At some point, we all need to think about retirement planning. But for parents of special needs children, the advancements in medical science that allow for greater longevity for those with special needs also create a planning problem. An article from Kiplinger, “Create a Plan for an Adult Child with Disabilities,” encourages parents of special needs children to think about long-term planning for their child as a part of their retirement planning. [Read more…]

In 2014, President Obama signed the Achieving a Better Life Experience (ABLE) Act as part of the Tax Increase Prevention Act of 2014. As reported in NJ101.5’s article, “Special accounts for the disabled,”, these accounts allow qualified individuals with disabilities the opportunity to have tax-free savings accounts without putting their eligibility for Supplemental Security Income (SSI) and other means-tested government programs like Medicaid at risk. [Read more…]

Special needs families are accustomed to things being more complicated, and retirement planning is no exception. Parents must plan for their own retirement as well as ensure a plan is in place for the time when they are no longer able to care for their special needs child. That includes everything from making sure beneficiary designations are up-to-date, to ensuring a child’s inheritance does not make them ineligible for means-tested government benefits. [Read more…]

The U.S. House just last year passed the Special Needs Trust Fairness and Medicaid Improvement Act (H.R. 670). According to PR Web’s article “NAELA Praises House Passage of Special Needs Trust Fairness and Medicaid Improvement Act”, this “common sense fix” corrected the original law, which assumed disabled people would be incapable of handling their own affairs and need a guardian. The act passed in the House with an overwhelming 382 to 22 vote. [Read more…]

For the month of March and in honor of Special Needs Awareness Month, we’re focusing this month on estate planning when it comes to planning for special needs beneficiaries. In December 2016, President Obama signed into law the 21^st Century Cures Act, which expanded protections for people with special needs. In addition, many states continue to enact laws allowing for ABLE accounts. [Read more…]