Services 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.
Read MoreThe estimated lifelong cost of living with a disability is $3 - $4 million dollars. This episode uncovers 35 financial and caregiver support considerations.
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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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