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Why Special Needs Planning?

Why Special Needs Planning?

Many families simply do not know what they do not know when planning for the future. If are considering whether your family needs special needs planning, below are a few things to consider…

  • Your decision to file for Social Security may directly impact your child. Do you have a plan for how this new benefit may impact programs such as Medicaid and independent living options?
  • Qualified retirement assets are often a significant portion of a client’s personal savings. Do you fully understand how retirement assets will be taxed if placed in a Special Needs Trust?
  • Should you fund a trust now? What happens if a grandparent wants to leave a gift? What if your child has a 529 plan but is no longer going to attend a university?
  • How much money will your child need after you die?
  • Does your current advisor really understand your specific planning situation or are they just helping you grow your assets?
  • How will your divvy up your estate amongst your children? If tomorrow never came, who would step in and are there concrete directions in place for them?