Providing for a Child with Special Needs Archives | Grady H. Williams, Jr. LL.M, Attorneys at Law

Category archives: Providing for a Child with Special Needs

Grandparents Raising Grandchildren May Qualify for the Earned Income Tax Credit
5 years ago
Raising a grandchild can be tough financially, but grandparents should be aware that there is a tax credit available that could help them. Working grandparents who are supporting their grandchildren may qualify for the earned income tax credit, which could reduce the amount they pay in taxes by thou... [read more]

Kiddie Tax Changes May Increase Burden for Families with SNTs
6 years ago
Major changes to the “kiddie tax” could significantly increase the tax liability of assets placed in special needs trusts if the trust’s beneficiary is a minor and the income the trust earns is high enough. Congress enacted the so-called “kiddie tax” in 1986 to deter wealthy families from “in... [read more]

IRA Distributions to SNTs: Minimizing Income Taxes
6 years ago
For many parents, the majority of their savings is held in some kind of a retirement account, often an Individual Retirement Account (IRA). At age 70 1/2, an IRA account holder faces the Required Beginning Date, when he or she must take mandatory distributions from the IRA. These payments are determ... [read more]

Is Your Child Eligible for Childhood Disabled Beneficiary Benefits?
6 years ago
Understanding what benefits might be available to your child or loved one with special needs can be confusing. Different benefits apply in different circumstances, and sometimes different benefit programs can work together to help meet the needs of an individual. Childhood disabled beneficiary bene... [read more]

SSA Gives Guidance on the Use of Prepaid Debit Cards by Special Needs Trust Beneficiaries
6 years ago
Trustees of special needs trusts are increasingly relying on “administrator-managed prepaid debit cards,” such as True Link cards, when disbursing funds to beneficiaries. These cards offer trust beneficiaries greater independence and the ability to get what they need more quickly. But such cards e... [read more]

The Importance of Special Needs Trusts
6 years ago
Special Needs Trusts are an important part of Estate Planning for clients whose family members have disabilities or chronic illness. A Special Needs Trust (also referred to as a Supplemental Needs Trust) helps beneficiaries receive their inheritance while also following important guidelines regardin... [read more]

Report: Affordable Housing "Virtually Impossible" for Single SSI Recipients
6 years ago
As rental housing prices continue to escalate nationwide, particularly in urban centers, low-income people with disabilities are finding it increasingly difficult to find affordable housing. The Technical Assistance Collaborative and the Consortium for Citizens with Disabilities recently rele... [read more]

Choosing Retirement Account Beneficiaries Requires Some Thought
6 years ago
While the execution of wills requires formalities like witnesses and a notary, the reality is that most property passes to heirs through other, less formal means. Many bank and investments accounts, as well as real estate, have joint owners who take ownership automatically at the death of the... [read more]

How to Earn Additional Income Without Losing SSI Benefits
7 years ago
Although Supplemental Security Income (SSI) recipients are subject to rigid asset limits, the federal government has provided a few avenues for beneficiaries to earn income that supplements their SSI benefit. The Social Security Act imposes a $2,000 asset limit on SSI beneficiaries, a figure that... [read more]

Happy Valentine's Day!
7 years ago
Valentine’s Day is the perfect time to express gratitude for your family and friends. Our office wishes you and your loved ones all the best today, and throughout this beautiful early spring in North Florida! We are grateful to be a part of your community and to have to the opportunity to help fa... [read more]

Low-Income Housing for People with Disabilities
7 years ago
People with disabilities are disproportionately low-income. Like many other marginalized communities, people with disabilities are being priced out of many neighborhoods, especially in large metropolitan centers, as rental prices continue to skyrocket and affordable housing stocks dwindle. Accord... [read more]

5 Considerations in Choosing a Special Needs Trustee
7 years ago
Choosing the right person to serve as trustee of a special needs trust is one of the most important and difficult issues in creating the trust. A trustee typically manages the day-to-day operations of the trust, often making distributions to the trust's beneficiary, investing the trust's assets, and... [read more]