Special Needs Trust | Estate Plan Pros

Special needs children benefit greatly from additional planning.

Children with disabilities can benefit greatly from advanced planning on the part of their parents.  Conversely, if the parents fail to plan for their special needs child’s future, that child could find themselves without resources and without assistance. 

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Avoid These 7 Costly Mistakes When Planning for a Special Needs Child

7 Costly Mistakes When Planning For A Special Needs Child

Children with disabilities can benefit greatly from advanced planning on the part of their parents.  Conversely, if the parents fail to plan for their special needs child’s future, that child could find themselves without resources and without assistance.  Here are seven costly mistakes to avoid when planning your estate for your special needs child. Mistake #1: Ignoring your child’s...

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ABLE Act vs. Special Needs Trusts

Will the ABLE Act Replace Special Needs Trusts Until now, disabled individuals have had very few options to keep money in their control and maintain SSI and Medi-Cal (Medicaid) benefits. With the signing into law of the Achieving a Better Life Experience, or ABLE Act by President Obama on December 19, 2014 disabled individuals and their families have an interesting new option available. The...

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Why I Love Estate Planning - Going Beyond Avoiding Probate And Taxes

A lot of estate planning material you see out there focuses on avoiding the big expenses – taxes and probate fees.  But what makes me excited about estate planning is working with people who truly care about their family, and want to ensure their success long after they are gone.  For these individuals, the money is only part of the picture; their real concern is the well-being of their...

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Planning for Special Needs Children

Parents of disabled children face a lot of struggles. Often providing ongoing care for a disabled child is overwhelming, involving various doctors and other care providers, not to mention working with teachers and therapists, and IEP meetings and more. And somewhere back in the parents mind is the thought – who will do what I’m doing when I’m gone? Wonder no more when you create a Special Needs...

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Five Cool Things Your Trust Can Do That You Might Not Know About But Probably Should

Trusts are like violins – in the right hands they can do amazing things. Your trust can set goals for your beneficiaries and provide protection from themselves and others. You can take care of your pets. And you can plan long term to keep your estate in the family. Set Goals Parents want to see their children become productive and contributing members of society. They don’t want their hard earned...

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How to Carry Your Emergency Documents Inside Your Wallet

Look in your glove box. Anything in there that you’d actually need in an emergency? How about your wallet? Credit cards, obviously. Hopefully a health insurance card. But what about a card that gives first responders immediate information about any medical conditions you may have, allergies, and your emergency contacts? Your Advance Health Care directive is sitting at home in a fire safe box...

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Surprising Options Parents Have Over How Their Children Can Inherit

To give them the money, or not give them the money, that is the question most parents ask themselves.  But few people are aware that a competent estate planning attorney can open a world of options.  On the other hand, giving money directly to beneficiaries can leave them a world of problems. Young Beneficiaries Few people are prepared to handle a sudden influx of a large pile of cash, let alone...

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Picking the Wrong Trustee for Your Special Needs Trust (And How To Pick The Right One)

Corporate trustees are a favorite choice for managing larger Special Needs Trusts or Supplemental Needs Trusts, but that isn’t always the best choice, as Mark C.H. discovered.  Mark is an adult autistic man who in the court’s words is a “severely disabled, vulnerable, institutionalized young man”.  His mother created a Supplemental Needs Trust* for him, and at her death, Mark’s trust was funded...

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3 reasons to choose an irrevocable trust

Trusts as a whole can be divided into two categories – revocable trusts, which can be changed, and irrevocable trusts, which can’t.  There are many different types of irrevocable trusts with names like GRAT’s, IDGT’s, ILIT’s and more.  Each one is has its own idiosyncrasies and set of rules.  Why would you want an irrevocable trust?  Here are the three key reasons irrevocable trusts are used by...

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