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Schwartz Financial Associates, Inc

 

701 Route 73 North, Suite 6, Marlton, NJ 08053

Phone: (856) 216-0390

 

Website: www.schwartz-financial.com

May/June 2022

Planning for a Child with Special Needs

Ensuring that special-needs children have support and resources when parents are no longer around to care for them takes planning and being aware of the available options.


Special-Needs Trust
A special-needs trust can help preserve government benefits, such as Supplemental Security Income (SSI), guaranteeing the recipient a minimum income, and Medicaid. Trust funds can be used to supplement an employed child's income, pay for therapies not covered by Medicaid, or purchase extras your child wants.


The trust doesn't have to be funded immediately. Making the trust, rather than your child, the beneficiary of your estate ensures that your child won't lose government benefits. Choose someone as trustee who is close to your child, such as a sibling or other relative, to manage the trust on your child's behalf.


ABLE Accounts
ABLE (Achieving a Better Life Experience) accounts are tax-advantaged savings accounts. Money in the account can be used for any qualified disability expense.


Planning for a child with disabilities can be complex. Consult an estate-planning attorney who specializes in disability planning to ensure compliance with government regulations and safeguard your child's benefits.


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