Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
Planning for your financial future can be daunting, and it may be even more overwhelming if you have a child with special needs. Family financial planning becomes more urgent when you have your child’s care and long-term financial goals to consider.
That’s why creating, maintaining, and funding a special needs trust for a child is crucial, says Dean Klassman, founder of Klassman Special Needs Planning and Keshet Buddy Baseball.
Why you need to set up a trust
Establishing a trust is the first step in preparing for your child’s financial future, and it ensures that the child can still qualify for public assistance programs like Medicaid and Supplemental Security Income (SSI). It’s important to note that a child who has $2,000 worth of assets in his or her name can become disqualified from Medicaid and SSI.
Klassman suggests that parents and grandparents who will support a special needs trust first determine that they are financially secure. Parents also need to make sure they are properly planning for other children’s futures and that their own retirement plan is continually funded.
How to fund the trust
Gifts can be made to the trust as a “gift tax exclusion,” with a donation max of $14,000 per person and $28,000 per couple, annually. Other contributions to the trust can come in the form of stocks, collections, businesses, bonds, real estate, and insurance proceeds (including second-to-die insurance).
Klassman suggests working with an insurance or investment broker to fund the trust to support the child’s entire life.
While you might be hesitant to establish a trust when your child is very young, Klassman strongly urges families to do so. With the guidance of a trusted, compassionate, and experienced professional, making a plan can be an important first step to creating the future you envision for your child.
Elizabeth Abrams is a freelance writer and communications specialist. Throughout her 15 years working in public relations she has secured media placements in The New York Times, Chicago Tribune, Chicago Sun-Times and on CNN, to name a few. In addition to operating her own agency, Elizabeth Abrams Communications LLC, she has contributed to several media outlets including Yahoo! Homes, Chicago Parent Magazine, MOMeo.com and BabbaCo.com. Elizabeth’s writing focuses on information and experiences impacting parents, children and families.
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.