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 […]
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 […]