| QUOTES from
the
Masters... |
| On Self-Limiting Beliefs |
On Ideas |
"Being challenged in life is inevitable, being defeated is optional." -- Roger Crawford
"We would accomplish many more things if we did not think of them as impossible." -- Chretien Malesherbes
"If a man harbors any sort of fear, it percolates through all his
thinking, damages his personality, makes him a landlord to a ghost." --
Lloyd C. Douglas
"The outer limit of your potential is determined solely by your own
beliefs and your own confidence in what you think is possible."
-– Brian Tracy |
"Ideas
are like stars; you will not succeed in touching them with your hands.
But like the seafaring man on the desert of waters, you choose them as
your guides, and following them you will reach your destiny." -- Carl
Schurz
"Ideas
are information taking shape." -– Jim
Rohn
"Take
ownership of an idea and the idea will take ownership of you." -– Mark
Victor Hansen
"There
is no adequate defense, except stupidity, against the impact of a new idea."
-- Percy Williams Bridgman
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Special Needs Planning: Special Needs Trust |
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The purpose of a special needs
trust is to provide financial assets for a disabled child's future care and
well being, while maintaining the child's eligibility for government benefits.
Under current federal law, an
individual with more than $2,000 in assets is disqualified from most
needs-based government benefits. State
assistance programs may also be based on need.
If your child (or grandchild) were to receive an inheritance from you directly, it's
highly probable that the inheritance would disqualify the child from receiving
needed benefits. Do not leave assets to the child directly.
With a special needs trust, however,
you leave assets to the trust. The
trust is managed by a trustee, who then can use trust assets on the child's
behalf. Special needs trust
requirements are stringent, so it's important that you consult with an
experienced attorney in setting one up.
In a properly-structured special
needs trust, the trust holds title to the property for the benefit of the
disabled child or adult. The assets in
the special needs trust can then be used to provide for the needs of the
disabled individual, as well as to supplement benefits received from government
assistance programs. For example, trust
assets can be used for:
- transportation, including purchase of a vehicle;
- training, rehabilitation or education programs;
- equipment;
- medical, dental and eyesight expenses;
- entertainment;
- insurance premiums;
- companion/home health aide expenses; and
- items to enhance quality of life/self esteem.
A special needs trust can hold
cash, as well as title to stocks, bonds, mutual funds, real estate and personal
property. In addition, it can own
and/or be the beneficiary of life insurance policies. Another use for special needs trusts is to receive any proceeds
from personal injury settlements without jeopardizing eligibility for government
benefits.
In order to retain eligibility
for government benefits, it's important that well-intentioned family members,
such as grandparents, understand that their will should bequeath assets to the
special needs trust, and not directly to the disabled individual.
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| MESSAGES
from
the Masters... |
ACHIEVING SUCCESS BY EXPECTING SUCCESS by Zig Ziglar
When you plan and prepare carefully, you can legitimately expect to
have success in your efforts. When you recognize and develop the
winning qualities that you were born with, the winner you were born to
be emerges. Although not all your expectations are going to come
to pass, you give yourself an infinitely better chance of succeeding by
taking the proper steps. Regardless of your goal--losing weight, making
more sales, furthering your education, earning a promotion, saving
money for a new home or an exotic vacation--you can expect to achieve
your goal if you plan and prepare for it.
Also understand that the path from where you are to where you want to
be is not always smooth and straight. The reason for the twists and
bumps is simple, and it has nothing to do with you. It has more to do
with the fact that not everyone is as interested in your success as you
are. Some people may accidentally hinder your efforts; others who are
in competition with you and have little or no integrity may try to
sabotage your efforts.
Keep in mind, though, that when you hit those roadblocks your
character, commitment, and attitude are the determining factors in your
success. Carefully review your plan of action, seek wise counsel, and
be particularly careful to feed your mind good information. An
optimistic, positive mind is far more likely to come up with creative
solutions than a mind that dwells on setbacks and difficulties.
Bottom line: expect success and you can achieve it!
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The purpose
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is to provide information of general interest to our clients, potential
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