What You Need To Know About Trusts

Planning is critically necessary to avoid unintended consequences in which your wishes are not carried out and the person you care about so deeply is left at risk of losing essential public benefits. “What will happen when I am not around? How can I protect the future of my loved one?” Supplemental Needs & Special Needs Trusts In some cases, a well-meaning grandparent remembers a child with special needs in his or her will, not […]

The Legal Side of Financial Strategies

Creating a financial strategy – which includes financial and legal elements – is smart, practical, and satisfying. Especially when a family member has special needs. “A sound financial strategy takes your family’s current and future financial needs into consideration, especially when planning for the future care of a family member with special needs”, says Kenneth E. Phipps, CLU, ChFC, ChSNC, a Special Care Planner who’s earned the Chartered Special Needs Consultant (ChSNC)* designation and is […]

Reverse Mortgages The Good, The Bad, And The Ugly

BY BERNARD A. KROOKS, ESQ For those who have special needs, or are caregivers for an individual with special needs, the promise of extra cash flow from a reverse mortgage may seem like a wonderful gift; however, be sure to read the fine print. Reverse mortgages are a complex and often misunderstood product. Although they have been around for decades, reverse mortgages have recently received more attention as a financial planning vehicle as people are […]

Alternatives to Guardianship

BY LAUREN AGORATUS, M.A. Families may be concerned about what the future holds for their child with disabilities. Parents may be fearful if the child will be able to live independently and make decisions for themselves. Children with special needs must have input, based on their abilities. Families and professionals need to start at a young age to help the child develop decision-making skills and maximize their potential as adults. Is Guardianship the Only Way? […]

Financial Considerations For Families Retiring From The Military

BY JENNIFER WOODWORTH, PSY.D It is recommended to consult with a financial advisor before leaving the military and, again, after retirement to assess any changes in expectations and create a plan for financial stability. As a family transitions from active duty to civilian life, changes in financial stability can be a major stressor, and many families are not prepared. Up to a year before retirement, families can participate in retirement classes to assist with questions […]