The Gift Tax and Special Needs Trusts
When you give money to a special needs trust, you may worry that you or the trust will owe the IRS money for the gift when Tax Day rolls around. Both assessing the gift tax and taxation of an SNT are very complicated topics that depend on the trust language and your...
Your Relative with Special Needs Plans to Get Married. What Next?
When you learn that your relative with special needs plans to get married, you probably have many questions about the future. Importantly, you should be concerned about whether your family member can continue to receive government benefits after marriage. If your...
Can You Leave Retirement Account Funds to a Relative with Special Needs?
If you support a relative with special needs, you may want to leave your retirement account funds to him. If this is not done correctly this can be a big problem. When you leave money or assets to a person with special needs, it could make him ineligible for...
Can You Leave Life Insurance Proceeds to a Relative with Special Needs?
You may be interested in purchasing life insurance as a way to fund your child with special needs’ future expenses. It’s fine to get a policy as long as you can afford it. But do not make the common mistake of naming your child as the beneficiary of the policy. Life...