Qualified Disability Trusts Can Offer Tax Savings
Some special needs trusts may be eligible for considerable tax savings. Here's how.
Some special needs trusts may be eligible for considerable tax savings. Here's how.
Credit cards offer a way for the trustee of a special needs trust to avoid giving a beneficiary cash while at the same time not serving as the beneficiary's designated shopper.
When a child with special needs is setting aside money for college, a 529 Plan may not be the best option. Here are some things to think about when family members ask about the best way to provide funds for...
Here are some of the questions you will need to consider in guiding your attorney to create a special needs trust.
Retirement accounts like 401(k)s and IRAs make up the majority of most people's savings. While these plans encourage saving by offering significant tax rewards, they were certainly not set up to help families with special needs.
Due to recent tax law changes, families with special needs children may be thinking about rolling existing 529 funds into ABLE accounts. But before you do, make sure you understand how these two accounts work and how they differ.
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.
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.
Many parents have their retirement savings socked away in 401(k)s and IRAs. There are ways for beneficiaries to avoid paying taxes on the funds prematurely, but when a beneficiary has special needs, things get thorny.
