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Special Needs Trusts: What Are They and Do I Need One?

According to the U.S. Census Bureau, about 10% of Americans between the ages of 16 and 64 suffer some form of physical, mental or emotional impairment. Many of them are outliving their parents and caregivers thanks to improved medical technology. Caring for a person with special needs can often be a huge financial burden, especially if the person is not able to support himself or herself, which is why many people with special needs receive government benefits. In order to be eligible for government benefits (such as Medicaid and Supplemental Social Security), a person must meet strict income and resource eligibility criteria.

Retirement Tip for Boomers

As thousands of baby boomers turn 65 this year, many are concerned about their finances. Boomers in general have seen the market value of their homes decrease, their personal stock portfolios and 401(k)s value fall considerably, and many companies no longer offer pensions for retirees to fall back on.