Special Needs

//Special Needs

Planning for families with children with special needs is an important subset of financial planning that should be regarded as a specialty.  It is important for parents of children with special needs to to do their research when it comes not only to the government programs that are out there, but the products and plans that may make their lives and their children’s lives a bit easier.

Don’t Make this Common Terrible Special Needs Planning Mistake

I was reviewing a client's estate plan the other day, and was shocked to see this very common special needs planning technique.   It isn't a rare technique, and it seems very natural but is often a terrible idea.  The document provided that the child with special needs was proactively disinherited.  More often then not it is a terrible idea to fully disinherit a child (who actually may be an adult at the time of draft) with special needs in favor of the other children.  Not only is it a terrible idea it could be actually be considered legal malpractice depending on the [...]

By | 2014-07-31T00:35:44+00:00 July 31st, 2014|Special Needs|4 Comments

I Can’t Believe I have Been Blogging for 4 Years

On August 5th of 2008 I put up my first post.  I had no idea if anyone would read about my journey, nevertheless care about what was going on in my life, but I wanted to share my thoughts with whoever wanted to read them.  Since putting that first post up I have seen somewhere between 570,000 and 630,000 pageviews (analytics vs sitemeter) and while that is probably a day’s worth of views for a news site I am pretty happy with it, especially since most of the first year or so I was getting under 15 page views a day. I [...]

If You Have a Child With Special Needs Please Be Careful When Making Financial Moves

The office I work at has a prominent Special Needs Planning department, and when meeting with one of the planners on a separate case he to me a horrible about parents making financial decisions without fully understanding the ramifications to their child with special needs.  The situation is probably more common than you would expect a Child with Special Needs who is on SSI & Medicaid with loving parents and grandparents.  Well, Grandpa transferred a Uniform to Minors Account (UTMA) into the name of the Child (who is of majority age) and then Mom and Dad spent some of the money as [...]

By | 2013-09-26T15:00:38+00:00 October 21st, 2010|Special Needs|4 Comments

Planning for Children with Special Needs Part III – The Third Party Special Needs Trust

Disclaimer: You should always check with your financial or legal professional before estate or financial planning especially when dealing with as sensitive and advanced subject such as Children with Special Needs. This is the Third Part of a multi-post series on planning for children with special needs. Part I – Introduction Part II – Letter of Intent This post is an introduction to 3rd Party Special Needs Trusts which are also sometimes referred to as Supplemental Needs Trusts.  Let me start with this caveat – this area of planning involves both federal and state statutes so consider this post a high view [...]

By | 2013-09-26T15:01:55+00:00 April 21st, 2009|Special Needs|1 Comment

Planning for Children with Special Needs – Part II Letter of Intent

Disclaimer: You should always check with your financial or legal professional before estate or financial planning especially when dealing with as sensitive and advanced subject such as Children with Special Needs. This is the Second Part of a multi-post series on planning for children with special needs. Part 1 – Introduction Step One Create a Letter of Intent I think the first step that every parent of a child with special needs must complete is the creation of a Letter of Intent.  A Letter of Intent is not a legal document. The easiest way of thinking of a Letter of Intent is [...]

By | 2013-09-26T15:01:56+00:00 April 16th, 2009|Special Needs|0 Comments