Parents of children with special needs must be concerned with ensuring that medical and financial decisions will continue to be made in the child’s best interest once the child reaches age 18 – the age of legal capacity. In most states, once a child reaches age 18, he is presumed to have decision-making capacity and […]
New Law Will Slash Medicare Copayments
An overlooked portion of recent Medicare legislation promises Medicare recipients greater access to mental health benefits. Both houses of Congress passed the new law, known as the Medicare Improvements for Patients and Providers Act of 2008, over a veto by President Bush on July 15. While the media primarily focused on a provision in the […]
Funding a Special Needs Trust: How Much is Enough?
As a parent or guardian, you want to ensure that your child with special needs will remain financially secure even when you are no longer there to provide support. Given the significant, ongoing expenses involved in your child’s care and uncertainty about what needs may arise after you are gone or what public benefits may […]
IRA Distributions to Third-Party Special Needs Trusts: Avoiding the ‘Five-Year Rule’
For many parents, the majority of their savings is held in some kind of a retirement account, often an Individual Retirement Account (IRA). At age 70 ½, an IRA account holder faces the Required Beginning Date, when he or she must take mandatory distributions from the IRA. These payments are determined by the government and […]
Care Management for Your Child With Special Needs
When establishing a special needs trust (SNT) for your child, it’s important to consider how much care the child may need in the future and who will oversee any arrangements related to that care. In many cases, either a family member or the SNT trustee can assume responsibility for care management. But when care needs […]
Choosing a Guardian for Your Special Needs Child
One of the most important decisions parents must make when preparing their estate plan is the choice of a guardian for their child should they be the ones to die first. The choice of guardian can be especially difficult for the parents of a child with special needs. Unfortunately, some people don’t put enough thought […]
What Expenses Can’t a Special Needs Trust Pay For?
Special needs trusts are designed to supplement, not replace, the kind of basic support provided by government programs like Medicaid and Supplemental Security Income (SSI). Special needs trusts pay for comforts and luxuries — “special needs” — that could not be paid for by public assistance funds. This means that if money from the trust […]
Law Brightens the Employment Picture for Those with Special Needs
The National Collaborative on Workforce and Disability has found that only 26 percent of working-age adults with disabilities are employed either in a job or their own businesses. While a combination of federal initiatives, private endeavors and technological advancements have made a difference, many individuals with disabilities continue to face obstacles to employment.Several laws have […]
Making Decisions for An Adult Special Needs Child
Parents of children with special needs must be concerned with ensuring that medical and financial decisions will continue to be made in the child’s best interest once the child reaches age 18 – the age of legal capacity. In most states, once a child reaches age 18, he is presumed to have capacity to make […]