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Description
Collaborative Special Needs Planning: Integrating the Financial Advisor, Attorney, and Fiduciary for Comprehensive Care
Special needs planning is most effective when professionals work together to address a beneficiary’s future legal, financial, and fiduciary aspects. Without collaboration between the financial advisor, attorney, and fiduciary, plans can fall short, leaving beneficiaries vulnerable to gaps in care or loss of benefits. This session will explore how these key players can coordinate efforts to create a seamless plan that balances asset management, legal compliance, and ongoing fiduciary duties. Fostering interdisciplinary collaboration can offer your clients more holistic solutions that provide security and peace of mind.
Building a Secure Future: Structuring Financial Plans for Special Needs Beneficiaries
Creating a solid financial plan for a special needs beneficiary requires carefully protecting assets, preserving public benefits, and planning long-term care needs. Without the proper structure, even well-meaning plans can fail to provide the necessary support for the beneficiary’s lifetime. In this session, attendees will dive into the core elements of structuring a comprehensive financial plan, including the role of special needs trusts, ABLE accounts, and long-term budgeting strategies. By understanding these essential components, the attendee will be better equipped to create robust plans that safeguard your clients’ financial future while ensuring ongoing access to critical benefits.
Income Tax Planning for Special Needs Families: Medical Expense Deductions, Credits, and Financing Strategies
This session will focus on maximizing income tax deductions and credits for families caring for individuals with special needs. We will explore items deductible from adjusted gross income to determine taxable income, explicitly emphasizing the expanded medical expense rules under recent legislation. Participants will gain insights into managing timing issues and addressing unique considerations for itemized deductions and expanded credits introduced by the Tax Cuts and Jobs Act and other recent reforms. Additionally, the session will examine financing strategies related to medical expense deductions, such as retirement plan distributions and home equity loans, and the implications of the tax benefit rule. We will also explore the interaction between medical expense and home equity deductions, offering practical tax planning solutions for professionals working with special needs families.
Learning Objectives
Collaborative Special Needs Planning: Integrating the Financial Advisor, Attorney, and Fiduciary for Comprehensive Care
Special needs planning is most effective when professionals work together to address a beneficiary’s future legal, financial, and fiduciary aspects. Without collaboration between the financial advisor, attorney, and fiduciary, plans can fall short, leaving beneficiaries vulnerable to gaps in care or loss of benefits. This session will explore how these key players can coordinate efforts to create a seamless plan that balances asset management, legal compliance, and ongoing fiduciary duties. Fostering interdisciplinary collaboration can offer your clients more holistic solutions that provide security and peace of mind.
Building a Secure Future: Structuring Financial Plans for Special Needs Beneficiaries
Creating a solid financial plan for a special needs beneficiary requires carefully protecting assets, preserving public benefits, and planning long-term care needs. Without the proper structure, even well-meaning plans can fail to provide the necessary support for the beneficiary’s lifetime. In this session, attendees will dive into the core elements of structuring a comprehensive financial plan, including the role of special needs trusts, ABLE accounts, and long-term budgeting strategies. By understanding these essential components, the attendee will be better equipped to create robust plans that safeguard your clients’ financial future while ensuring ongoing access to critical benefits.
Income Tax Planning for Special Needs Families: Medical Expense Deductions, Credits, and Financing Strategies
This session will focus on maximizing income tax deductions and credits for families caring for individuals with special needs. We will explore items deductible from adjusted gross income to determine taxable income, explicitly emphasizing the expanded medical expense rules under recent legislation. Participants will gain insights into managing timing issues and addressing unique considerations for itemized deductions and expanded credits introduced by the Tax Cuts and Jobs Act and other recent reforms. Additionally, the session will examine financing strategies related to medical expense deductions, such as retirement plan distributions and home equity loans, and the implications of the tax benefit rule. We will also explore the interaction between medical expense and home equity deductions, offering practical tax planning solutions for professionals working with special needs families.