Can grandparents use the concept of gifting with The Gift of Love Program?
A. Yes, grandparents can gift the funds to any child they have who has a special needs child (currently up to $13,000/year per grandparent) to purchase life insurance on the parent. Because the life insurance is purchased on the parents’ life and they are younger than the grandparents, leveraging of these funds are optimized and will dramatically increase the amount of funds the grandparents will be able to leave to their special needs grandchild. Q. Who should be assembled in the planning decision in using The Gift of Love Program for a special needs child or loved one? A. The best planning will involve a team consisting of an insurance professional, a Special Needs Planning attorney, a financial advisor and a professional care giver to develop a plan for lifetime care. Our firm can help place these professionals at your disposal. Q. What is a Special Needs Trust and how does it relate to The Gift of Love Program? A. A Special Needs Trust (also known as a “supplemental needs” trust or
