Special Needs Trusts

Trusts are important vehicles in special needs planning. What happens, though, when the primary beneficiary of a special needs trust dies and there are assets left in the trust? How are taxes calculated and paid?...

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.

While crowdfunding through such outlets as GoFundMe or Kickstarter can be a quick and effective way of raising money for a person with specials needs, it could also have a negative impact on the beneficiary’s access to government benefits.

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.

Many people are getting ready to make gifts to family members, but gifts of cash or certain types of gift cards can compromise the eligibility for government benefits of a family member with special needs.

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.