Designating a Special Needs Child as a Beneficiary of an IRA or Retirement Plan in a Trust
It is important to carefully plan how to leave behind assets to benefit a child with special needs, so that their government benefits can be protected. It is also important to protect those assets against later claims after your death and, in some cases, during your lifetime, for additional available public benefits such as Medicaid. […]
Special Needs Planning for Children and Adults
Individuals with learning disabilities, behavioral problems, or physical disabilities are classified as special needs. For example, individuals with autism, ADHD, Asperger syndrome, Down syndrome, dyscalculia, dyslexia, deafness, blindness, and cystic fibrosis fall into the special needs category, as do cleft lips, missing limbs, and more. The US government combines this group into the overall classification of […]
SSDI Applicant Qualifications
As a federal income benefits program, Social Security Disability Insurance (SSDI) helps disabled Americans pay for their basic needs. Generally, benefit recipients can’t work for a year or more due to a prolonged or disabling medical condition. To qualify, you must have already been paying the Social Security payroll tax deduction and earned enough credits […]
A Trust for Special Needs and an ABLE Account
Those who have loved ones with disabilities and wish to save money tax-free often create special needs trusts (SNTs) to supplement their loved one’s unique needs and quality of life while continuing to qualify for public assistance. In 2014, the ABLE (Achieving a Better Life Experience) Act was passed, creating a second financial asset through […]
Lifetime Money Management for Children with Special Needs
Estate planning presents unique challenges for families with special needs children. Planning your estate to use, enhance, and enrich assets for a special needs child while maintaining their enrollment in public benefits programs requires careful consideration. With the help of an estate planning attorney, you can set up a special needs trust to accomplish these […]
Special Needs Planning and What You Need to Know
Enabling the Disabled In honor of October as Disability Awareness Month, let’s look at planning for disabled people to live their best lives. Family money can be carefully managed to fit the disability-benefit rules and still provide additional perks for the disabled person to enjoy. And, though the rules can be strict, disabled people are […]
Estate Planning Considerations for Special Needs Children
Current medical and health care advancements have made it possible for dependents with special needs to live more useful lives than ever before. Many scientists regard the term special needs as a euphemism for disability. Yet, the difference between the two terms is primarily one of acceptance and preference as both terms describe the four […]
How The Able Act Impacts Special Needs Planning
The Achieving a Better Life Experience (ABLE) Act was signed into law in December of 2014. The purpose of the Act was to provide individuals and families the ability to finance disability needs tax-free. The savings vehicle provided by the ABLE Act is similar to the 529 education savings plan. The ABLE Act allows families […]
The New Guidelines for Special Education During COVID-19
The US Department of Education is providing details about how states, schools, and parents can best address student special education needs following the Individuals with Disabilities Education Act (IDEA). Students with special needs are provided Free Appropriate Public Education (FAPE), which requires tailoring to meet individual disability needs. The program’s goal is to give children […]
Consider a Special Needs Trust for a Disabled Loved One
What is a Special Needs Trust? In general, a trust is created when property or assets are managed by a person or firm for another person’s benefit. The person or entity who manages the trust is known as the trustee and will be responsible for making decisions in the best interest of the person who […]