Category Archives: Special Needs Planning
SECURE Act 2.0: Impact on Special Needs Trusts
A special needs trust (SNT), or a supplemental needs trust, is a legal entity that helps individuals of any age with disabilities maintain their eligibility for government benefits and receive additional financial support. Under the SSA expenditure rules, an SNT can provide additional monies to enhance the beneficiary’s lifestyle while maintaining Medicaid or Supplemental… Read More »
Guardianship or Conservatorship for Adults with Disabilities
For individuals with developmental disabilities who can’t make important decisions or care for themselves in adulthood, guardianship or conservatorship are both legal arrangements that should be given consideration. Establishing a legal guardian is the job of the court, which appoints a person (guardian) to make personal and financial decisions for individuals lacking the capacity… Read More »
Does Disinheriting Your Special Needs Child Protect Their Government Benefits?
Families with special needs children face unique challenges and opportunities to protect their children’s futures. Providing appropriate medical, educational, recreational, and employment opportunities for your special needs child can result in a lifetime of pursuing public and private programs and services. Too often, the parents or persons responsible for financial and medical management of… Read More »
Taxes and Special Needs Trusts
Families who care for a loved one with special needs or a disability will often create and fund a special needs trust. It can provide peace of mind to improve a family member’s future quality of life without jeopardizing their eligibility for government benefits. However, families must also consider the tax implications of special… Read More »
Legal Options for People with Special Needs (and the Families Who Support Them)
The Americans with Disabilities Act (ADA) provides support and empowerment to people with special needs and disabilities. More options for individuals and families who support them to live as independently as possible are available. Multiple options are available to create and amend legal frameworks to best serve persons with special needs. Requirements continue to… Read More »
A Comparison of Special Needs Trusts and ABLE Accounts
A special needs trust (SNT) and an Achieving a Better Life Experience account (ABLE) provide a tax-free way to save money for people with disabilities. Both options provide a mechanism for saving money and protecting resources that ensures the person with a disability (PWD) continues their eligibility for public benefits programs. Accumulating resources for… Read More »
Choosing a Special Needs Trustee
When creating a special needs trust (SNT) for a loved one with a disability, the grantor (the individual creating and funding the trust) typically becomes the trustee. However, it is crucial to choose a successor trustee who will continue properly managing the SNT to benefit the special needs individual. When selecting a reliable, honest,… Read More »
Funding Options for Special Needs Trusts
It is crucial to properly fund special needs trusts (SNT’s), designating your trust as the owner of certain assets. The trustee can then distribute these assets to benefit your disabled loved one. Before funding can happen, you must choose the type of trust that best suits the situation for your love one with special… Read More »
The Basics of Guardianships (Part 2)
If you haven’t already read The Basics of Guardianships (Part 1), click here to do so. Once you understand how guardianships are intended to help a special needs adult, you must understand the key responsibilities a guardian plays within their legal role. Guardian duties vary depending on the protected person’s limitations and abilities. However,… Read More »
ABLE Accounts and Special Needs Trusts
People who have loved ones with disabilities and need a way to save money tax-free often create a special needs trust (SNT) to supplement their loved one’s unique requirements and quality of life while continuing their eligibility for public assistance programs. In 2014, the ABLE Act (Achieving a Better Life Experience) became a second… Read More »
