Parents should consider the possibility of leaving their retirement benefits to children without disabilities and leave other assets—cash, stocks, real estate, insurance, etc.— to the special needs trust. Leaving non-retirement assets to the special needs trust avoids the unsatisfactory consequences associated with the shorter pay-out required when the special needs trust names an older contingent beneficiary or where the parents would like to name a charity as a beneficiary of the trust. The retirement funds left to the children without disabilities can be stretched out to the extent permitted by law, and more of the favorable tax treatment and opportunities…
Do not name your special needs child directly as a beneficiary of a retirement plan if your child receives or may later need SSI, Medicaid, or other benefits such as Section 8 assistance or food stamps. The distributions from the retirement account will either reduce the entitlements or eliminate them entirely. Instead, if you want your child to receive your retirement benefits, the named beneficiary on the account can be the special needs trust for your child. Even so, this trust should contain special provisions not typically found in special needs trusts to insure the most favorable stretch-out and tax…
“Veterans deserve special attention, so we take our role as advocates seriously. We work to enusure that veterans and their families enhance their quality of life. The practice areas at Senior Life Care Planning, LLC include VA applications, and other areas of paramount importance to veterans.
Everyone understands sales people, including those in finance and insurance, make money when people buy their products or services. But residents of senior living communities – such as the 94-year-old mother – can be especially vulnerable targets.
The challenge is daunting; however, not doing anything can be worse. Sometimes, having a professional elder care attorney and care coordinators can help with the situation.
We serve as your advocate and intermediary, and we also give you advice regarding homecare, assisted living facilities and nursing homes or health care facilities.
If you have doubts about any financial advisor or suspect fraud or abuse – whether of yourself or a loved one – please gives us a call.
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