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Estate planning for parents of children with special needs

While there's an expectation that your child will eventually grow up and be self-sustaining, this isn't necessarily the case if you have a child with special needs. If you do, then most likely your obligation to care for them is long term, which includes devising an estate plan that can ensure they're cared for once you, yourself, have passed.

Wills are ideal for any decedent to have in place to ensure that their assets are divided up in accordance with their wishes and to avoid a lengthy probate process. If you have a special needs child though, they're even more important. This is because they often include directives that spell out a parent's care preferences for them. This helps prevent lapses in care from occurring.

Personnel in the armed services require help with investments

Not many people realize it, but armed forces personnel need help with their finances just as much as everyone else in the country. The military family of the country needs help from financial advisers and attorneys that have experience with VA pension benefits in order to make their lives a little bit easier.

The problem here is that the majority of people serving in the armed forces do not have the amount of assets that many financial advisers would be interested in. This is the main reason why the military family is underserved by the financial advising industry: lower levels of net worth and lower income levels. There is a bit of irony here, though, as payscale levels and benefits cause quite a bit of complex issues that most civilians will never encounter.

Do most people over the age of 65 require long-term care?

Long-term care can be costly and expensive. If a Texas resident doesn't plan his or her estate the right way, the costs associated with long-term care could quickly deplete the individual's savings, and leave nothing for his or her heirs. However, if you plan for long-term care the right way by setting up a trust or potentially buying long-term care insurance, you can preserve your assets and the legacy you plan to leave behind for your loved ones.

Many Texas residents question whether they will even need long-term care in the first place. However, if you are currently over the age of 64, the chances are likely that you'll one day require long-term care. The odds of requiring long-term care increase the older you are. Statistics show that approximately two-thirds of individuals who are 65 years of age and up will need to receive long-term care at some point before they die.

The Sandwich Generation: You Are Not Alone

Parents are living longer now than ever before, and for many people between the ages of 40 and 65, that means simultaneously taking care of their parents and children.

If you are part of this responsibility-laden age group, you are part of the "Sandwich Generation" -- because you're sandwiched between providing for your kids and caring for your aging parents.

Can I protect my assets and still qualify for Medicaid?

As you lay the foundation for your elder care and prepare to leave your estate to beneficiaries, it is important to create a plan that works with Medicaid and other elder care subsidy benefits. These benefits vary from state to state, but in most cases, they are an essential part of how aging individuals stay healthy without completely exhausting their resources.

Unfortunately, most Medicaid benefits and other medical subsidy programs are only available to those who qualify for them. If you have too large a personal estate or too great an income, you may not qualify for assistance. Without subsidized assistance, many individuals see their retirement savings dry up, along with anything they hoped to leave to their loved ones.

Who qualifies for a veteran's pension?

Individuals spend varying amounts of time as members of the United States armed forces. There are those that are sent out to the front lines of the latest war soon after completing basic training only to be injured soon thereafter. Then there are others that make a career out of serving their country for decades. It can be confusing trying to make sense of who qualifies to receive a veteran's association (VA) pension and who does not.

Generally, a person is eligible to receive a veteran's pension only if they were not dishonorably discharged from military service. If they meet that criteria, then they must have also served at least 90 days of active duty. One of those service days must have fallen during a time of war.

Are you ready for an assisted living center?

We may all look to our golden years as the best times of our lives. While this may be true for some people, the aging process may not be so kind. Essentially, we may have to look to assisted living center and nursing homes if living by ourselves is no longer an option.

Indeed, this type of decision is not easy. Going into an assisted living center may mean giving up a number of freedoms that we have become accustomed to over the years. Also, you may believe that surviving a major illness or injury is not a reason to be uprooted to an unfamiliar place.

5 Things Every Family with a Minor Loved One with Special Needs Should Know

If you have a loved one with special needs, you undoubtedly want that individual to enjoy every available benefit -- and not to be unnecessarily held back in any way. But the truth is that people with special needs are often placed in a position that does limit their ability to enjoy simultaneously the benefits of family wealth and the benefits of government assistance.

However, with the proper planning, your loved can enjoy access to family assets and assistance programs such as Supplemental Security Income. Here are five things every family with a minor loved one with special needs should know.