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How Insurance Deductibles Work

An insurance deductible is the amount you, the insured, pay before any claim is paid ...

The post How Insurance Deductibles Work first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Enhancing Estate Planning through Heir Involvement

Estate planning goes beyond legal formalities; it’s an essential process that facilitates meaningful family dialogue ...

The post Enhancing Estate Planning through Heir Involvement first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Social Security, Medicare, and HSAs

If your employer health plan is a health savings account (HSA) paired with a high-deductible ...

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What You Need to Know About a Supplemental Special Needs Trust

April 12, 2018

You already know as a parent of child with special needs that you need to look to the future with care. If you’re no longer able to around to help support a child with special needs, things in your child’s life could become very difficult. It’s natural to want to plan ahead, but you should know that the way you do this can have big ramifications for your future. Mistakes made could cost your loved one government benefits. plan ahead with a special needs trust

Planning ahead for a child with a disability is extremely important for any parent who finds themselves in a position of looking to the future. A carefully constructed trust known as a supplemental special needs trust can help your child not just now but well into the future. This can allow your child to receive necessary funds for his or her lifestyle, without jeopardizing critical government benefits like supplemental security income and Medicaid.

For friends and extended family, this is an additional way to help provide care if something happens to you and you are no longer able to support them. Families that are in a difficult financial situation may delay putting together a trust, thinking that if they have no money to contribute currently, that they don’t need to do so. However, a supplemental special needs trust could be made the beneficiary of your estate and your life insurance policy, ensuring that those assets are not transferred immediately to the child when you pass away, which could jeopardize his or her ability to receive those critical government benefits.

Estate planning and financial planning, particularly as it relates to special needs children is not expensive and can be carefully constructed with the help of an attorney.  

 


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Schedule your free Exploratory phone call

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can be of assistance.

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Explore all available job
listings and become a part of an amazing team.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
How Insurance Deductibles Work

An insurance deductible is the amount you, the insured, pay before any claim is paid ...

The post How Insurance Deductibles Work first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Enhancing Estate Planning through Heir Involvement

Estate planning goes beyond legal formalities; it’s an essential process that facilitates meaningful family dialogue ...

The post Enhancing Estate Planning through Heir Involvement first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Social Security, Medicare, and HSAs

If your employer health plan is a health savings account (HSA) paired with a high-deductible ...

The post Social Security, Medicare, and HSAs first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more