Frederick, MD 
301-663-9230Do you desire to that your special needs child will remain financially secure even when you are no longer around?
Determining funding of a special needs trust (SNT) is no easy task.
Determining funding of a special needs trust (SNT) is no easy task.
Senior Life Care Planning works with seniors and their families as advocates for their quality of life, whether at home, assisted living facility or nursing home.
With congress in post-election turmoil and heavy ideological difference at stake, there are many things that we simply can’t yet know and this makes planning both essential and baffling.
To become a more effective advocate for your loved one with special needs: v Follow through on your instincts and investigate anything that you think may not be on the up and up. v Put it in writing and save a signed copy for your records, specifically lay out what is bothering you or your family member. The more focused you are in your letter it’s easier for the caregiver or supervisor to resolve it. v Whether your loved one lives with you, in a group home, or in a long-term care facility, you must be physically present in order…
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…
The process can certainly appear daunting at first, but the key is recognizing that you do need to plan, and the time to start is now.”
A trust in lieu of a will – may be better if you have a complex estate, require asset protection from the nursing home, a beneficiary who must meet certain conditions before receiving assets or a special-needs loved one who requires care after you are gone.
Parents are encouraged to call upon the trained expertise of financial and legal advisors.
Here are some issues that could trigger the need to make a change in your estate plan.
