How Can I Leave Money to My Financially Irresponsible Children?

  The main importance of a trust is for tax implications for the receiver. If a person is not a good money manager, if a person has the heart the size of Montana, but they don’t know how to manage money correctly, the Trust has an executor or guardian who has to follow the specific […]

Why Should I Set Up a Trust for My Children?

  Trusts. They’re important for both Special Needs parents and standard normal children because it puts money in a protected form where creditors cannot attach to it. So, if you’re in financial debt, if you’re behind on your payments, if your children are in debt, the money they receive in an income tax-free format, up […]

Is a 529 Plan the Best Way to Save for College?

  So what happens when your child gets a full scholarship and you’ve already set money aside in a 529 plan versus a life insurance policy? The good news is that if you have other children, that 529 plan can go towards another child. The bad news is that if it’s not utilized for that […]

When Should I Start Saving for College?

  At what point as a parent should I start thinking about a kid’s college education? That’s a great question. Realistically, during pregnancy, in the first six months, the earlier you start the better. At what point is it too late? I’m going to say at around age 12, because it doesn’t give you enough […]

What is the Difference Between Saving for College and Retirement?

  There are drastic differences between saving for retirement and saving for college. The biggest difference is the length of time you have to prepare for college, which is anywhere from one to 18 years. Whereas for retirement, you could plan for as long as 50 years so there’s a greater accumulation period. The key […]

How Can I Use Life Insurance as a Savings Tool to Help My Children?

  There are a lot of different ways that you can use policies and plans to augment savings. One way is to use a whole life policy on your children and get a very good favorable rate, and then utilize that as a savings plan. That rate can be continued all the way through to […]

How Can I Fund a Trust?

  There are many options for funding a trust. You could use a life insurance policy. You can use an annuity. You can use a IUL, which is an independent variable annuity. It depends on your choices and your health. But ultimately there can be a single source of funding, or it could be a […]

When Should I Set Up a Special Needs Trust?

  Ideally, it’s important to get a trust set up prior to age 17 because it takes anywhere from three to six months to get done. It needs to be done by an attorney in the state that you live in because they know the rules, and it should be adjusted every three to five […]

Interview – The Business Power Hour with Lisa and the Music Man

Check out my interview with Norman Wasserman on the Business Power Hour with Lisa and the Music Man. We spoke about a number of things that I feel are important – taking care of aging parents, taking care of your children (special needs or not) and more importantly, taking care of yourself. That’s what the […]

Interview – The Doing Business with a Servant’s Heart Podcast

This podcast episode dives into the financial challenges of parents with special needs children and offers advice on how to navigate them. I spoke with the host, Steve Ramona, about the importance of having a trust, a positive mindset, and an umbrella policy, as well as the rising cost of long-term care. We also discussed […]