Advice From Reegan Financial
The federal government has reduced the minimum withdrawal requirements for Registered Retirement Income Fund accounts for 2020 because of the Covid-19 pandemic impact on the markets. Registered Disability Savings Plans are subject to even more severe minimum withdrawal amounts, but measures to ease these requirements in light of the current crisis have not materialized.
Plans to change how the Ontario Disability Support Program treats employment income were scrapped by the Ford Government, but uncertainty about the future remains for people with disabilities on social assistance.
Including a Henson Trust in your will is a start. Managing a Henson Trust is something entirely different. Wills do not include step-by-step instructions to guide trustees. Getting up to speed has been a painful, drawn-out process for too many trustees.
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A single person without children living on their own can expect to receive approximately $1,168.27 a month as a recipient of the Ontario Disability Support Program. Not a lot of money when you consider the cost of living.
You have an adult son or daughter who is receiving assistance from the Ontario Disability Support Program (ODSP) and you know leaving them with an inheritance in their name after you die could easily spell the end to their ODSP benefits.
Understandably, parents of children with disabilities want to make sure their child will be okay when they can no longer parent. Making sure their child is financially secure after they are gone is one of the biggest challenges parents face.