When doing estate planning with an heir who has special needs, you really need to take the time to carefully consider what can be most helpful to them when you are gone. Careful advance planning is the key. If you do it correctly, your assets can change their life,...
Special Needs Trusts
4 main classifications for children with special needs
If you have a child with special needs, a big part of your estate planning is likely setting up a special needs trust and other systems to support the child when you can no longer do so. You understand that your role as a parent is different than most, and your child...
These tips can make life easier if your child has special needs
If you have a child with special needs, you may have to care for that child for the rest of their life. You love your child, but that does not mean this isn't taxing and difficult at times. It's a full-time job. It comes with many hurdles you have to overcome. It...
What’s a testamentary trust and how does it help minor children?
Imagine that you want to use a trust as a part of your estate plan in order to protect the inheritances of your minor children. To put it bluntly, you don't want the inheritances of your children to be vulnerable to another family member -- like the guardian of the...
Common special needs for young children
It is not always immediately clear that a child has special needs, nor do these issues impact all children in exactly the same way. Two children may suffer from the same type of disorder and see vastly different levels of severity, differences in how well these needs...
What are the reasons to create a special needs trust?
If a child or another loved one has a disability, you may want to consider the benefits of creating a special needs trust. There are many reasons to learn more, including the fact that the use of a trust could help this person long after you are gone.Generally...
How does a third-party special needs trust work?
When you hear about a third-party special needs trust, the term "third-party" refers to the trust as a tertiary entity that will provide for the needs of the special needs person. The benefit of a federally-approved special needs trust is the fact that it will not...
What are the limitations of a special needs trust?
Setting up a special needs trust is virtually a necessity for parents of children with special needs. Having one in place means that your child will benefit from solid financial resources, be able to afford the level of care that he or she deserves and still qualify...
Have you created a plan for your special needs child?
A special needs child is a child who requires specific care. In many cases, special needs children need to be cared for after they become adults, and they never become fully independent. In other cases, special needs children require costly medical services and...
Special wording for your special needs trust
Parents of special needs children may want to create a special needs trust to provide for their kids in the event the parents die or become incapacitated. Such a trust brings a great deal of peace of mind. Because it will allay the all-encompassing fear of "Who's...