Family and Estate Planning
Financial Planning is one of the most important things you could ever do to ensure anyone with intellectual and developmental disabilities (IDD) can live full lives. You don’t need a lot of money to make a financial plan, but you do need to plan. The sooner you start the greater your ability to provide for your loved ones. A financial plan can help determine how a person with IDD will pay for the things they want and need throughout their lives.
Able Accounts
Living with a disability is often associated with significant amounts of extra costs, and that’s where ABLE Accounts can help. ABLE Accounts are tax-advantaged savings accounts for individuals with disabilities and their families, they were created as a result of the passage of the Stephen Beck Jr. Achieving a Better Life Experience Act of 2014 or better known as the ABLE Act. The beneficiary of the account is the account owner, and income earned by the accounts will not be taxed. Contributions to the account, which can be made by any person (the account beneficiary, family, friends Supplemental Needs Trust or Pooled Trust), must be made using post-taxed dollars and will not be tax deductible for purposes of federal taxes; however, some states may allow for state income tax deductions for contributions made to an ABLE account.
If you are seeking more information on ABLE Accounts click the link below to learn more about them.
Supplemental Needs Trust
A supplemental needs trust — also referred to as a supplemental needs trust or SNT — is a type of trust that’s set up for people with disabilities or access and functional needs. It helps provide individuals with financial support without disqualifying them for government benefits, such as Medicaid or Supplemental Security Income (SSI).
It is critical to seek out an experienced attorney to assist with setting up the trust and for more information. There are various types of Special Needs Trusts and an experienced lawyer in your area can help you navigate the best fit for your famil
Long term care
We must plan that our children will outlive us. For many of us, that can be scary to think about, but our goal is for our children to grow into adulthood and live long lives. It is never too early to plan for the future. Many of the best residential homes for adults living with special needs are hard to get into and some even have decade wait lists. We encourage you to look into options early and ask questions about the wait list and how it would work for you to put your child on it now even if they may not need to go there for many, many years. Planning is critical and we firmly believe there are amazing places out there for long term care for those living with profound special needs.
