FINANCIAL PLANNING FOR SPECIAL NEEDS
Planning for the financial future of children or other dependents with special needs is crucial. Such planning requires in-depth knowledge of the federal laws as they pertain to government benefit eligibility, legal documents, including special needs trusts and guardianships, estate planning, and other financial considerations. Financial planning should include providing for lifetime care as well as quality of life issues.
Most families are unaware of the fact that if they leave more then $2000 to their child with special needs, the individual will lose their government benefit eligibility. Special Needs Trusts can assists with those issues. A Special Needs Trust can pay for items such as medical equipment not paid for by Medicaid, eyeglasses, exercise equipment, motor vehicle and maintenance, transportation, tickets to recreational and cultural events, home furnishing and improvements, car insurance premiums, life insurance premiums, cosmetics and more.
It is important that parents actively work with their financial advisers in planning for the lifetime needs of their child with special needs.
Courtesy of Paul Katz, AEP, CLU, MSFS and Joseph Fattorusso, MetLife MetDesk, White Plains, NY
(914) 946-2524 x619, x652, pkatz@metlife.com
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