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Dutchess Office300 Westage Business Center
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If you have a child with special needs, you should talk to extended family members who may be intending to make a gift or bequest. Extended family members may have your child’s best interests at heart, but they may be unaware that the money they leave to your child could jeopardize eligibility for government benefits. [...]
Continue reading...While it’s important for the parents of a child with special needs to provide for the child’s financial well-being in their estate plan, it’s equally important to address the issue of transitioning to life with a new caregiver. That’s the purpose of a letter of intent, which is intended to assist future caregivers by describing [...]
Continue reading...Many parents think that when their child with special needs turns 18, a guardianship will immediately need to be established. While a guardianship is necessary for some children with special needs, not everyone is a candidate.
The young men and women who do not require guardianships may still need and want their parents or other family [...]
A Special Needs Trust (SNT), also sometimes referred to as Supplemental Needs Trust, is used to provide supplemental benefits to seniors or individuals with a disability without disqualifying them for government benefits such as Medicaid and SSI. The SNT is meant to cover the expenses of goods and services that are supplemental to the beneficiary’s [...]
Continue reading...When a couple is divorcing, it is important that they do not forget their commitments to their child with special needs. Most importantly, any child support for the child with special needs should be allocated under the separation agreement to a Special Needs Trust. This will ensure that these assets will not affect the [...]
Continue reading...Establishing legal guardianship for a person with special needs can be a costly procedure, and these financial expenses can put a significant strain on many families. Caring for their loved ones is already an emotionally taxing process, and families do not need to feel financial pressure on top of this.
In order to help families deal [...]
The recent repeal of the federal estate tax is having a profound impact on the estate plans of millions. Littman Krooks LLP is offering a complimentary estate tax seminar for those who wish to learn more about how they might be affected.
This repeal has the potential to affect the estate plans of [...]
A pooled trust helps families and caregivers establish trust accounts that provide supplemental funds for their loved ones with disabilities without jeopardizing their eligibility for Social Security Income and Medicaid. An individual or his parents/guardians establish a sub-account with the pooled trust program. The program then pools all of the funds [...]
Continue reading...It is important for all parents to plan for their child’s protection and care in the future and having an estate plan will ensure this kind of protection. Estate planning when an adopted child is involved is often a complicated process, as it involves a number of factors that are not necessary when planning for [...]
Continue reading...Establishing a Special Needs Trust for a loved one with disabilities can ensure that he or she will be taken care of in the future. However, it is important for families to choose the right type of trust. There are two major types of Special Needs Trusts: testamentary and intervivos. The [...]
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