Special Needs Financial Planning | Parent’s Death
Shepherd Financial Partners is an independent, full-service financial and wealth management practice. Our goal is to provide you with superior, comprehensive financial and wealth management services in the context of a personal, long-term commitment.
Shepherd Financial Partners is an independent, full-service financial and wealth management practice. Our goal is to provide you with superior, comprehensive financial and wealth management services in the context of a personal, long-term commitment.
17592
page,page-id-17592,page-template-default,ajax_fade,page_not_loaded,,qode-theme-ver-9.1.3,page-parents-death,wpb-js-composer js-comp-ver-4.12,vc_responsive

Parent’s Death

Parent's Death.

 

Estate distribution.

 

What is fair is not always equal,

and what is equal is not always fair.

 

As difficult as it is to discuss, the reality is that we will not live forever.  An achievable estate plan has two equally important components: documents that meet all legal requirements and a strategic life plan that goes beyond the legal documents and takes into consideration all Five Factors of Special Needs Planning™ (Legal, Government Benefits, Family & Support, Financial and Emotional).  Working  through your strategic plan prior to drafting your legal documents may enable you to best choose how your family is cared for and how your wealth is distributed.

View "Basic Steps of Special Needs Financial Planning"

Yes, Please!

UNIQUE PLANNING REQUIREMENTS

  • Estate planning documents, including wills, trust, health care proxies, powers of attorney and guardianship provisions, should be reviewed with your attorney at least every 5 years.
  • Implement your Team to Carry On™.
  • Legal considerations in special needs planning include guardianship and alternatives, special needs trusts, trust administration, and legal settlements.
  • Review ownership of your assets- don’t forget US government savings bonds.
  • Review beneficiary designations on retirement plans, annuities, and life insurance policies.
  • Consider a special needs trust as a vehicle for leaving an inheritance to a child with special needs without disqualifying eligibility for government benefits.

Special Needs Planning Story

INDIVIDUAL CASE STUDY

I had always planned on being guardian of my brother Robert when my parents died.  They disinherited Robert in their will and left their entire estate to me rather than split between  the two of us.  They trusted me to do the right thing with it,  I knew it was a big responsibility for my entire family.  What I did not realize was  that it would cause so many financial problems for us.  When we applied for financial aid for my oldest son, the college considered this money as my resource, even though I set it up in a separate account and only used it for Robert. As a result, we received less financial aid for my son and are now struggling with how to pay for his tuition.  My wife thinks we should use some of Robert’s ,money to help pay because he is why we did not receive more in financial aid,, and we’ll get it when Robert dies anyway.  I just can’t do that to Robert or to my parents memory.  This is something that I definitely did not expect, and I don’t think my parents would have had any idea either.  They  certainly did not get the right advice.
-Robert’s brother

READING ROOM

Below are a few articles relating to planning for your child at this stage.  For more information visit  WHAT WE’RE SAYING.

  • Creating a Team to Carry On

    Creating a Team to Carry On

    VIEW MORE
  • Life Insurance and the Special Needs Trust

    Life Insurance and the Special Needs Trust

    VIEW MORE
  • Guardianship Considerations for Individuals with Disabilities

    Guardianship Considerations for Individuals with Disabilities

    VIEW MORE

1 There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

2   Investing involves risk including loss of principal. No strategy assures success or protects against loss.