Children are a blessing, and from birth, parents and grandparents plan for their bright future. For families with a special needs child or grandchild, extra steps are crucial to ensure a safe, happy, and healthy future. Here's how to prepare:
Create a Special/Supplemental Needs Trust (SNT) - An SNT safeguards your child's or grandchild's eligibility for public assistance while securing their financial future. It must be carefully drafted to meet government benefit requirements and can include a care manager or advisory committee to advocate for the beneficiary's needs.
Document Your Instructions - Write a letter of intent to guide the trustee on your wishes, including the beneficiary's care, milestones, and standard of living.
Consider Life Insurance - Life insurance can provide necessary funds for the SNT, ensuring ongoing support without the tax liabilities of other accounts.
Review Retirement Accounts - Disabled beneficiaries can benefit from specific rules under the SECURE Act, allowing them to receive distributions over their life expectancy, reducing tax burdens.
Planning for your special needs child’s or grandchild’s future is essential. We're here to help you create a plan that ensures their continued care and prosperity. Call us today to schedule your appointment.
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