There are different ways that you can facilitate asset transfers to the people on your inheritance list. The right way to proceed will depend on the circumstances. Plus, you don’t have to provide for everyone in the same manner. Targeted solutions can be implemented to address the life situation of each respective person. With this in mind, we are going to take a look at inheritance planning for people with disabilities in this post. Medicaid and Supplemental Security Income Obviously, … [Read more...] about Is There a Person With Special Needs on Your Inheritance List?
Special Needs Planning
How Can You Include a Person With a Disability in Your Estate Plan?
There are many different tools that can be used when you are planning your estate. It is unwise to assume that you have to settle for limitations or suboptimal outcomes. In most cases, there is a particular device that can serve as the ideal solution. With this in mind, we will look at estate planning for people with disabilities in this post. Need-Based Government Benefits A lot of people with disabilities are unable to join the workforce, so they cannot get health insurance through their … [Read more...] about How Can You Include a Person With a Disability in Your Estate Plan?
Special Needs Planning Questions Answered
What is special needs planning? In the field of estate planning, steps can be taken to provide for people that are in unique situations. This applies to the facilitation of inheritances to people with disabilities. Why can’t you just name someone with a disability in a simple will? You can certainly do this, but there is a potential downside. Many people with disabilities rely on Medicaid as a source of health insurance, and they receive income through the Supplemental Security Income … [Read more...] about Special Needs Planning Questions Answered
Act Wisely to Provide for a Loved One With a Disability
Generally speaking, a person that receives an inheritance will mourn the deceased, but they will be able to put the windfall to good use. From a financial perspective, there will be no downside. However, sometimes an inheritance can cause problems, and we will look at a relatively common scenario in this post. Government Benefit Eligibility Clearly, people with disabilities need health insurance more than most. Many of these folks cannot work, so they can’t get health insurance coverage … [Read more...] about Act Wisely to Provide for a Loved One With a Disability
Does Medicaid Seize Remaining Assets in a Special Needs Trust?
The majority of people in the United States get their health insurance through their employer provided plans. Unfortunately, a high percentage of people with disabilities are not in a position to hold jobs, so this is not an option for them. Everyone needs health insurance, but it is especially important for these folks, so the void is a big deal. Fortunately, a safety net exists in the form of the Medicaid program. It is a need-based benefit, so you can potentially qualify if you have less … [Read more...] about Does Medicaid Seize Remaining Assets in a Special Needs Trust?
SSI vs. SSDI: Are There Any Differences?
There are some misconceptions about the government disability programs that carry similar sounding acronyms. In this post, we will explain the distinctions between SSDI and SSI. Social Security Disability Insurance (SSDI) When you earn income, you pay self-employment or payroll taxes that go toward future eligibility for government benefits for seniors. There is a retirement credit system that is utilized for standardization purposes. During the current calendar year, you get one credit for … [Read more...] about SSI vs. SSDI: Are There Any Differences?
What Is a Supplemental Needs Trust?
There are pointed approaches that can be taken to address every type of inheritance planning challenge. With this in mind, when you are planning your estate, you should consider the life situation of every person on your inheritance list. A perfectly acceptable way to transfer assets to one person may not be appropriate for the next, and this definitely applies to an inheritance that you want to leave to a person with a disability. Need-Based Government Benefits Most Americans get insurance … [Read more...] about What Is a Supplemental Needs Trust?
What Is a Third Party Special Needs Trust?
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?
What Can Be Purchased with a Special Needs Trust?
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?
3 Steps Parents of a Special Needs Child Should Take
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