Those who have special needs children know that caring for such a child can be a challenge. The range of disabilities varies greatly, and so do the specific needs each of these children. When it comes to planning for the future of these children, there are additional matters to think about, including how to provide financial assistance for a special needs child without jeopardizing their eligibility for government benefits.
Reducing gift and estate taxes, while not the only goal of estate planning, is one important aspect of it. As we have mentioned before on this blog, trusts can be powerful tools for removing assets from your estate in order to decrease estate taxes, while still providing for your family.