Financial Planning

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.

People wishing to help someone with special needs save for their future without jeopardizing the recipient's public benefits can now do so using a "Gift of Independence" card.

Low-income seniors and people with disabilities could save up to $7,500 this year through the Senior Tax Credit for the Elderly and Disabled. ...

Among the many questions surrounding ABLE plans is who can open accounts?  Only the person with a disability? Parents?  Other relatives? Friends? ...