Planning for Special Needs Children in a Divorce
What planning should be done during a divorce proceeding to properly prepare for lifetime issues related to a child's disabilities?
July 19, 2018 at 02:00 PM
1 minute read
But what about when a child is no longer a minor?
- Grantor: One or both parents could be the “grantor” or creator of the SBT. Thought must be given to the income tax implications of the SBT and if it should be its own taxpayer, or if one parent should be the taxpayer.
- Trustee: The trustee will invest and distribute the SBT funds so they do not interfere with the child's SSI, Medicaid and DDD benefits. If the parents cannot agree on this role, an outside trustee may be appropriate.
- Funding: The SBT could be funded during the divorce, on an ongoing basis, or at a future event. For example, one or both parents could be required under any settlement agreement to contribute funds to the SBT on a scheduled basis, or to maintain life insurance with payment to be made to the SBT upon death of the parent.
Deirdre R. Wheatley-Liss is a principal at Porzio Bromberg & Newman in Morristown. Elizabeth M. Shea is of counsel to the firm.
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