Tag Archives: Investment

Special Needs Planning—What you Should Know

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As their children get older, parents start to stress over how they are going to pay for their children’s college but if you are parents of a special needs child, you are facing a more difficult and daunting task. These parents do not have to worry about a college education. They need to be sure they are going to be able to provide financial support and care for their special needs child after their death. This can be a complex question because no one can predict what their child’s medical needs will be in the future nor do they know how long they will live. To get help making sure their child is protected in the future the parents should make an appointment with an attorney who specializes in special needs planning Red Bank. The attorney can help the parents of a child with special needs ensure that the child will be taken care of after their deaths.

Letter of instruction

It is also called a “letter of intent” and describes the child’s situation. It will also provide instructions for the caregivers after the parent’s death or inability to care for the child. It will outline what you, as a parent, vision for the child’s life, how it could be, and the different things that affect the child. This can include how they communicate with you if they are non-verbal, what type of foods they like and do not like, etc. This is not a legal document but sometimes parents need help drafting it so this where special needs planning Toms River can help. Another letter to draft is to family members, asking them not to bequeath funds directly to the child. If the child is bequeathed money, they could lose their eligibility for Medicaid because they cannot have more than two thousand dollars in their name.

Special needs trust

Not all of their needs are covered by public benefits such as Supplemental Security Income and Medicaid so having a trust will make sure that money is available for additional expenses. This trust will not jeopardize their eligibility for the federal programs. When you talk to Special needs planning Red Bank attorney they can help set up one of the two special needs trust.

• First-party trusts—this trust is funded by the money the child received, like an inheritance. If the beneficiary of this trust dies the state can request Medicaid reimbursement from the funds that are still in the trust
• Third-party trust—this is funded by a life insurance from relatives or by a family member and do not require reimbursement.

These are just two of the many things that a special needs planning Toms River attorney can help you with.

Holiday How To: Car Hire Excess Insurance Unpacked

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If you’re planning an exciting adventure, as well as getting your itinerary together and looking for the most daring places to explore, you’ll need to make sure you have insurance. Not only that, but it’s got to be the right kind of insurance for you, especially if you’re planning to hire a vehicle as well. In this case, car hire excess insurance is the way to go. But what is it, and why do you need it?
What is Car Hire Excess Insurance All About?

For a holiday full of thrills or a road trip of rebellion, you might be thinking about hiring a car to get you around easily. Having car hire excess insurance will mean you can avoid having to pay the hefty fines that a rental company might bestow if the vehicle, God forbid, is damaged or stolen. Nobody wants to spend money on car damage when the funds were supposed to be used for water sports and bungee jumping, right?

Can You Give Me an Example?

Think about it this way: if your hire car is damaged, and the resulting cost is £800 to repair it, you will have to pay your excess fee to the rental company. This could be, for example, £600 out of the total cost, which means the hire company pays the remaining £200. However, with an excess policy, you can avoid this altogether and reclaim the additional repair costs.

But the Company Said I’m Already Insured…

Although car rentals often come with a standard insurance policy, they don’t always provide full protection. Things like windows or tyres might not be covered at all, and so you’d be faced with paying the additional charge if they were damaged.

Choosing car hire excess insurance is always going to work out cheaper in the long run, even if your vehicle is returned unscathed. Hire companies that offer excess cover over the counter often end up charging you more (sometimes more than £15 a day) for less expansive protection.

What are My Options?

There are plenty of packages when it comes to insurance, and each are suited to a different type of holidaymaker, so it’s not too tricky to pick the one that’s right for you. Available policies include single trip and multi-trip as well as family and business coverage. You could also opt for more comprehensive packages, which offer cover for bodily injuries and damage to third party vehicles.

When you’re getting ready for your next journey into the unknown, just make sure you find the best way to stay financially protected. Thankfully, there are some specialist companies out there who offer fantastic comprehensive cover (including vehicle excess!) for the most adventurous and fearless holidaymakers among us.

Author Plate Ethan Bailey is an experienced adventure traveller and insurance expert with the team at Let’s Go Insure. Ethan’s passion is to inspire his clients to go just that little bit further, deeper and higher on their travels and his expertise in providing the ideal insurance cover allows them to do just that. If you’re looking for the best car hire excess insurance Let’s Go works with the most experienced underwriters, intermediaries and insurers to offer a range of competitive insurance without compromising on cover.