Don't Retire...Graduate! Special Needs Trusts and Elder Care: What You Need to Know
Feb 20, 2025
31:14
Welcome back to "Don't Retire... Graduate!" Today, we’re talking about a topic that impacts many families and is often overlooked in financial planning—preparing for special needs children and aging parents' care. These stages of life present unique challenges that require careful planning and expert guidance to ensure both financial stability and familial harmony.
In this episode, I am pleased to be joined by Nicole Hewitt, an experienced attorney specializing in estate planning, elder law, special needs planning, business planning, and real estate transactions. With her extensive background working with individuals and families dealing with estate and tax-related matters, Nicole offers invaluable insights and strategies to help navigate these complex situations.
During our conversation, Nicole and I explore the intricacies of planning for families with special needs children and for those dealing with aging parents. We start with the challenges pre-retirees face when trying to save for their own retirement while also providing for a special needs child. Nicole highlights the importance of early and ongoing communication with family members and financial advisors to create effective plans.
We also touch on the critical role of life insurance and special needs trusts in ensuring the financial security of special needs individuals. Shifting gears, we address the pressures on adult children who are managing the care of aging parents, emphasizing the necessity of honest family discussions and legal planning to mitigate future financial and emotional strain. Finally, we tackle the sensitive issue of driving and independence for elderly parents and offer guidance on how to manage this challenging transition.
Key Takeaways:
For more details, or to start your planning process, reach out to Nicole Hewitt through the HWK Law Group. And don’t miss our upcoming webinar on the Tax Cuts and Job Act of 2017 in March 2025 for further advice and insights. Join us next week and continue the journey of turning retirement into a commencement. As always, remember: Don’t retire, graduate! [embed]https://youtu.be/2KWRT0Ib_Vc?si=dBEPqGwuChCBNedx[/embed] About Nicole Hewitt, Esq. Nicole practices in the area of Estate Planning and Estate Administration, Elder Law, Special Need Planning, Business Planning, and Title and Real Estate Transactions, with an emphasis on the tax aspects of each area. She represents individuals, business owners, young families, individuals reaching retirement, and the elderly in connection with planning to meet their estate, tax and medical assistance planning goals. In addition, Nicole works with individuals and families with special needs, including trusts and adult guardianships. Prior to co-founding HWK Law Group, Nicole was a senior tax associate with two Big 5 accounting firms, an associate with a large prominent Baltimore law firm, served as both General Counsel and Executive Director to a national mortgage lender/broker, and was a co-owner of an affiliated multi-state title company. Nicole resides in Lutherville with her husband and three children. She enjoys her frequent trips to Florida, playing tennis, traveling, skiing, and spending time with her family and friends.
- Two-Track Planning: Families with special needs children must navigate both personal retirement planning and long-term care planning for their dependent. Early planning and the use of vehicles like life insurance and special needs trusts can help balance these responsibilities.
- Conversations are Crucial: Engaging in open discussions with family members about estate plans, potential inheritances, and responsibilities ensures smoother transitions and alignment on future care strategies.
- Prepare for Aging Parents: Observing and discussing your parents' aging process while they’re still competent encourages proactive measures and legal planning, thereby reducing stress and preserving family relationships.
- Professional Guidance is Key: Consulting with a financial advisor and attorney who specialize in special needs and elder law is crucial in creating and executing effective estate plans to better ensure compliance with laws and optimize financial outcomes.
- Facing the Independence Issue: When the time comes to address an elderly parent's capability to drive, children often need to take on a parental role for the safety of their loved one and others, despite the discomfort it may cause.
For more details, or to start your planning process, reach out to Nicole Hewitt through the HWK Law Group. And don’t miss our upcoming webinar on the Tax Cuts and Job Act of 2017 in March 2025 for further advice and insights. Join us next week and continue the journey of turning retirement into a commencement. As always, remember: Don’t retire, graduate! [embed]https://youtu.be/2KWRT0Ib_Vc?si=dBEPqGwuChCBNedx[/embed] About Nicole Hewitt, Esq. Nicole practices in the area of Estate Planning and Estate Administration, Elder Law, Special Need Planning, Business Planning, and Title and Real Estate Transactions, with an emphasis on the tax aspects of each area. She represents individuals, business owners, young families, individuals reaching retirement, and the elderly in connection with planning to meet their estate, tax and medical assistance planning goals. In addition, Nicole works with individuals and families with special needs, including trusts and adult guardianships. Prior to co-founding HWK Law Group, Nicole was a senior tax associate with two Big 5 accounting firms, an associate with a large prominent Baltimore law firm, served as both General Counsel and Executive Director to a national mortgage lender/broker, and was a co-owner of an affiliated multi-state title company. Nicole resides in Lutherville with her husband and three children. She enjoys her frequent trips to Florida, playing tennis, traveling, skiing, and spending time with her family and friends.