Raising a child with special needs is hard on marriage. Today, the divorce rate among all couples is over 50%. Although statistics differ, there is no question that divorce rates are even higher among parents of children with special needs. When a couple divorces, it is even more important to consider the financial needs of… Read More »
Posts Tagged: Supplemental Needs Trust
Choosing a Trustee for Your Special Needs Trust: Part Two
In Part One of Choosing a Trustee for Your Special Needs Trust, I discussed all the different responsibilities and jobs a trustee must fulfill to properly administer the trust. It is also important to really assess both the current and potential future needs of your child. Considerations to Use in Choosing a Trustee There are… Read More »
Is Funding a Special Needs Trust a Guessing Game?
How do parents of children with special needs, whether that child is 5 or 35, predict just how much money their disabled child will need for their future comfort? There are many variables to consider, including: life expectancy; the rate of inflation; investment return; the amount of benefits the government will provide decades from now… Read More »
How Life Insurance Can Help Your Special Needs Child
Many parents are concerned about how they can fund a supplemental needs trust, especially in these rough economic times. Parents are also concerned about how their other children will feel if they divide their estate assets unevenly, providing more for their siblings with disabilities. These siblings might have even more resentment if they end up… Read More »
Types of Special/Supplemental Needs Trusts (SNTs)
The terms “special” and “supplemental” are often used interchangeably. Frequently, “special” refers to a first party, or self-settled trust, while “supplemental” refers to a trust settled by a third party which supplements basic food and shelter. Other sources define “special” as one in which the trustee has limited discretion to make distributions, whereas “supplemental” is… Read More »
When Family Wants to Help Your Child with Special Needs
Very often a family member such as a grandparent, aunt or uncle or even a sibling would like to give the disabled individual a cash gift or other assets. Although the services available through government benefits are substantial, the actual cash benefits are not. Outright gifts might cause the disabled person’s assets to increase above… Read More »