The document discusses financial planning for children with special needs. It emphasizes the importance of integrating assets with government benefits to maximize quality of life for the child. Special needs planning requires blending family needs with the child's needs through effective financial, legal and government benefits strategies. This includes establishing trusts, guardianship plans, and accessing available benefits. Proper planning ensures the child's future needs are met if the parents can no longer care for them.
17. Traditional vs. Special Needs Traditional vs. Special Need Planning Wealth Distribution, Home Purchase, Investment Mgmt, College, Retirement General Personal Financial Planning Gifts, Inheritances, Transitional Plans, Lifetime Residential Needs, Trust Mngt Emergency Funds, Family Needs Cash & Debt Management Supplemental Expenses, Protection of Government Benefits Life, LT Disability, LT Care,Health, Home, Auto Insurance & Risk Management All Insurances,State Health Plans: Medicare and Medicaid Wills, Trusts, DPOA’s HCP,Living Wills Estate & Legal Planning Selecting Guardians,Trustees,Care Givers, SNTrust, LOI, Titling
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20. The Elements of a Will Trusts for Individuals and Charity Who Will Serve as Executor , Trustee or Guardian? Plan For Estate Taxes Outright Distributions of Property WILL Elements of A Will
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Editor's Notes
Former VP of Private Wealth Management with Bank of New York Mellon Graduate of Seton Hall and Fairleigh Dickinson Universities
A little about the “special needs” of Andrea
Reports 2000 census 5.5% of the 21 million families that report member with disbility One in every 26 American families reported raising children with a disability
Reports 2000 census 5.5% of the 21 million families that report member with disbility One in every 26 American families reported raising children with a disability
As a parent, grandparent or caregiver of a child with special needs there are unique planning techniques you need to consider. Planning for a child with special needs requires preparation careful research and experienced professional guidance.
Trusts are an essential tool in estate planning, designed to preserve wealth, provide for you and your family, control the distribution of your assets, and accomplish a wide range of specific goals, such as A Trust is a legal arrangement in which you transfer ownership of assets to a trustee, who manages the assets on behalf of your designated beneficiaries. Living Trusts are created by agreement during your lifetime and may be revocable or irrevocable. Testamentary Trusts are created by your will and take effect after your death.
Trusts are cool!
The Letter of Intent (LOI) is a vital document allows parents thru the planning process to communicate to caregivers their expressed wishes, hopes and dreams for the future of their special needs child.
Critical to Share what you have done – your plan – with your family and friends.
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