As we have discussed previously in our blog, trusts can be powerful tools to protect and distribute assets for individuals in a variety of circumstances. One particular kind of trust is called the special needs trust, which is designed specifically for individuals with a disability. This type of trust distributes…
Loved ones, family members, and parents of special needs individuals know they often need a unique approach in helping care for the special needs child or adult in their life. This approach is often augmented by help from government benefits established to make life easier for people with special needs,…
Planning for retirement can already seem intimidating: it can be seen as time-consuming, stressful, and expensive. For parents of special needs children or adults within their care, retirement planning may seem impossible. Retirement planning usually involves analyzing income, expected income, and assets and planning those inflows against expected outflows, or…
Because every family and their situation is unique, no two estate plans are the same. When families begin to create their estate plan with the help of an attorney, they will take their situation and family dynamics into account when deciding what to include in the plan. So for families…
For individuals with a special needs loved one, creating a Houston special needs trust can drastically improve their lives. Special needs trusts allow individuals to still receive government disability benefits while simultaneously receiving property and assets. However, there are two different types of special needs trust: first-party and third-party trusts.…
Estate planning is critical for people of all ages and especially important for people with varying life circumstances. For instance, families who have children with special needs should think about developing an estate plan and putting specific provisions in place for their children. One such measure parents should take is…
For families with children, creating a comprehensive Houston estate plan is critically important. The need for such planning is even more important for those with children who have special needs. As with all parents, proper planning is the only way to ensure that children will be properly cared for if…
Parents of special needs children need to be especially proactive about planning for the future. Their planning should start with an estate plan, that includes a Special Needs Trust. It’s one of the hardest things for any parent to think about, but for special needs families, planning for the child’s…
How the “Achieving a Better Life Experience” Act, known as ABLE, provides a mechanism to create a tax-advantaged savings tool for individuals with disabilities and their families. The benefits for income, health care, food and housing for disabled Americans are awarded based on a resource test, so that individuals who…
It is important to understand the basics of special needs planning, so that you can plan for your child’s future. There are many issues to address, but an experienced Houston estate planning professional will be able to help. Special needs planning is challenging. It’s important to have a strong team…