It is important to be absolutely certain that you are providing for everyone that you love in the ideal manner when you plan your estate. This is why personalized attention is key, because if you make mistakes, your good intentions could ultimately yield negative results. With this in mind, we will look at the value of a third-party special needs trust in this blog post. Need-Based Government Benefits If you have someone with a disability in your family, you may want to make this loved one … [Read more...] about What Is a Third Party Special Needs Trust?
Special Needs Planning
Your child undoubtedly brings joy and happiness to your family. Raising a child with special needs though can be challenging and costly. It may also feel as though you are the only parent facing the emotional and financial challenges that often come with parenting a child with special needs. You are not the only one though. Moreover, there are many resources that can help you, such as a special needs trust. A Westport special needs planning attorney at Nirenstein, Horowitz & Associates, P.C. … [Read more...] about What Can Be Purchased with a Special Needs Trust?
Parents of a child with special needs are going to have to take additional estate planning steps in most circumstances, and a Glastonbury special needs attorney can help. If you child has a disability, you want to ensure that your son or daughter is always going to be cared for – especially if the condition is a serious one that could prevent your child from living independently. You need to plan for what could happen to your son or daughter if something happens to you and you are no longer able … [Read more...] about 3 Steps Parents of a Special Needs Child Should Take
Estate planning is a personalized endeavor, and it should be viewed as such. The idea that you can simply slice up a pie through the terms of a last will is a shortsighted perspective. There are many different tools in the estate planning toolkit, and you should make the appropriate choices so that everyone that you love is being provided for in the best possible manner. Medicaid and Supplemental Security Income This dynamic is very apparent when it comes to providing for a family member with … [Read more...] about Can an Inheritance Disrupt Medicaid Eligibility?
There is a veritable alphabet soup used in the field of estate planning when it comes to acronyms. Some of these acronyms look very similar, and they may be used to represent programs and legal devices that accomplish similar aims, so there can be a lot of confusion. With this in mind, let’s look at the distinctions between SSDI and SSI. SSDI When you are working and paying taxes, one of the taxes that you pay is the FICA payroll tax. Some people scratch their heads when they see a significant … [Read more...] about SSI, SSDI, and Special Needs Planning
If it is done correctly, estate planning will involve careful consideration of the life situation of each inheritor. You should take a personalized approach and make sure that you are providing for each person that you love in the ideal manner. This is especially important if you have someone with a disability on your inheritance list. People with disabilities are clearly going to require health insurance. Most people get health insurance through their jobs, but a significant percentage of … [Read more...] about Preserve Benefit Eligibility With Special Needs Planning
People with special needs are often going to be unable to earn income on their own. There are a couple of different government programs that provide income for people who are in this position. One of them is Social Security Disability Insurance. When you work and you pay those pesky FICA or self-employment taxes, you are earning credits that will ultimately lead to eligibility for Social Security benefits. This program is for the most part in place to provide income for senior citizens, but it … [Read more...] about Is There a Source of Income for People With Special Needs?
The process of estate planning involves careful decision-making. You should act in an intelligent and informed manner so that you do not make mistakes that cause unintended negative consequences. With this in mind, we will look at special needs trusts in this post. People With Disabilities There is no one-size-fits-all estate plan, because every family is different, and every person is unique. When you have someone with a disability in the family, you should certainly act in a measured fashion … [Read more...] about What Are the Different Types of Special Needs Trusts?
You should consider the life situation of the people on your inheritance list when you are planning your estate. If you take the right steps, you can provide for each person in the optimal manner. With this in mind, we will look at third-party special needs trusts in this post. Medicaid & Supplemental Security Income If you want to set aside resources for the benefit of a loved one with special needs, you have to consider the matter of government benefit eligibility. Many people with … [Read more...] about What Is a Third Party Special Needs Trust?
A special needs trust can be a very useful estate planning device when certain circumstances exist. Many people who have disabilities rely on government benefit programs like Medicaid and Supplemental Security Income. These programs are only available to people with significant financial need. A direct inheritance can result in a loss of benefits, and you can react to this scenario through the creation of a special needs trust. First Party Special Needs Trust A trust that is funded with … [Read more...] about What Is a First Party Special Needs Trust?