This chapter will show you how to advise and assist families with family members with disabilities and special needs. It explores the issues that accountants and financial advisors will need to discuss with families or with friends of special needs individuals with disabilities. In order to maximize available benefits and to plan for lifelong care, especially after the parents have passed on, specific planning tools such as Henson Trusts are needed. Insurance funding for trusts is a standard part of the estate plan. Disability-related tax credits must be put in place, the Registered Disability Savings Plans (RDSPs) must be considered and Lifetime Benefit Trusts to receive RRSPs and RRIFs on a tax-free basis must be anticipated.
Please fill out the form below to receive a copy of Planning for Clients and Families With Special Needs."
Planning for Clients and Families with Special Needs in Ontario
Advisors, accountants, and financial planners working with families who have members with disabilities face unique planning challenges. This resource provides professionals with practical guidance on how to advise and assist families with dependents who have special needs.
It explores the key topics every advisor should address, from setting up Henson Trusts to preserve ODSP benefits, to using Registered Disability Savings Plans (RDSPs) and Lifetime Benefit Trusts to manage inheritances, RRSPs, and RRIFs tax-efficiently. You will also learn the importance of integrating disability-related tax credits and insurance funding for trusts into long-term estate and financial plans, while coordinating legal, financial, and tax strategies to ensure lifelong security, benefit preservation, and sustainable support for individuals with disabilities and their families.
By understanding these specialized tools and strategies, advisors can help families maximize available benefits, protect assets, and plan for lifelong care, particularly after parents have passed away. What we offer you is a comprehensive starting point for professionals involved in special needs estate and disability planning in Ontario.