When trying to ensure resources are available even after your death for a special needs child, you have a few trust options. One such option is a third-party special needs trust, and according to an article from Special Needs Answers titled ”What is a “Third-Party” Special Needs Trust and How is it Different From Other Kinds of Trusts?”, it’s used under different circumstances than first-party or pooled trusts. [Read more…]

While there are different avenues to taking care of a special needs individual, when contemplating estate planning, a special needs trust is often the best option. Special needs trusts protect special needs individuals from losing out on government funding due to means-based asset tests by putting additional assets into a trust that won’t be counted against them. These funds can be used for things like, “education expenses, a vacation or hobbies”, according to an article on Special Needs Answers, “What Is a ‘First-Party’ Special Needs Trust and When Is It Useful?”. Since government benefits are often crucial for a special needs individual, these trusts are an important way to ensure access to those benefits. [Read more…]

On December 13, 2016, President Obama signed the Special Needs Trust Fairness Act into federal law, as part of the 21^st Century Cures Act. An article from The Ledger, “Special-Needs Trusts for Disabled Individuals Now Easier,” goes into detail about the new benefits for special needs individuals provided by this new law. [Read more…]

It can be easy for parents to focus solely on the wellbeing of their child and leave personal planning on the back burner. But as discussed in a Today’s Caregiver article, “Planning for the Future with a Special Needs Child – Part 2,”, parents of special needs children must plan for themselves as well as for their child beyond their lifetime. [Read more…]

Even when a disabled person is able to work, they or their caregivers must incur many additional costs, from transportation needs to medicines and special supplies for care. A study by the Centers for Disease Control and Prevention reported that one out of every five Americans lives with a disability. If this includes you or someone you care for, you’ll want to know about some tax tips that are designed to help. A recent article in Yahoo Finance, “8 Tax Tips for People With Disabilities (and Their Caregivers),” offers some useful details. [Read more…]

At some point, we all need to think about retirement planning. But for parents of special needs children, the advancements in medical science that allow for greater longevity for those with special needs also create a planning problem. An article from Kiplinger, “Create a Plan for an Adult Child with Disabilities,” encourages parents of special needs children to think about long-term planning for their child as a part of their retirement planning. [Read more…]

In 2014, President Obama signed the Achieving a Better Life Experience (ABLE) Act as part of the Tax Increase Prevention Act of 2014. As reported in NJ101.5’s article, “Special accounts for the disabled,”, these accounts allow qualified individuals with disabilities the opportunity to have tax-free savings accounts without putting their eligibility for Supplemental Security Income (SSI) and other means-tested government programs like Medicaid at risk. [Read more…]

Special needs families are accustomed to things being more complicated, and retirement planning is no exception. Parents must plan for their own retirement as well as ensure a plan is in place for the time when they are no longer able to care for their special needs child. That includes everything from making sure beneficiary designations are up-to-date, to ensuring a child’s inheritance does not make them ineligible for means-tested government benefits. [Read more…]

The U.S. House just last year passed the Special Needs Trust Fairness and Medicaid Improvement Act (H.R. 670). According to PR Web’s article “NAELA Praises House Passage of Special Needs Trust Fairness and Medicaid Improvement Act”, this “common sense fix” corrected the original law, which assumed disabled people would be incapable of handling their own affairs and need a guardian. The act passed in the House with an overwhelming 382 to 22 vote. [Read more…]

For the month of March and in honor of Special Needs Awareness Month, we’re focusing this month on estate planning when it comes to planning for special needs beneficiaries. In December 2016, President Obama signed into law the 21^st Century Cures Act, which expanded protections for people with special needs. In addition, many states continue to enact laws allowing for ABLE accounts. [Read more…]