ABLE Accounts vs. Special Needs Trusts: Why Not Have It All?
ABLE accounts and special needs trusts can accomplish the same goals, but each has its advantages and limitations.?The bes...
Read moreSome parents choose to avoid the complication of a trust by leaving their estates to one or more of their healthy children, relying on them to use the funds for the benefit of their disabled siblings. This is not a solution that will protect your child because it creates great risks to the security of the funds transferred.
In addition, this can create a burden for the child or children holding these "morally obligated" funds. Can he or she spend them on herself and her family? If so, how much is belongs to each? This approach can also create rifts among the other siblings, as some may spend the funds for their own needs and some for their brother or sister.
Except in the case of a very small estate, the share of your estate going to your child with special needs should be placed in a trust for his benefit.
Local Special Needs Planners in Your City
ABLE accounts and special needs trusts can accomplish the same goals, but each has its advantages and limitations.?The bes...
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I have an adult son who receives both Read more
Last month we discussed some initial things that every trustee of a special needs trust should do upon learning that the p...
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In case you haven't thought of checking in with your special needs planner in a while, here are five events that should tr...
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