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Are NCLP products and services tax deductible? Why is it so important for families to plan for the future? When should they begin this process? What is a Special Needs Trust? Do they have to have a large estate to create a Special Needs Trust? What are the key issues to address in planning for the future?
A: The first, Lifestyle, addresses the day-to-day assistance, medical, social, employment and other activity care requirements. Next, is Legal Planning that includes Wills, Special Needs Trusts, Guardianship, and Trustees. The third issue, Financial Needs involves the calculating of the person’s monthly budgetary needs and how much is required for the Trust to provide lifetime income for care. Identifying assets to fund the trust and projecting the effects of inflation are also a part of this planning. The final item, Government Benefits, identifies the various Social Security and medical benefits including: SSI, SSA, SSDI, Medicare, Medicaid, and military pensions. |
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