A Special Needs Trust is an Irrevocable Trust used to manage the funds of a family member with a mental or physical disability. If you have a loved one with a disability who relies upon you for financial help, you can use such a Trust to assure there are funds available for that family member’s care. This type of Trust may be unnecessary if your loved one can manage his or her own finances and does not need government aid. So, when is the best time to use a Special Needs Trust? Underage … [Read more...] about When to Use a Special Needs Trust
Funeral Arrangements
What is Special Needs Planning?
Unfortunately every one of us has someone in our extended family or knows of another family that has a member with special needs. In the context of financial planning the term special needs applies to loved ones who cannot, for some reason, take care of themselves. The reasons are varied and include, for example, children born with Down’s syndrome; young people who have developed schizophrenia or some other severe mental illness; a person permanently incapacitated from an accident; or a senior … [Read more...] about What is Special Needs Planning?
Special Needs Trusts: Understanding The Different Types
When I meet with clients who have family members with special needs, they are thrown when I mention there are two types of special needs trusts (SNTs)—the third party special needs trust and the first party or “self-settled” special needs trust. Hopefully this discussion will answer some of your questions. … [Read more...] about Special Needs Trusts: Understanding The Different Types
Discuss Special Needs Planning With An Expert
The cost of nursing home care is extraordinarily expensive in the United States. The MetLife Mature Market Institute keeps tabs on the industry, year-by-year, and their 2011 statistics give you an idea of just how exorbitant these expenses have become. … [Read more...] about Discuss Special Needs Planning With An Expert
Special Needs Planning: Providing Without Jeopardizing Benefits
You must evaluate the unique needs and personal proclivities of your heirs when you are planning your estate. There is no one required way to transfer assets to your loved ones. The intelligent course of action is to discuss your unique family dynamic with a good estate planning attorney when you are making preparations for the future. … [Read more...] about Special Needs Planning: Providing Without Jeopardizing Benefits
Autism Care & Treatment Efforts Highlighted in April
The month of April is Autism Awareness Month, and we would like to do our part to raise awareness here on the blog. … [Read more...] about Autism Care & Treatment Efforts Highlighted in April
When Do I Need a Special Needs Trust?
There are different ways that you can go about planning your estate. It is not always going to be a matter of drawing up a last will or simple living trust that explains how you want a pie of sorts sliced up among multiple people. There are websites on the Internet that sell do-it-yourself estate planning notions. They suggest that it is easy to plan your own estate by creating a last will or perhaps a revocable living trust. … [Read more...] about When Do I Need a Special Needs Trust?
Medicaid, SSI and Special Needs Trusts
Medicaid is a government-run health insurance program. The program is administered by the federal government along with each respective state government. There are federal guidelines, but the exact way that the program is administered will vary on a state-by-state basis. The Medicaid program is only available to people who can demonstrate significant financial need. There are Medicaid recipients who are healthy, but many disabled people are enrolled in the Medicaid program. People with … [Read more...] about Medicaid, SSI and Special Needs Trusts
A TEDx Talk About Having a Good Goodbye
Don’t plan to die? Bad news – humans have a 100% mortality rate. Yet only 30% of us make end-of-life plans, such as wills or trusts, advance medical directives and pre-need funeral planning. That leaves 70% of our families unprepared and devastated not if, but when, a death occurs. Listen to Gail Rubin on why we avoid the topic of death and how to improve end-of-life planning rates so everyone can have a Good Goodbye. Gail Rubin, CT, is a death educator Certified in Thanatology: Death, Dying … [Read more...] about A TEDx Talk About Having a Good Goodbye
How Does the Funeral Rule Protect You?
The time period that follows the death of a loved one is typically one filled with grief and other strong emotions. It is also a very vulnerable time for the survivors, making it a poor time to make important decisions. Nevertheless, there are often a number of important decisions relating to the decedent’s funeral and burial that must be made. If you find yourself faced with making these decisions, it may help to know that the law offers you some protection through something known as the … [Read more...] about How Does the Funeral Rule Protect You?
