Planning for family members with special needs can be overwhelming. There are so many decisions to make.
You have to learn about government programs, name guardians in case something happens to you, and decide on what legal documents you will need.
Soon, there will be a new savings account to consider, according to a story in the New York Times.
It is called a 529A or ABLE account, and it permits people with disabilities to keep more money in their own names without losing out on means-tested benefits.
Saving for retirement will be different too, as you need to plan on retirement savings for the disabled person.
You will also need to become familiar with your state’s Medicaid program. It can not only cover health care for those with disabilities but can help them with job training or other services.
A special needs trust is another tool you will probably want to consider.
You will also probably want to buy life insurance.
There are agencies out there that can help you with these decisions. And you will need the help of an attorney who deals with special needs issues and estate planning.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
