The Revenue will send you an estimate of what they believe your LPT liability is. Remember this is only an estimate and will be the amount that Revenue will collect from you if you do not submit your return.

You must send your completed LPT Return form back to Revenue by 7 May 2013 if submitting a paper form or by 28 May 2013 if submitting your return online.

Your responsibility

The LPT is a self-assessment tax so you calculate the tax due based on your own assessment of the market value of the property. Do your research online and make a judgement on the value of your property if you were to sell it on the open market. Useful sites are daft.ie, myhome.ie and propertypriceregister.ie

Household Charge

The LPT replaces the household charge which has been abolished from 1 January 2013. Arrears will still be collect but this time it will be the Revenue who will collect all arrears. There are penalties for not paying the household charge and this will be applied to your property tax.

Exemptions

There are a number of ways to get exemption and the Revenue have a document on their site regarding exemptions. The one area that may be of interest to people with a disability is the exemptions for residential property that are purchased or adapted for use by an incapacitated individual. People who fall in to this category should do a bit more research to see can they avail of this exemption. You must still make a return and claim this exemption.

Payment

You can opt to defer your payment if your income is below a certain limit otherwise a half year payment will be due on 1st of July 2013.

Revenue offers a range of methods for paying the tax. You can make one single payment or you can phase your payments in equal instalments. Either way you have to pay the LPT at some stage.

Bands

The post Local Property Tax (LPT) appeared first on Financial Wellbeing.

The focus of our Sportability Club is on fun, participation and skill development for children with Down syndrome. Groups are formed based on information gathered from the Child’s’ Screening Form.

Each child is encouraged to participate at their own skill level in exciting, physical, learning experiences that cater to various ages and de-velopmental abilities.

Small group numbers and a non-competitive environment allows each child to flourish with close guidance from our highly-trained health and fitness instructors.

FOR FURTHER INFORMATION CONTACT:
The Sports Village, Eden Hall,
Model Farm Road, Cork. Tel: (021) 6010521
Email: info@sportsvillagecork.com
Visit: www.sportsvillagecork.com

The post Multi-sport Adapted Physical Activity Programme appeared first on Financial Wellbeing.

The post Radio Show – How to fund a Trust appeared first on Financial Wellbeing.

Why set up a Special Needs Trust? A well-funded Special Needs Trust improves the quality of life of your child with special needs.

How do I go about setting up a Special Needs Trust? There are four main options for parents who want to provide a lump sum of money in a Trust fund for their child, to help secure a better future.

1.    Saving Plans

Parents have the option of saving money every month over a number of years this can lead to having a substantial amount of money that can be placed in a Trust. I recommend setting aside a small proportion of Domiciliary Care Allowance or Disability Allowance each week for the future. Key things to investigate when setting up a saving plan are; risk, management charges, levies, PRSI and taxes on your savings.

2.    Pension Plan

The next option to investigate is saving through your pension, which has the added benefit of tax relief. Allowing you to reclaim back tax on any money you put into your pension. The money in your pension grows tax free and is exempt from tax unlike your savings. The added benefit of a pension is that it never goes against you when applying for entitlement. Again you will have to find an Advisor who is familiar with Trusts that can advise you of the best options.

3.    The Sale of your Family Home

What are your plans for your family home when you pass away? The sale of the family home when you die can provide a good lump sum for all your family. I understand that nobody wants to think of that situation but it is important to have a plan for the family home.

If your plan is for your special needs child to live in the family home for the rest of their life then selling the home is not an option that will work.  All families need to consult with their solicitor when deciding the future of the family home.

4.    Life Assurance Protection Policy

This is very similar to a life policy that all parents have, except that it is better suited to funding a Trust. The issue with regular life policies is that they generally finish when your youngest child reaches the age of 21. Or you might have been cajoled into taking out a “whole of life policy” (do check the small print in your life policy) only to find out that when you reach retirement the insurance company has double or trebled your monthly premium to force you to stop the policy. At this stage all the money gone into the policy is wasted.

The foundation of all Trust should be a Life Assurance Protection Policy.

I have sourced a Life Assurance Protection Policy that you pay a fixed premium until you retire then you do not have to pay anymore into the policy. This is an ideal solution for most special needs parents.

If you die before your retirement – then the insurance company will double your tax free lump sum pay-out.

If you die after retirement – then the insurance company will pay out a lump sum that can be deposited in to your child’s Special Needs Trust Fund.

I am a huge fan of Life Assurance Protection Polices and recommend them to all my clients who want to have money in a Trust. Not only this but as you can imaging it is very hard to save €50,000 but provided you are in good health it is relatively simple to take out a Life Assurance Protection Policy for €50,000.

On top of all this, because the policy only pays on your death then it will never affect you or your child’s entitlements.

If you would like further information on any of the above options or a quote on how much per month it would be to set up a Life Assurance Policy then call my direct line 021 482 3635 or email allan@financialwellbeing.ie

The post Funding A Special Needs Trust appeared first on Financial Wellbeing.

The shocking part of this story, is that the majority of families I work for don’t have a will or at best have a standard will, with no special needs trust set up.

In the event of your death, if you don’t have a will in place the Government steps in and decides what happens to your estate. As you can imagine the government’s objectives may be miles away from what you wish to happen. In the long term this will also cost your family more money and delay the process by month, possibly years to sort everything out.

The government will decide the people or centre who will care for your children if they are under the age of 18. If they believe it is best for your child with special needs they may also make them a ward of court.  This is when the court intervenes and manages your child financial affairs on their behalf.

If you have a standard will and your child grows up to be reliant on a means tested benefit, entitlement or service then this potentially can have a negative impact on your child. I have seen it where a share of the family home is sufficient to disqualify a person with a disability from the main allowances available.

However, before you call your solicitor, I strongly recommend that you read my suggestions for wills, trusts and special needs wish, which is in my new booklet.

You will then be in a position to have a knowledgeable conversation with your solicitor on the issues facing you as a parent of a special needs child. Have an outline of what it is you want to happen when you are no longer around and who will step in to the key roles. Take the time to write a Special Needs Wish™ and show this to your solicitor. By educating yourself, you greatly increase the chances of having a will that works for all the family.

It is essential that you get legal advice around what is a very complex area.

Please feel free to contact me on this issue or on any matter regarding special needs financial planning.

FREE BOOKLET

This article was written by Allan Cuthbert a Special Needs Financial Planner. Allan has recently published a new booklet “7-Steps To A Brighter & More Secure Future For Your Special Child.” This booklet is available for FREE by calling 021 482 3635 or email allan@financialwellbeing.ie to order your copy.

The post The Importance Of A Special Needs Will appeared first on Financial Wellbeing.

The post Down Syndrome Waterford appeared first on Financial Wellbeing.

The post Radio Show – How to have a prosperous 2013 appeared first on Financial Wellbeing.

Email allan@financialwellbeing.ie or calling 086 – 335 3013 to book your place. Everyone who attend will also receive a FREE copy of “7-Steps To A Brighter & More Secure Future for Your Special Child”

Financial Talk will cover:
 Financial challenges facing parents of special needs children
 Tighter rules for entitlements and benefits
 How to apply & appeal a decision
 How to write a Will to protect your child future
 How to choose the right Guardians and Trustees
 Changes to your child’s inheritance and savings
 How Budget 2013 will affect your family
 Why every parent needs to set up a Special Needs Trust
 Strategies to create a brighter financial future for your child

The post Down Syndrome Talks appeared first on Financial Wellbeing.

It is a free event (donations on the night greatly appreciated), Email facefermoy@gmail.com or calling 087 – 2278459 to book your place. Everyone who attend will also receive a FREE copy of “7-Steps To A Brighter & More Secure Future for Your Special Child”

Financial Talk will cover:
 Financial challenges facing parents of special needs children
 Tighter rules for entitlements and benefits
 How to apply & appeal a decision
 How to write a Will to protect your child future
 How to choose the right Guardians and Trustees
 Changes to your child’s inheritance and savings
 How Budget 2013 will affect your family
 Why every parent needs to set up a Special Needs Trust
 Strategies to create a brighter financial future for your child

The post FACE Talk appeared first on Financial Wellbeing.

Financial resolutions are often high on the list with promises of “spend less and save more”. Let me guide you on how to make it happen. The following key pointers should help make 2013 a more prosperous year.

Budget 2013

The budget has impact everyone financial but in particular families with special needs children. Start making arrangement now to deal with the drop in income and with the reduction in entitlements such as Respite Care Grant and Child Benefit.

Property Tax

The new property tax is now a reality whether you paid the household charge or not. You will have to make a judgement on how much this will cost you annually and start putting away money each month so that in June 2013, you have some savings to off-set the new tax.

Check Your Number

At least once a month you need to balance your personal bank accounts. The easiest way to do this is to shut down all your accounts except for one joint account and one saving account. People with lots of bank accounts in general find it difficult to see how they are managing financially. Also bank have now introduced additional charges in keeping those bank accounts open.

When you analysis your bank accounts you are acting like an accountant and see if you have made a profit in the month or if you are living beyond your means. Supplied with this information it will be much easier for you to manage your living expenses, plan your holidays and pay for future outlays.

Living in cloud cuckoo land

If you are spending more than you earn then you are in trouble. If you don’t nip this in the bud early then you will end up in big financial trouble. Develop a spending plan that actually works for you based on where you are right now.  Don’t go cold turkey if you know that won’t stick to it.  Instead, try reducing your spending in critical areas slowly until your personal accounts balance.

Start Saving

Even if it is only €10 per week, eventually this small amount will turn in to something that is substantial. Getting in to the habit of saving is the corner stone to a life without financial stress. Nobody goes through life without getting those unforeseen bills. But when you pay for items from savings you end up using the bank rather than the bank and credit card companies using you.

Can’t do it Alone

It is vital that you get your whole family involved in improving your financial situation. It is no good you getting your financial affairs in order when your partner has decided 2013 is a year for spending!

If possible hire professional advice because this will fast track you to a better financial position. You may think hiring an Advisor is yet another cost, but a good Advisor will save you money.

Final Thought

I would like to take this opportunity to wish you the very best for 2013, I hope it brings great joy, happiness and prosperity. If you have a son or daughter with special needs then it is critical that you start to make progress financially in 2013.

The more financial secure you can become the more options and support you can give your child later in life. If you haven’t already done so, I strongly urge you to set up a Special Need Financial Plan and start to build a brighter future for all your family.

This article was written by Allan Cuthbert a Special Needs Financial Planner. Allan has recently published a new booklet “7-Steps To A Brighter & More Secure Future For Your Special Child.” This booklet is available for free by calling 021 482 3635 or emailing allan@financialwellbeing.ie to order your free copy.

The post HOW TO HAVE A PROSPEROUS 2013? appeared first on Financial Wellbeing.