Skip to content
  • (951) 781-1960
  • info@moynihanlyons.com
  • 6529 Riverside Avenue Suite 132 Riverside, CA 92506
Facebook-f
Twitter
Linkedin-in
Rss
Moynihan Lyons PC, Estate Planning and Elder Law. For Today. For the Future.
  • Home
  • Estate Planning
    • Estate Tax Planning
    • Business Succession Planning
    • Asset Protection
    • Charitable Planning
  • Elder Law
    • Long Term Care
    • Medi-Cal
    • Special Needs
    • Veterans Benefits
  • Probate & Trust Administration
    • Probate
    • Trust Administration
  • About Us
    • J. Terrence Moynihan
    • Maureen A. Lyons
    • Raquel Gutierrez
  • Resources
    • Blog
    • Subscribe
    • For Professional Advisors
    • FAQs
  • Contact Us
    • Becoming a Client
    • Book a Call
Menu
  • Home
  • Estate Planning
    • Estate Tax Planning
    • Business Succession Planning
    • Asset Protection
    • Charitable Planning
  • Elder Law
    • Long Term Care
    • Medi-Cal
    • Special Needs
    • Veterans Benefits
  • Probate & Trust Administration
    • Probate
    • Trust Administration
  • About Us
    • J. Terrence Moynihan
    • Maureen A. Lyons
    • Raquel Gutierrez
  • Resources
    • Blog
    • Subscribe
    • For Professional Advisors
    • FAQs
  • Contact Us
    • Becoming a Client
    • Book a Call
Menu
Menu
  • Home
  • Estate Planning
    • Estate Tax Planning
    • Business Succession Planning
    • Asset Protection
    • Charitable Planning
  • Elder Law
    • Long Term Care
    • Medi-Cal
    • Special Needs
    • Veterans Benefits
  • Probate & Trust Administration
    • Probate
    • Trust Administration
  • About Us
    • J. Terrence Moynihan
    • Maureen A. Lyons
    • Raquel Gutierrez
  • Resources
    • Blog
    • Subscribe
    • For Professional Advisors
    • FAQs
  • Contact Us
    • Becoming a Client
    • Book a Call

Home » Blog » How Do I Plan Financially with a Family Member with Special Needs?

How Do I Plan Financially with a Family Member with Special Needs?

Trusts
  • ABLE Account, Asset Protection, Elder Law Attorney, Inheritance, Probate Court, Social Security Disability Insurance, Special Needs Planning
  • June 13, 2019

Please Share!

Share on facebook
Share on twitter
Share on linkedin
Share on email

If you fail to provide any funds or support for a family member with special needs, their future may be left to a judge, and their well-being could suffer. If you leave too much, they could be ineligible for government services or be forced to pay back the state for some of their care.

SF Gate’s recent article, “Financial planning when a family member has special needs,” says the biggest mistake you can make, is making no plan. That frequently happens when a caregiver becomes so overwhelmed, that it prevents them from planning at all. However, it doesn’t have to be a major undertaking in every case. A young family may just need life insurance and an estate plan, and your needs can change over time. You also shouldn’t overlook estate planning, because it’s important to put basic safeguards in place, if someone relies on you for care.

The article says that if you do only one thing, write a letter of intent. This letter details a family’s hope for an individual and their estate. It tells of your vision for the child or family member’s life, who will be involved and how. This letter of intent can also include crucial information about medical, financial, or other essentials, like your loved one’s daily routine, likes and dislikes.

You should update this letter of intent annually.

You know that all the money in the world can’t provide the information parents may have in their hearts and minds for their children. Best of all, it’s free.

It can be very complicated to understand what’s needed for each family’s unique circumstances. You should get help in whatever way you can. One avenue is to ask other families with special needs for their input or consider any free training through advocacy groups or support groups.

This is a situation where a paid professional, such as an elder law attorney or a lawyer who specializes in disability law can be critical.

An attorney can educate you about the finer points of the various financial tools available, like special needs trusts, ABLE accounts and more. Commonly used financial tools, such as life insurance and Roth IRAs, take on new weight for families in this situation. An experienced attorney will have special knowledge on the implications the various tools will have on taxes, government benefits and more.

Finally, don’t forget to look after your own financial well-being. If you forgo taking care of yourself, it may mean you can’t provide the care for your family.

Reference: SF Gate (May 5, 2019) “Financial planning when a family member has special needs”

 

Search

Recent Posts

When Do We Need an Elder Law Attorney?

Avoid Estate Planning Mistakes

Consider Funding a Trust with Life Insurance

Do I Have to Pay Taxes during Retirement?

Make Your Nest Egg Last When Retiring Early

Subscribe to Our Blog Digest & eNewsletter

PrevPreviousWhat Can I Do When My Aging Parent Refuses to Give Up Control?
NextComplete Your Financial Plan with Estate PlanningNext
  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Disclaimer
Menu
  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Disclaimer

Recent Posts

When Do We Need an Elder Law Attorney?

October 16, 2020

Avoid Estate Planning Mistakes

October 15, 2020

Consider Funding a Trust with Life Insurance

October 14, 2020

Do I Have to Pay Taxes during Retirement?

October 13, 2020

Make Your Nest Egg Last When Retiring Early

October 12, 2020

Locking in a Deceased Spouse’s Unused Federal Estate Tax Exemption

October 2, 2020

More Information

Moynihan Lyons PC, Estate Planning & Elder Law, For Today, For The Future

6529 Riverside Avenue Suite 132 Riverside, CA 92506,Riverside,CA 92506

  • (951) 781-1960
  • info@moynihanlyons.com
estate planning

Copyright © IMS. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. Some artwork provided under license agreement.