There is no cookie-cutter, one-size-fits-all estate plan, and this is why it is necessary to receive personalized counsel from a licensed estate planning attorney before you make any decisions. Every situation is unique, and your own financial position and your intentions will be a large part of the equation. On the other side of the coin, you should also take the life situation of each person on your inheritance list into account. With the above in mind, if you have a child with a disability on … [Read more...] about Planning for a Child With Special Needs
Special Needs Planning
There are nearly 3 million special needs children in the United States. How many of those children's families have a special needs plan in place? A basic estate plan will not likely be sufficient to provide a lifetime of special needs care for these children when their parents pass away. Unfortunately, very few families are sufficiently prepared to provide for their special needs child. According to reports, only about 62% of families with special needs children have a proper plan in place … [Read more...] about A Plan to Cover a Lifetime of Special Needs Care
Families of loved ones with special needs must have a special needs plan to ensure the continued care of their special loved ones. If you have a child or an adult family member with a disability, and you ever become incapable of caring for them, a special needs plan will provide the instructions and resources necessary to continue their care. In order to be sure you and your family are properly prepared, you should know how to establish a special needs plan and avoid common mistakes. Who needs … [Read more...] about How to Plan for a Loved One with Special Needs
If you have special needs children, you have more issues to be concerned with. Many parents are not prepared for the long-term expense of caring for special needs children. Couple that responsibility with trying to prepare for their own long-term care and retirement needs, the responsibility can seem overwhelming. Topics covered in this report include: Deciding who should raise your children Why planning ahead is essential Who should control and manage the assets and insurance … [Read more...] about Free Report: Nevada Estate Planning For Families with Minor Children
If you have ever cared for a disabled individual, you are aware of all that is required to maintain proper care for them, including not only medical needs, but personal needs as well. You may also be familiar with the need-based government assistance programs that are available, such as Medicaid and Supplemental Security Income (SSI). Both of these programs determine eligibility based on income and resources. For instance, in order to satisfy the SSI resource requirements, your assets, with … [Read more...] about What is a Supplemental Needs Trust in Reno Nevada?
An important aspect of estate planning considers the needs of beneficiares and how best to meet those needs. If you have a beneficiary with a disability it is crtitical to understand the public benefits that they are receiving, or may be eligible to receive, and how a distribution from your estate may affect those benefits. An outright distribution from your estate to such a beneficiary could disqualify him or her for public benefits, including medical benefits, which could be devastating. … [Read more...] about Special Needs Planning & Your Estate