Due to recent tax law changes, families with special needs children may be thinking about rolling existing 529 funds into ABLE accounts. But before you do, make sure you understand how these two accounts work and how they differ.
Special Needs
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Many people are getting ready to make gifts to family members, but gifts of cash or certain types of gift cards can compromise the eligibility for government benefits of a family member with special needs.
Among the many challenges for families is making sure there will always be enough money to provide lifetime care for special needs children. One solution is to fund a special needs trust with life insurance.
A good special needs plan involves many key players, including a guardian, a health care proxy, an executor, a trustee and possibly a trust protector. It’s a good idea to review these selections on a regular basis, because change is inevitable.
The choice of trustee is one of the most important decisions you’ll make regarding your special needs trust. Here are five questions to keep in mind when considering who will serve in this crucial role.
Private retirement savings plans, like IRAs and 401(k)s, have become the main way for American families to save for retirement. But parents of children with special needs need to be vigilant when signing up for a retirement plan or company life insurance program.
A new law expands the federal government's responsibilities to accommodate people with disabilities in natural disaster and emergency preparedness planning.