Estate Planning

I live in one state but my son lives in a group home in neighboring state.  Where should I establish a special needs trust for his benefit?...

Administrator-managed prepaid debit cards offer beneficiaries of special needs trusts greater independence, but up till now such cards existed in a regulatory gray area.

According to court documents, legendary singer Aretha Franklin did not have a will when she died, meaning there are no specific protections for a son with special needs.

If you have funds in an IRA that will be distributed to a special needs trust upon your death, it is usually best to stretch these distributions out over as long a period as possible for income tax purposes.

When parents ponder how to provide for their child with special needs, they sometimes forget one of the key advantages of a special needs trust. Members of the family and friends can make gifts once it has been set up.

A good special needs plan involves many key players, including a guardian, a health care proxy, an executor, a trustee and possibly a trust protector.  It’s a good idea to review these selections on a regular basis, because change is inevitable.

Among the many challenges for families is making sure there will always be enough money to provide lifetime care for special needs children.  One solution is to fund a special needs trust with life insurance.

You may be thinking about setting up a trust. Before you commit to a plan, make sure you understand the differences between the two basic types of trusts: a revocable living trust and an irrevocable trust.

As 2019 drew to a close, Congress passed a spending bill that includes significant changes to retirement savings accounts. For families with special needs members, these changes will have an impact on estate planning.