New FREE Special Report Shows Parents of Disabled Children How to Provide Lifetime Financial Security for Their Offspring for Greater Peace of Mind
A new free report titled Special Advisory Report for Parents of a Child with a Disability: Three Critical Steps to Protect Your Child's Financial Security After You Are Gone shows parents how to provide lifetime financial security for their special needs offspring.
PITTSBURGH, May 1, 2023 /PRNewswire-PRWeb/ -- A new free report titled Special Advisory Report for Parents of a Child with a Disability: Three Critical Steps to Protect Your Child's Financial Security After You Are Gone shows parents how to provide lifetime financial security for their special needs offspring.
The report is published by Lange Financial Group, a Pittsburgh-based financial advisory firm. The company's CEO, Jim Lange, a tax attorney and CPA, says as a result of him and his wife, Cindy, implementing the strategies recommended in the report, their daughter, Erica, will have an extra $1.9 million measured in today's dollars to support her during her lifetime. (Erica suffers from dysautonomia, a condition that makes it impossible for her to work.)The report has three authors, all highly experienced in their area of helping parents with a disabled child. In addition to Lange, Deborah McFadden is an expert in getting a child qualified for SSI or SSDI. She helped write the Americans with Disabilities Act. Julie Steinbacher is an estate attorney with over 20 years of experience drafting special needs planning documents for families and administering estates. These strategies can help parents achieve peace of mind by ensuring their disabled child will have lifetime financial security," explains Lange. "As a result, parents can live a better, less stressful, more serene, and more enjoyable life—with greater confidence and peace of mind—as my wife and I do, now that we have put this plan in place for our daughter.
"The Special Advisory Report outlines the three essential steps parents must take to provide their disabled kids with financial support, both while those parents are still living, and also after they are gone:- First, get your child approved for Supplemental Social Security Income (SSI) when he or she is 18 or older. When the parent turns 62, consider switching the child to Social Security Disability (SSDI) based on the parent's work record. When a person is on SSI or SSDI, they get what Ms. McFadden calls "the golden ticket." Benefits could be $900 a month, qualifying for Medicare and/or Medicaid, state benefits, other medical benefits, special equipment, tuition for college and graduate school, and much more. As a huge bonus, that IRS will grant your disabled child the official Eligible Designated Beneficiary (EDB) status. Benefits of EDB status include "stretching" or deferring an inherited IRA or Roth IRA over the child's lifetime instead of ten years like other children beneficiaries of IRAs. This huge deferral can easily be worth hundreds of thousands of additional dollars or more.
- Second, the Special Advisory Report shows the parents how critical it is to implement a series of optimized Roth IRA conversions. Mr. Lange explains, "The Roth IRA conversions can grow your family's wealth by hundreds of thousands of dollars, so your disabled child inherits that much more and gets to stretch or defer the tax-free inherited Roth IRA over their lifetime instead of ten years like other Roth IRA child beneficiaries.
- Third, Julie Steinbacher's specific estate planning strategies for families with disabled children include appropriate wills and trusts for beneficiaries of IRAs and other retirement plans. In particular, Steinbacher often advises setting up a special needs trust. This special needs trust, which is typically funded at the death of one or both parents, permits your child to enjoy benefits from the trust without losing his or her government disability benefits and EDB treatment.
"Implementing these strategies has been life-changing for us and for Erica. The dread that once kept us up at night is now gone, and we can now sleep well at night. You do not need to be a millionaire to benefit substantially from the Special Advisory Report. For instance, if you have an IRA of, say, $500,000, using the same strategies that our family implemented as recommended in the report, could help you generate an extra $239,000 in savings for your child," adds Lange. To get a free copy of the Special Advisory Report—and learn how to provide a safe and financially secure life for your disabled child, simply call Lange Financial Group toll-free at 1-800-387-1129 today. Or download the report immediately at: https://DisabledChildPlanning.com.
Media Contact
Erika Hubbard, Lange Financial Group, LLC, 1 1-800-387-1129, [email protected]
SOURCE Lange Financial Group, LLC
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