. In this blog we will explain two types of special needs trusts that are commonly used in estate planning. [Read more…]
Special Needs Planning: When to Consider a Special Needs Trust
Planning for a loved one who has special needs often involves unique circumstances and may require extra care. If you are their primary financial provider or caregiver, you will probably want to ensure that your loved one is getting the proper care and funding they need in the event that you are no longer able to provide it for them. There are a variety of techniques that can be incorporated into your estate plan to care for your loved one who has special needs. [Read more…]
Creating a Care Plan for Your Loved One with Special Needs
Caring for a loved one with special needs can be a deeply rewarding journey, but it also comes with unique challenges and responsibilities. If you are their primary caregiver, it’s crucial to consider what will happen to your loved one if you are no longer able to provide care for them. While your dedication may be unwavering, it is essential to have a backup plan in place for their continued well-being. In this blog post, we’ll explore the various care options available to ensure a secure future for your loved one with special needs, such as considering their medical expenses and the need for additional caregivers. [Read more…]
Teaching Children the Importance of Finances At Every Age
Financial responsibility is important to teach children of all ages. Showing your kids how to save money, manage their money, and make smart financial decisions can set a great foundation for the future. It is important to let your children know the value of money and set a positive relationship with finances at a young age. Here are some ideas of how you can instill good values concerning finances in your children at every age. [Read more…]
Starting the Year Off on the Right Foot: When Your Child Needs Special Accommodations
We are in the first few weeks of the back-to-school season! Many students are starting to settle back into their school-year routines and are becoming accustomed to new rhythms and ways of doing things. For some, however, it may feel a bit harder to figure things out or to do things the way it seems they are expected to do them. As a parent, you may be starting to notice that your child is struggling in some way. If so, we want to make parents aware of accommodations and modifications that schools offer that may help their children with completing their schoolwork or make them more comfortable in an educational setting. [Read more…]
Grandparents Day
This Sunday is National Grandparents Day! Grandparents and elders play a crucial role in molding and ensuring a promising future for the upcoming generations, and we’d like to take a moment to recognize the ways they nurture, develop, and shape our lives. [Read more…]
Back to School
It’s that time of year again! Children of all ages are going back to school. During this time, it’s not only important to pack your backpack and do back-to-school shopping, but it’s also a good time to think about doing your estate planning homework and creating or updating an estate plan as a part of ensuring that your children are taken care of. Here are a few things you might want to consider for your “back-to-school” estate planning list. [Read more…]
Road Trip Survival Guide
A summer road trip is a great way to spend quality time with your family, experience new food and activities as well as educate your kids about geography and different places in an exciting way! While road trips can be a fun activity to do with your family, if you have little ones, it may be hard to keep them entertained during the long journey. The fussing, bickering, and continuous “Are we there yet” can get old after a while. By planning and adding a few special things to your itinerary, you can make sure to have the easiest trip possible with your kiddos. We’ve outlined a road trip survival guide to make sure that your family has the best trip possible! [Read more…]
Estate Planning Before Summer Vacation
Summer is here and it is time for vacation! … Well almost.
Before going on your family getaway, it is important to have an estate plan. We know you are probably more concerned about your towel, sunscreen, and flip flops, (let’s be honest, we’re pretty concerned about those things on our vacations too) but if the worst happens and an accident occurs on your trip, you will want to have a plan in place. A thorough estate plan will not only protect you but also protect your family if anything happens to you and you are unable to make decisions or communicate your wishes. [Read more…]