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Special Needs Planning

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What is Special Needs Planning?

Often, young and adult-age children with disabilities are not able to properly care for themselves. Their future independence and quality of life depend largely on their parents’ capabilities and desire to create a plan in conjunction and harmony with keeping government benefits available.

Plans & Trusts

Special Needs Plan

Creating a plan for the future of a child with special needs starts at the very beginning. When a child has special needs, parents are not only preparing for their own retirement but also for the full life of their child. A comprehensive plan involves financial advisors to keep the numbers on track, a care manager to assist in navigating care options, an attorney to create legal documents that protect assets for the child while not interfering with the child’s ability to receive benefits.

Special Needs Trust

A significant component of special needs planning is a special needs trust as well as other estate-planning documents for parents. A special needs trust has language specifically set forth to protect a child’s eligibility for government benefits and is coordinated with financial and legal planning with the parents and other family members, if applicable.

FAQs

As soon as you know there is a chance your child may need additional help as they age, you should contact your financial advisor, accountant, and a special needs attorney. Depending on your child’s condition you may also want to reach out to a care manager to assist with your child’s medical needs.

For children who will need life-long care, it’s important to plan for how those care needs will be met and how they will be paid for. A life care plan is developed by a financial professional who can help project the costs of future care and come up with an investment plan to meet those future care needs

Yes, it is money they are entitled to, and eventually, you want to retire. You’ll need to plan for your long-term care as well as theirs. You can use it to invest in the future care of your child. There is no reason to leave any money on the table.

ABLE Accounts were created with the passage of the Achieving a Better Life Experience Act of 2014. They are special accounts that allow people with disabilities to save money without risking their qualification for public benefits.