Support HOPE
Have you thought about the future and how you can continue to give to HOPE Services with a planned giving contribution? Besides strengthening your community and creating a personal legacy, charitable bequests also provide tax benefits for your estate. At your death, your estate is entitled to an estate-tax charitable deduction for the full value of your bequest.
Or call Sue Landgraf, Vice President Resource Development at 408-284-2887 or email: slandgraf@hopeservices.org
CLICK HERE FOR MORE INFORMATION ABOUT PLANNED GIVING
SPECIAL NEEDS TRUSTS & OTHER TRUSTS
Please note that the information in this article is valid as of 2007 and subsequent changes in the law could affect your planning. The information is also California-centric and should not be used by residents of other states.
Since Special Needs dependents can jeopardize their government benefits, such as MediCal, if they own assets of more than $2,000, how does one plan for their financial futures? The solution is a Special Needs Trust. The Trust will be the owner of the assets of the Special Needs dependent. If adequately funded, the Trust will be able to support needs of your Special Needs dependent including:
Education
Special equipment
Rehabilitation
Insurance premiums
Training
Special Needs Trust may also be able to pay other things including:
Trips & vacations
Computer hardware & software
Companionship
Other items to enhance self-esteem
Higher quality medical care
If you set up a Special Needs Trust for your dependent more than a few years ago, it is important to have it reviewed by a qualified Special Needs attorney. It is most likely that your Special Needs Trust is “supplemental” and therefore it cannot pay for food, clothing and shelter (based upon the then existing Social Security rules). The current Special Needs Trusts are “discretionary” and they do allow for the payment of supplemental benefits for food, clothing and shelter. As the cost of housing alone exceeds the Social Security benefits, it is important that your dependent has a discretionary Special Needs Trust.
What about your Special Needs dependent who has assets in excess of the $2,000 at age of 18? Would he/she jeopardize his/her MediCal safety-net? The solution is to transfer his/her assets into a D4(a) MediCal Payback Trust so that he/she would qualify for government benefits. The primary difference of D4(a) Trust from a regular Special Needs Trust is that the remaining assets would go back to the State of California upon the death of the dependent.
There are many other considerations in Special Needs Estate Planning. We offer complimentary Workshops to educate those in need and a Complimentary Consultation for those who need information customized to their specific circumstance.
- Melvin J Honda CLU®, ChFC®
- MetDESK® Specialist
- Financial Services Representative
- CA Insurance License0438716
- Wealth Strategies Group, an office of MetLife®
- 225 West Santa Clara Street, Ste 1450, San Jose, California 95113
- Tel: 408-352-3955
- Email: mhonda@metlife.com
- Website: www.melhonda.com
Pursuant to IRS Circular 230, MetLife is providing you with the following notification:
The information contained in this [brochure, article, document, illustration] is not intended to (and cannot) be used by anyone to avoid IRS penalties. This [brochure, article, document, illustration] supports the promotion and marketing of this [life insurance, annuity, long term care, disability, pension, etc]. You should seek advice based on your particular circumstances from an independent tax advisor.
MetDESK® Specialist – MetLife’s Division of Estate Planning for Special Kids. Metropolitan Life Insurance Company (MLIC), New York, NY 10166. Securities products and investment advisory services offered by MetLife Securities, Inc. (MSI) (member NASD/SIPC), New York, NY 10166. MLIC and MSI are affiliates.
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