Planning for the long-term care and financial security of a loved one with special needs involves considerations that extend far beyond traditional estate planning. While many families understandably focus on providing financial support and stability to loved ones with special needs, well-intentioned decisions can sometimes interfere with eligibility for essential government benefits or create legal and administrative complications that undermine the very protections parents or relatives … [Read more...] about What Financial Mistakes Should Families Avoid When Planning for a Loved One with Special Needs in California?
Special Needs Planning
Special Needs Planning in Your California Estate Plan
Developing a comprehensive estate plan is essential for anyone who wants to protect loved ones and ensure that assets are transferred in an orderly and intentional manner. When an estate plan includes an individual with special needs, the process of creating your plan becomes significantly more nuanced. The process must account not only for the distribution of property, but also for long-term care, financial stability, and continued access to critical public benefits. Special needs estate … [Read more...] about Special Needs Planning in Your California Estate Plan
Focus on Special Needs Planning for Developmental Disabilities Awareness Month
Estate planning is essential for anyone who wants to protect their assets and ensure their loved ones are cared for after they are gone. For families with a loved one who has special needs, however, estate planning takes on even greater importance. Special needs planning ensures that individuals with disabilities are provided for without jeopardizing their eligibility for essential government benefits. With March being Developmental Disabilities Awareness Month, the Los Angeles attorneys at … [Read more...] about Focus on Special Needs Planning for Developmental Disabilities Awareness Month
What Can I Purchase with Funds from an ABLE Account?
An ABLE (Achieving a Better Life Experience) account is a tax-advantaged savings account designed to benefit individuals with special needs or disabilities, allowing them and their families to save for disability-related expenses without jeopardizing eligibility for government benefits. To maximize the benefits of an ABLE account you must have a clear understanding of how the account works and how the funds can be used. With that in mind, the Los Angeles attorneys at Schomer Estate & … [Read more...] about What Can I Purchase with Funds from an ABLE Account?
Integrating Special Needs Planning into Your Comprehensive Estate Plan
When it comes to estate planning, every individual and family has unique circumstances, priorities, and considerations to address. For families with dependents with special needs, the complexity of planning increases significantly. Crafting a comprehensive estate plan that adequately addresses the financial, medical, and emotional needs of a loved one with special needs requires careful thought, expertise, and sensitivity. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth … [Read more...] about Integrating Special Needs Planning into Your Comprehensive Estate Plan
Special Needs Planning: How to Use a Memorandum of Intent
When you are the parent of a child with special needs, the practical and financial challenges can be significant. This underscores the importance of establishing a comprehensive estate plan to secure your child's future. A common tool found in the average special needs plan is a Special Needs Trust (SNT). An SNT can help ensure the financial well-being of your adult child with special needs without jeopardizing your child’s eligibility for government assistance programs. If you choose to … [Read more...] about Special Needs Planning: How to Use a Memorandum of Intent
How to Make Sure Your Special Needs Trust Is Used As Intended
If you are the parent of a child with special needs, you know that there are practical and financial challenges you must face raising a child with special needs. The need to have a comprehensive estate plan in place is heightened when you are concerned with protecting and providing for a child with special needs. As part of your estate plan, you may choose to include a special needs trust to ensure that your child is financially secure both now and in the future. The Los Angeles special needs … [Read more...] about How to Make Sure Your Special Needs Trust Is Used As Intended
Does Medicaid Recover the Remainder in a Special Needs Trust?
People sometimes hear bits and pieces about certain aspects of the estate planning process, and they come away with misconceptions that are built on kernels of truth. This will sometimes enter the picture when it comes to the interpretation of Medicaid estate recovery. In this post, we will look at the subject as it applies to assets that remain in a special needs trust. Government Benefit Eligibility Most Americans get health insurance through their jobs, but many people with disabilities … [Read more...] about Does Medicaid Recover the Remainder in a Special Needs Trust?
Is There a Distinction Between SSI and SSDI?
There are a lot of acronyms used to describe government programs, and some of them represent terms that are very similar. This definitely enters the picture when it comes to Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). In this post, we will provide an overview of each of these respective programs so you can go forward with a solid understanding of the differences. SSDI When you work and remit your payroll or self-employment taxes, you earn Social … [Read more...] about Is There a Distinction Between SSI and SSDI?
Special Needs Planning Can Preserve Government Benefits
There are pointed estate planning approaches that can be taken when certain circumstances exist. This is why you should discuss all the possibilities with a licensed estate planning attorney before you make any assumptions. This definitely applies to inheritance planning for people with disabilities. When you want to provide for someone with special needs, there are steps that you should take to make them more comfortable without doing any harm in the process. Government Benefit … [Read more...] about Special Needs Planning Can Preserve Government Benefits
