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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...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 [...]
All parents want to minimize the opportunity for conflict among their children once they have passed away. Sometimes, however, conflict arises when parents have gifted money to one of their children and not to the others. Such conflict may be avoided by including provisions in your estate plan for gifts and [...]
Continue reading...Once you have decided to establish a Living Special Needs Trust, you must also decide whether or not this trust will be revocable or irrevocable. There are benefits and drawbacks of each type of trust, and you must carefully consider your family’s circumstances before making a decision.
With a Revocable Trust, you [...]
Being the trustee of a Special Needs Trust is a job that comes with great responsibilities. Many family members consider naming a relative as trustee of their child’s Special Needs Trust. However, some families choose to go with a professional special needs trustee, as they have extensive experience in handling all [...]
Continue reading...All parents of children with disabilities worry about the day when they will no longer be able to care for them. While many parents have figured out ways to make life more comfortable for a child with disabilities while they are around, thinking about a time when they can no longer [...]
Continue reading...Once you have decided to establish a Living Special Needs Trust, you must also decide whether or not this trust will be revocable or irrevocable. There are benefits and drawbacks of each type of trust, and you must carefully consider your family’s circumstances before making a decision.
With a Revocable Trust, you [...]
Being the trustee of a Special Needs Trust is a job that comes with great responsibilities. Many family members consider naming a relative as trustee of their child’s Special Needs Trust. However, some families choose to go with a professional special needs trustee, as they have extensive experience in handling all [...]
Continue reading...All parents of children with disabilities worry about the day when they will no longer be able to care for them. While many parents have figured out ways to make life more comfortable for a child with disabilities while they are around, thinking about a time when they can no longer [...]
Continue reading...
