October is Special Needs Law Month
The National Academy of Elder Law Attorneys (NAELA) established October as National Special Needs Law Month. It coinsides with World Down Syndrome Awareness Month.
How to Support a Child with Special Needs?
Families that include individuals with special needs require planning to secure their loved ones’ security in the future, both in legal and financial terms. There’s usually no expectation of the child becoming an independent adult, so careful planning is needed, as advised in the recent article “Financial Planning for Families with Disabilities” from Wealth Management. Many families neglect planning for their retirement, focusing all their resources on developing a plan for their disabled child. However, retirement and their child’s future need to be secured, which is where an estate planning attorney can help.
Common Questions Concerning SECURE Act 2.0
The speakers touched on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, including the provision that a designated beneficiary must distribute the entire inherited IRA by Dec. 31 of the 10th year after the employee’s or IRA owner’s death (the 10-year rule), thus doing away with the stretch IRA for most beneficiaries.
When Should I Update My Will?
There are some obvious triggers that might prompt you to update your will, such as changes in health or marital status. There are, however, also some not-so-obvious ones to be aware of, according to financial planners and attorneys.
Elder Law Essentials in Texas
Elder law is an aspect of estate planning focusing primarily on the needs of families and individuals as they age.
Supplemental Needs Trust Preserves Essential Government Benefits
For disabled persons receiving financially based government benefits, supplemental needs trusts (‘SNTs’) can safeguard benefits and serve as an effective estate planning tool.
Why are Contingent Beneficiaries Important?
When planning your estate rarely will you experience difficulty naming your initial beneficiary or beneficiaries for your will, IRA’s or life insurance.
Should Each Child Get Equal Inheritance?
Equally sharing the wealth among the children isn’t always fair, such as when one sibling is the primary caretaker, or another is already wealthy.
What Documents are Needed in an Emergency?
If you knock time and money off the excuse list, you can take care of some important estate-planning tasks.
Why are Trusts a Good Idea?
Whether you are trying to protect your assets from possible creditors, prevent young heirs from spending their inheritance or minimize estate taxes, there is likely a trust for you.
