Financial Planning

As a handy checklist from a professor and tax expert makes clear, tax benefits for parents of children with special needs have changed for the better. Learn how to take advantage of available programs and resources.

Parents of a child with special needs know that they must plan for the child’s care and support, especially if the child is unlikely ever to be able to earn an income.  If divorce is looming, be sure to learn the answers to these key...

ABLE accounts are a game-changer for families with special needs, but there has been confusion about how they work. Here are answers to basic questions about what ABLE accounts can and can't accomplish.

The same end-of-year bill that made major changes to retirement savings accounts also includes significant tax changes for people with assets in a special needs trust for a minor.

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.

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.