Tag Archives: child

Writing a Memorandum of Intent for Your Child with Special Needs

How can you ensure that your child will remain well cared for and secure once others assume the role of guardian or caregiver? While creating a financial plan and establishing a specialized trust are central to preparing for your child’s future, special needs planners also advise families to write down their intentions and expectations in a document referred to as a Memorandum of Intent, also known as a “Letter of Intent.” This document can be used to describe your child’s health care and therapeutic needs, identify lifestyle preferences and provide contact information for doctors, therapists and teachers. It also can be used to convey insights into your child’s personality and history that future caregivers might not easily gain on their own. Continue reading

Tips for Having “The Talk” with Mom about Assisted Living

As an outside observer, often times, it is the child who first notices changes in Mom that signal it may be time for her to move to an assisted living community. How will she react? How should you bring it up? Knowing what to say and how to begin can be the most difficult part of the entire conversation. So here are a few tips to help you talk with Mom about moving to an assisted living community. Continue reading

How Long Is A Will Valid??

The mere passage of time has no effect on the validity of the will. Individuals and families experience life changes every 2 to 5 years. So even though a will remains valid, the individual and family’s needs change. Tax laws and statutes controlling wills and trusts change as well.   Continue reading

5 Issues to Consider When Creating a Special Needs Trust

While day-to-day obligations can certainly get in the way, at some point as a parent of a child with special needs you will need to create a special needs trust to shelter and manage whatever you may leave the child. This is the only safe way to make sure that the funds you leave are protected and well managed and that the child, who by then is probably an adult, can continue to qualify for vital public benefits.

Here are some of the questions you will need to consider in guiding your attorney to create the trust: Continue reading

Do You Need to File a Tax Return in 2015?

What are the IRS income tax filing requirements for retirees this tax season? I didn’t have to file last year, but I picked up a little income from a part-time job in 2014 and I’m wondering whether I need to file this year. Whether or not you are required to file a federal income tax return this year will depend on how much you earned (gross income), the source of that income, your filing status and your age. Your gross income includes all the income you receive that is not exempt from tax, excluding your Social Security benefits, unless you are married and filing separately. Continue reading