Parents want their children to be taken care of after they die. But children with disabilities have increased financial and care needs, so ensuring their long-term welfare can be tricky. Proper planning is necessary to benefit the child with a disability, including an adult child, as well as assist any siblings who may be left with the care taking responsibility. Special Needs Trusts The best and most comprehensive option to protect a loved one is to set up a special needs trust (also called a supplemental needs trust). These trusts allow beneficiaries to receive inheritances, gifts, lawsuit settlements, or other funds and yet not lose their eligibility for certain government programs, such as Medicaid and Supplemental Security Income (SSI). The trusts are drafted so that the funds will not be considered to belong…Read More
Paying for day care is one of the biggest expenses faced by working adults with young children, a dependent parent, or a child with a disability. But there is a tax credit available to help working caregivers defray the costs of day care (for seniors it’s called “adult day care”). In Order To Qualify For The Tax Credit, You Must Have A Dependent Who Cannot Be Left Alone And Who Has Lived With You For More Than Half The Year Qualifying dependents may be the following: A child who is under age 13 when the care is provided A spouse who is physically or mentally incapable of self-care An individual who is physically or mentally incapable of self-care and either is your dependent or could have been your dependent except that his or…Read More
