The Difference Between Special and Supplemental Needs Trusts
Parents or caregivers who want to leave money to a loved one, child, or other family member with a disability may consider establishing a trust. However, how the trust is established is extremely important. Those who are disabled and/or of limited income often qualify for government financial assistance, such as Medicaid...
What You Need to Know About Funding A Special Needs Trust with Life Insurance
If you have a special needs family member, then you know that they often need services to help them with therapies, training, adaptive, and vocational skills, as well as daily living activities. In many instances, they live in group homes or have some type of assisted living arrangement. Of course, all...
What Are Special Needs Trusts?
For parents and guardians who are responsible for providing for a child or grown adult with special needs, worries about providing for the special needs individual once the parent or guardian dies are common. In most cases, caregivers want to leave money to a disabled person to ensure that care continues...
What is a Pooled Trust?
A pooled trust is a type of special needs trust designed to help disabled individuals protect their eligibility for public benefits—such as MassHealth (Medicaid in Massachusetts) or Supplemental Security Income (SSI)—while setting aside assets for their supplemental care and quality of...
Do You Need a Trust?
Trusts can be valuable instruments in an estate plan. They allow you to protect your assets from creditors, to channel them to designated beneficiaries and allow you control of assets during your lifetime. Trusts, however, are not for everyone and should only be used where you have substantial assets or have...
Understanding Life Insurance Trusts (ILITs)
An irrevocable life insurance trust gives you more control over your insurance policies and the money that is paid from them. It also lets you reduce or even eliminate estate taxes, so more of your estate can go to...
Retirement Accounts and Your Living Trust: What You Need to Know
Trusts can be a major tool in anyone’s estate planning portfolio. It is an instrument that allows you to easily pass assets to named beneficiaries without the delay, cost, and public nature of probate.
Living trusts are highly favored since you can name yourself as the trustee...
Stand Alone Retirement Account Trusts and You
Most people want to leave something for their children or heirs after they pass away but doing so can be tricky and complicated. You do not want taxes eating up the assets or exposing them to creditors, being squandered by irresponsible beneficiaries or jeopardizing a special needs heir’s right to public...
Long-Term Planning for Persons with Special Needs
Having a special needs child or grandchild presents distinctly different challenges for all concerned. The child will need a lifetime of care or some type of assistance and will be eligible for public benefits in many cases. To provide for your child or grandchild, meet with a trusts and estates lawyer...