Tag Archives: beneficiary
Using Your Illinois Municipal Retirement Fund (IMRF) Pension For Your Loved One With Special Needs
The Illinois Municipal Retirement Fund (IMRF) offers benefits for certain Illinois workers. Since retirement funds’ rules and benefits can vary, it’s important to understand how you can use retirement funds to provide for your child with special needs. In this …
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Understanding Some Basic Terms Involved in Special Needs Care and Planning – Part II
At Rubin Law, we limit our practice to the areas of Estate Planning, Guardianship, and Probate for families of children with special needs and adults with special needs. With our laser focus, we thoroughly understand the complexities of the various …
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Why Your Special Needs Trust Should Be a Separate Free-Standing Document
When you decide to create a special needs trust for your child with special needs, you should ensure that the trust is prepared as a separate free-standing document. Some people think that creating SNTs in their wills or as part …
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Which Expenses Cannot Be Paid from an ABLE Account?
If your child with special needs has an ABLE account, you may be wondering which expenses you can pay with money from the account. ABLE accounts can only fund certain expenses for their beneficiaries – you cannot use the money …
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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 …
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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 …
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Trusts: The Basics
People just beginning their future planning may hear many terms thrown around by their relatives and attorneys: trust, beneficiary, settlor, and more. For those unfamiliar with trusts, the many different words used to describe them can be quite confusing. This …
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Picking the Right Professionals for Your Trust
Trustees of special needs trusts often need to pick professionals to assist with trust management and oversight. With so many licensed professionals to choose from, how does a careful trustee find the “right” professionals? Consider a few basic guidelines. How …
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Trustee Fiduciary Duties, Part 2
Trustees have fiduciary duties to beneficiaries of trusts that they oversee. The duty to account and the duty to invest and manage trust assets prudently are two very important fiduciary duties that are difficult for many family member trustees to …
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Can a Guardian or Trustee File a Lawsuit on Behalf of an Individual with Special Needs?
An individual with special needs may need a guardian or trustee to file a lawsuit on his behalf. If it makes sense to file a lawsuit under the circumstances, the individual with special needs or relatives will need to determine …
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Trustee Fiduciary Duties, Part 1
Trustees have fiduciary duties in administering trusts. These duties arise from state law, including statutes and court cases. Fiduciary duties help ensure that a trustee best manages assets for the benefit of the trust’s beneficiaries. The duty of care requires trustees to …
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Tax Benefits of a Qualified Disability Trust
The IRS classifies some special needs trusts as Qualified Disability Trusts, and these trusts have certain tax benefits . QDTs may claim a personal exemption on their federal income tax returns. Please note, as part of the Tax Cuts and Jobs …
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Income Taxation of Special Needs Trusts, Part 1
In your future planning for your child with special needs, remember to consider income taxation of special needs trusts. If you set up a special needs trust (“SNT”) with another law firm, the attorneys may not have discussed how you …
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Payments from Non-Special Needs Trusts to People with Special Needs
For people with special needs, receiving a payment from a non-special needs trust may have significant consequences. In fact, any unexpected payments can jeopardize a person with special needs’ eligibility for Supplemental Security Income (SSI) benefits, Medicaid, and other government …
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How Much Money Do You Need to Fund a Special Needs Trust?
If you are thinking about forming a special needs trust, you may be wondering how much money you need to fund it. In truth, there is no way to know how much your child will need for the rest of …
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How Can I Use Insurance to Protect My Child with Special Needs’ Future?
Protecting the future of your child with special needs requires a many-faceted approach, and insurance is only a part of it. Have you considered the role that insurance will play in your future plan? If not, now is the time …
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Pros and Cons of Using an Institutional Trustee
When forming a special needs trust for your child with special needs, you may wonder whether using an institutional trustee is a good idea. “Institutional trustee”, also called a corporate trustee, refers to a bank or trust company that oversees …
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Irrevocable Life Insurance Trusts: How They Work
Irrevocable life insurance trusts (“ILIT”) can be one part of future planning for individuals with special needs. Like other future planning methods, people planning to use an ILIT as part of their plan should learn about important provisions to include …
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Can an SNT Be the Beneficiary of My Retirement Account?
When determining whether you can name a special needs trust (SNT) as the beneficiary of your retirement account and accomplish your intended result, you will quickly learn that the answer is “it depends.” It depends on the type of beneficiary …
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How a Veteran Can Leave His Military Pension to a Special Needs Trust
Under recent changes to military pension plan rules, you can leave your pension to a special needs trust for the benefit of a child with special needs. Military members may choose the Survivor Benefit Plan ( SBP ) option, as part …
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Why Is Estate Planning for People with Special Needs Different?
There are a number of reasons why estate planning for people with special needs can be different than planning for people who do not have special needs. Understanding these reasons will help you during the initial planning process and beyond. …
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