Strategies for Wealth
UPDATED: May 17, 2021
We can create and provide a more certain future for those with special needs, as well as, for the rest of the family.
With this goal in mind, special needs planning can help address these unique planning challenges. For example, parents facing the possibility of providing continued care for the rest of their child’s life now have better options. Or in the case of entire families taking on the responsibility of care, proper estate planning would help gather the financial means to facilitate a quality of living. But what exactly is proper estate planning?
Estate planning may bring to mind families with great wealth, but that is not true. It simply means organizing your estate, whatever its size, to meet the needs of the entire family as efficiently and economically as possible. The three primary sources of support available to a person with special needs are family, charity and government. Proper estate planning goals would seek to maximize each of these sources by:
Organizing the estate to minimize taxes and costs
Maintaining eligibility for government programs
Assuring continued availability of charitable programs
Providing family members the financial ability to handle ongoing needs
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