Ask any financial planner common mistakes they see and patterns will probably emerge. What mishaps are happening with special needs financial planning and how to we ensure we are not making them.
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Our guest shares assets to consider when financial planning for a loved one with disabilities. We learn what assets work best in short planning versus long term planning, how to ask for “free money” from our employer, taxation of investments, and some new rulings that could have significant impacts on Special Needs Trusts drafted prior to December of 2019.
Read MoreServices and supports for adults with disabilities can be expensive so it makes sense to get creative. Using insurance policies as a financial planning tool is an example of the creative use of resources. Our guest gives us the lowdown on the various types of insurance available and how they can be leveraged to maximize assets, especially when a family member has special needs.
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Assets often are passed from one generation to the next so coordination of financial planning is necessary, especially when a family member with disabilities is in the mix. This episode teaches us how to sync plans across multiple generations to maximize assets as well as what to focus on for each generation.
Read MoreThe estimated lifelong cost of living with a disability is $3 - $4 million dollars. This episode uncovers 35 financial and caregiver support considerations.
Read MoreSSI and SSDI are widely used government benefits. Our guest has 35+ years with the Social Security Administration and shares tips and tricks of the application process and what to do should the application be denied.
Read MoreWith proper documentation, many expenses qualify as medical deductions. Likewise, Special Needs Trusts and ABLE accounts have unique taxation rules. This episode is two in one with the first half covering how to get documentation necessary to cover medical deductions not commonly considered. The second half of the show discusses the taxation of Special Needs Trusts and ABLE accounts as well as the taxation of SSI and SSDI payments.
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ABLE accounts are fairly new on the scene and are unique in their tax benefits, ease of set up, and the financial freedom they offer individuals with disabilities. Our guest this week addresses ABLE account myths, informs us what homework needs to be done prior to opening an ABLE account, how ABLE accounts can and can not be used, and how they offer freedom unlike any other financial planning tool.
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Drafting a Special Needs Trust is only the foundation of sound planning. On that foundation are additional documents and steps to take. In this episode we discuss two. First the memorandum of intent which gives direction on wishes and day to day care. Second, the importance of funding the trust via titling.
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The Trustee of a Special Needs Trust has an incredible amount power over the distribution of funds for the individual with disabilities. Not only must they act in the best interests of the beneficiary with special needs but the trustee’s job must be done flawlessly because mistakes could result in the loss of benefits for the person with disabilities. In this episode we learn how to choose and train the trustee of our special needs trusts.
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Special needs trusts are one of the first things mentioned when beginning to plan financially for a family member with special needs. In this episode we learn why special needs trusts are such powerful tools and the difference between 1st, 3rd, and pooled trusts. We also learn a management strategy that works well for most families, what to look for when choosing a pooled trust, and suggested next steps after the completion of creating the trust.
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There are many terms and a lot of intimidating lingo with special needs financial planning. In this episode we have some fun learning key terms and what they mean.
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