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While financial and estate planning are important for every family, it is even more important for families who have children with special needs. It is important to prepare for your child’s financial future to help ensure a safe, secure, and independent life ahead. To prepare properly, you should take the following steps: Investigate your child’s [...]
Continue reading...Adrienne J. Arkontaky, Esq., and Harriet P. Schleifer, Esq., of Littman Krooks LLP will speak on financial planning for a child with special needs and preparing for life after high school at the 2nd Annual Northeast Regional Epilepsy Group (NEREG) Conference on Epilepsy on October 2. The event is free of charge and will be [...]
Continue reading...Long-term care insurance provides coverage for care administered outside a hospital setting. Good policies provide payment for custodial care services, such as preparing meals, doing laundry, and shopping. While Medicaid requires that custodial care be provided in a nursing home, long-term care insurance generally covers custodial care in the insured’s home, an assisted living facility, [...]
Continue reading...Parents often face many challenges when preparing an estate plan, as they must consider how best to provide for their children after they are gone. Parents of a child with special needs, though, are faced with several unique challenges. They will want to develop a plan that safeguards the quality of the child’s life, supplementing [...]
Continue reading...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...When considering how much money you will need to fund a special needs trust, you may wish to consider items that will offer your child a better quality of life. Government benefits are designed to provide basic food and shelter, but they will not offer your child any of the extras he is used to. [...]
Continue reading...A child with special needs deserves a parent’s continued stewardship and guidance, even if the parent becomes incapacitated or passes away, and the following estate planning documents are key to ensuring the child’s security. (1) A last will and testament. (2) A general durable power of attorney (“GDPA”). This document designates an agent to act [...]
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 child’s [...]
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 [...]
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