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17 May
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Should I Use My IRA to Provide for My Special Needs Child?

Author Barry Siegel
in Special Needs Trust
Should I Use My IRA to Provide for My Special Needs Child

Parents of a special needs child have different long-term planning concerns. For parents of children with disabilities, a primary concern is ensuring they are provided for now and in the years to come. Naming your child as the beneficiary of your IRA is one option in providing for their future financial needs. However, while this can offer certain advantages, such as the ability to spread out payments, there are also serious disadvantages. Our South Florida Estate Planning Attorneys explain the pros and cons and why, if you have a child with a disability, a Special Needs Trust offers greater protection.  Using...

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18 December
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Should You Consider A Special Needs Trust?

Author Siegel Law Group
in Special Needs Trust
Image of a family smiling because they have established a Special Needs Trust with Siegel Law Group

Do you have a close family member with special needs who requires care and assistance? If so, you may be interested in creating a “Special Needs Trust.” This legal tool can help you provide for your family members with special needs while allowing them to remain eligible for their benefits. How Does a Special Needs Trust Work? In order for someone to qualify for SSI or Medicare, there is a limit to how much they can have in the bank. An inheritance, or large sum payment, can disrupt this balance and jeopardize their benefits. A Special Needs Trust ensures this does not...

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14 March
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Estate Planning for Persons with Special Needs

Author Barry Siegel
in Estate Planning, Special Needs Trust
holding hands

Certain situations require specific plans. A great planning tool that can be used for individuals, families and loved ones with a disability is a Special Needs Trust (SNT). Which, according to the Social Security Administration, disability is defined as “the inability to engage in any substantial gainful activity (SGA) by reason of any medically determinable physical or mental impairment(s) which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.” The Special Needs Trust is arranged so the individual with the disability is...

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27 May
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Understanding Special Needs Trusts

Author Siegel Law Group
in Special Needs Trust

Do you know what a Special Needs Trust can do for you? This month, we’ll look at the many advantages a Special Needs Trust can offer you and your family. What is a Special Needs Trust? A Special Needs Trust, also known as a Supplemental Needs Trust, allows you to take care of your loved ones financially while ensuring he or she continues to receive government benefits. This type of trust contains set instructions that allow the Trustee to meet the needs of the beneficiary, but prohibits the Trustee from providing for those needs if they are already covered by Medicaid or other programs. A...

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