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Henson Trusts Ė What are They? Find Out More About Registered Disability Savings Plans & How They Can Benefit Your Clientís Families

This presentation will provide an update as to the August 1, 2017 changes in the various Disability Support programs.

Tax and estate planning can have a substantial impact on the financial future of a disabled person, helping to create a secure future and a better quality of life for the individual.

Through careful planning, families of disabled persons can ensure that their assets are gifted to their beneficiaries in the manner they desire. Families can also protect against an unexpected clawback of government benefits and supports. The following aims to address these issues, examine the benefits of tax and estate planning for special needs individuals, explore recent tax and support changes offered at both the federal and provincial levels, and recommend strategies to plan effectively for disabled family members.

Proper estate planning is essential to protect a disabled beneficiary. Whatís more, if they receive benefits from the provincial disabilty support programs, a poorly planned inheritance can render them ineligible to receive benefits.

So, gifts and inheritances must be carefully planned to avoid disqualifying a disabled beneficiary from further benefits.

The most common planning tool is the Henson Trust. This is an absolute discretionary trust that gives a disabled beneficiary no right to enforce payment of either income or capital. As a result, the capital of the trust does not count toward the recipientís asset limit, and only the income actually paid to the recipient is counted toward the income limits.

The planning opportunities for disabled beneficiaries begin with the donorís estate plan, but continue as outright inheritances and trusts are administered.

Under the various programs life insurance includes:

  • annuities
  • deferred annuities and
  • segregated funds.

 



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