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New Rule Applicable to Special Needs Trusts

A Special Needs Trust (sometimes referred to as a Supplemental Needs Trust) is a useful tool that allows individuals with disabilities to have a beneficial interest in assets without losing their ability to receive certain types of government aid, such as Medicaid and Supplemental Security Income (SSI). The statutory framework for Special Needs Trusts was created over two decades ago in the Omnibus Reconciliation Act of 1993 (OBRA-1993).

Asset Protection in Texas

Protecting your assets from creditors and lawsuits is very important. If you are a resident of Texas, however, consider yourself fortunate, for the state's laws regarding asset protection are among the most favorable in the nation.

3 issues that could delay probate proceedings

After the death of a loved one, his or her estate will likely need to go through the Texas probate process. The legal proceedings associated with this process work to validate the will your family member created as well as allow you to carry out the instructions left in that document. Though probate can have many benefits, you may worry about the time and effort it takes to complete.

Probate does have the potential to take a considerable amount of time. The specific details associated with your loved one's estate can play a major role in the exact time needed, and each time frame differs from case to case. In order to hopefully move the process along, you may wish to understand what issues could cause delay.

Discussing your estate plan with your heirs

Have you discussed your final wishes with your family? Are you sure? A recent study revealed that, while many parents remember having talked to their children about their estate plan and end-of-life preferences, more than half of the children surveyed say that conversation never happened.

How is it that such an important topic of discussion is so easily missed? It is possible that, because of the gravity of the subject, you will have approached it timidly or veiled it in vague hypotheticals so that your children didn't recognize what you were trying to say. On the other hand, your children may simply be in denial, fearing to consider the time when you won't be with them any longer.

5 Important Retirement Planning Strategies Before You Retire

bigstock-Couples-Outdoors-Laughing-4133957.jpgReady to retire? Ready for endless amounts of free time? If you answered with a big "YES", then there are a few things you might consider before you jump all in. This can be an exciting and scary time for you. It's exciting to not have to clock-in from nine to five during the workweek. However, it is scary to wonder how will you sustain yourself financially without a consistent paycheck. One out of three Americans have not saved any money for retirement. What about social security? Unfortunately, the American people cannot rely on social security when we reach our golden years. The average amount of social security a person can expect to receive is a range from $1,163 to $1,348 a month. With that amount, how can anyone expect to retire? The answer is to plan ahead!

Is a special needs child the beneficiary to your life insurance?

If so, you risk denying your child access to government benefits and programs he or she needs in order to thrive after you pass away. The government could reduce or deny benefits to a special needs child who owns more than $2,000 in assets for a significant period. Instead, you should make a special needs trust the beneficiary of the policy and name your child as the beneficiary of the trust.

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