If you’re child has problems, has become the black sheep of the family, or has other issues, you may think about disinheriting him. However, disinheritance has life-long affects on this child, his siblings, his children (your grandchildren), your spouse, and your family as a whole. You may not realize it, but disinheritance is a shocking and earth-shattering measure. After all, money equals love in our psyches; and, your entire family may be pulled apart. Governmental Assistance Have … [Read more...] about You Don’t Have to Disinherit Your Child
Special Needs Planning
Why You Might Want to Consider a Pooled Special Needs Trust
If you are the parent of a disabled child, or if you help support a loved one with special needs, a special needs trust can be an effective – even essential – tool. Special needs trusts help to ensure that your loved one’s Medicaid or Supplemental Security Income won’t be jeopardized by an inheritance or, in the case of a disability caused by someone else’s actions – by a personal injury settlement. Strict Rules In order for a special needs trust to protect a disabled person’s benefits, the … [Read more...] about Why You Might Want to Consider a Pooled Special Needs Trust
Establishing a Care Plan for Your Special Needs Child
Think about all the details you know about your child and his or her life. As the parent of a child with special needs, there are some things that only you know. And, if you weren’t there, that information would be lost. What impact would that have on your child’s life? A care plan can ensure that all the important information about your child, down to the smallest detail, is communicated to his or her guardian or trustee. Often done in the form of a Letter of Intent, a care plan is simply a … [Read more...] about Establishing a Care Plan for Your Special Needs Child
Have a Child With Special Needs? You Need More Than a Will
If you’re the parent of a child with special needs, and your child receives government benefits because of his or her disability, then simply leaving an inheritance to your child through your will is not enough to take care of him or her. In fact, planning your estate in this way might do more harm than good. Why? Because, as you know, your child is only allowed to have very limited assets. So, even if you leave him or her a small inheritance, say, $5,000, your child can lose essential … [Read more...] about Have a Child With Special Needs? You Need More Than a Will
