Helping Special Family Members
We all likely have relationships with people with various disabilities. Sometimes I think of these individuals as angels, cared for by angels. Often they are born with and live their entire life dealing with physical and/or intellectual challenges. Typically their family, with some, albeit not enough, societal supports, care for them.
During the Senior Caregiver Support initiative convenings, caring for a family member with special needs was a frequent topic of conversation. The Community Foundation makes many grants through generous donors to organizations helping individuals and families with special needs care. This September in response to suggestions from the professional advisors on our Professional Advisors Council, we are hosting a seminar about special needs trusts. Through a referral of a local law firm, we are fortunate to present Robert Fleming, an attorney in Tucson, specializing in setting these trusts up for families to ensure funding and care for their loved family members. Mr. Fleming is at the top of his field and has been brought to Reno on many occasions to help put together these instruments. The seminar will qualify for professional advisor continuing education credits.
You are invited to join us for this event, September 14, from 2:00 pm-4:30 pm.
Families face financial challenges in addition to the emotional and physical challenges caring for a family member with special needs. When an individual with a disability receives benefits (or should receive benefits) from government-funded programs, those benefits often prove to be an essential lifeline. Medical care provided by Medicaid or Medicare is especially important in many cases. But how can a public benefits recipient receive an inheritance, a lawsuit settlement award, or any other asset and retain eligibility for that lifeline? This seminar will answer that question and many others.
The Community Foundation can be part of planning to provide financial support to an individual with special needs through a charitable trust. One excellent charitable gift plan provides income without disqualifying a person with special needs for their government-funded income. At the end of the charitable gift trust, the remaining assets can be gifted to a local charitable organization serving this population with similar needs. In addition to the benefits to the individual, there are current tax benefits to the family.
Thank you, Woodburn and Wedge, for sponsoring this program and helping us bring this timely seminar to our region.
Please join us for this event. If you’d like to learn more about how the Community Foundation of Western Nevada can help plan a charitable trust, please give me a call.
Chris Askin, President, and CEO
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