If you have concerns about providing for your special needs child after your death, estate tools such as a special needs trust and a life insurance policy can help fulfill your wishes. As you make your estate plans, you should know how to use your life insurance...
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What should I know about a special needs trustee?
With a special needs trust, you can breathe easier knowing that your special needs child will receive care even when you are no longer around to provide it. An important part of creating your trust is choosing a person or entity to manage the trust, also known as a...
Special needs trust versus supplemental needs trust
People in Pennsylvania who have disabilities may qualify for Medical Assistance, known as Medicaid in the rest of the country. Eligibility for MA depends on financial resources. Special needs trusts and supplemental needs trusts both set aside money on behalf of a...
What may I include in a special needs trust?
A third-party funded or common law special needs trust may hold money or property to support a disabled heir or child. As noted by the AARP, you may add money to a special needs trust in any amount that suits your heir’s or child's needs. By creating a trust, you may...
What are the types of special needs planning?
As a parent of a special needs child, you know you must plan for the future. You need to have something in place to handle all the roadblocks that may come up in time, such as when your child reaches the age of 18 or your own inability to care for your child as you...
Special needs children and estate planning
The Centers for Disease Control and Prevention reports that 26% of American adults possess some form of disability. Out of these, one in three between the ages of 18 and 44 dealt with an unmet medical need in the last year because of the expense. If you are a parent...
Where is a good place to start with special needs planning?
If you have a child with special needs who requires care and will require care for the rest of his or her life, then you have a need for special needs planning. Putting a plan in place is essential to ensuring that your child has the right care when the time comes...
Can a special needs trust help my spouse?
Like most married people, you may want to ensure that your surviving spouse can afford the quality care he or she needs after you die while also maintaining some income stream. You must decide how to structure your estate plan to best meet these goals. A special needs...
