Caring for Family Members with Disabilities: Financial Planning

Series Overview and Objectives

• June 18: Basics of Financial Planning for Family Members with Disabilities 
  • Planning for people with disabilities refers to the process of preparing for the financial and care needs of individuals with disabilities. This planning ensures that these individuals receive the necessary support throughout their lives without jeopardizing their eligibility for government benefits. 
  • A comprehensive plan for an individual with special needs will include consideration for things such as:
    • Eligibility for public benefits
    • Legal needs
    • Achieving a Better Life Experience (ABLE) accounts and investment planning
    • Insurance needs
• July 16: Trusts and Estate Planning for People with Disabilities 
  • We will delve into establishing special needs trusts and third-party trusts. We will also examine estate planning and care for multigenerational families. 
  • A Special Needs Trust (SNT) allows money and other assets to be held in trust for the benefit of a person who is receiving (or may in the future receive) assistance from a means-tested public assistance program without having those assets counted toward the program's asset limits (and thus disqualifying the beneficiary)
• August 20: Financing Future Goals for People with Disabilities 
  • We will discuss tax-efficient strategies to help families with disabilities plan for future goals. 
  • Achieving a Better Life Experience (ABLE) accounts are another useful planning tool that can help provide assets for a special needs individual. ABLE accounts are tax-advantaged accounts that can be used to save for qualifying disability-related expenses. 
• September 17: Government Programs for Seniors with Disabilities
  • We will discuss government benefits that may be available to individuals with disabilities. These benefits are either "means-tested" or "non-means-tested."
    • Means-tested benefits include benefits such as Supplemental Social Security (SSI), Medicaid, VA Aid and Attendance, and Subsidized Housing. As means-tested benefits, these are subject to asset limits, income limits, or both. 
    • Non-means-tested benefits include benefits such as Social Security Disability Insurance (SSDI), Medicare, and VA Compensation. With these benefits, there are no asset or income limits.