People with disabilities or chronic illnesses require more specialty care than other individuals. Unfortunately, these expenses add up quickly and can drain finances. One way to reduce financial strain is to open a Special Needs Trust. The beneficiary, who is a...
Special Needs Trusts
What is the link between retirement and special needs planning?
Having a special needs child changes many things in your life, especially if your child will need care for the rest of his or her life. You will likely not be around the whole time, so you need to do some special needs planning as part of your estate planning process....
What is a letter of instruction?
A major concern for many parents of children with special needs is what their children will do when they are no longer around to help. More than establishing a trust, writing a letter of intention or instruction can help ensure that a child gets the exact care they...
What is a care plan?
If you have a relative with a disability for whom you are responsible, then you will need to do special needs planning along with your typical estate planning. You want to be sure your loved one has his or her care in order should something ever happen to you....
Understanding the three types of special needs trusts
If you are caring for someone you love with special needs, you may consider how a trust can help at some point. The purpose of a trust established for someone with special needs is to manage assets outside of the government benefits he or she receives. There are three...
Finding a compassionate guardian for your disabled child
Caring for your child with disabilities is something you take seriously and you need someone you trust to take over this responsibility in emergencies. Establishing a guardian as part of your long-term care plan can help you protect your special needs child. A...
What does a supplemental needs trustee do?
Having an adult child who has special needs often requires planning for the future. After all, your child's condition may make it exceedingly difficult both to work and to pay for living expenses. If you are thinking about using your estate plan to provide for your...
The do’s and don’ts of administering a special needs trust
Parents of New York children with special needs often establish special needs trusts as a way of leaving assets behind for the child without disqualifying him or her from public assistance. Special needs trusts are complex and sometimes difficult to administer....
Should I use life insurance to help my special needs child?
As the parent of a special needs child, you probably worry about how to provide for your child after your death. You may have heard that taking out a life insurance policy on yourself is one way to secure your child’s future. A whole life insurance policy may be of...
How can a letter of instruction help special needs planning?
You understand that your special needs child will have challenges exercising self-care when you are no longer around. With a special needs trust, you can put aside money to provide for your child’s needs. But you should do more than just establish a trust. Writing...
