Often, families who care for a loved one with special needs or a disability create and fund special needs trusts. 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
A person with intellectual and developmental disabilities, also known as I/DD, has varying conditions that impact their ability to adapt to daily life and social skills, as well as their ability as follows: Reason Learn Problem-solve Live independently I/DD is, in essence, the adult terminology for special needs, the term
A special needs trust (SNT) is usually created and funded by the grantor (the person who creates the trust). However, it is crucial to choose a successor trustee who will continue properly managing the SNT to benefit the individual with special needs. When selecting a reliable, honest, and capable successor
You need to take practical and legal steps to plan for your child’s transition to adulthood as they turn eighteen. Begin well before their birthday to ease the transition and ensure they continue receiving their government benefits as an adult. If they require life planning and decision-making oversight, parents need
A third-party special needs trust, also known as a supplemental needs trust, is an estate planning tool for parents of kids with mental/physical disabilities and the elderly. This type of trust will receive assets from you or another benefactor expressly for that person with a disability. Goals include: leaving
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