Planning for Special Needs Children

Special Needs KidsIt’s no surprise that having a special needs child is both challenging and rewarding.  Not only are there school and medical issues to consider, there are also the financial needs of your child.  Planning for your child’s financial well-being should be an important part of your estate plan especially since improved healthcare has allowed children with conditions such as cerebral palsy and Down’s Syndrome, to live longer.

What do you need to do to provide for your special needs child?  These things can help during the special needs child planning process.

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What should you know about ABLE savings accounts for your loved ones with special needs?

special needs trust in PAThere is new legislation that allows for a family that has a loved one with special needs to set up an ABLE Savings Account.  The Stephen J. Beck, Jr. Achieving a Better Life Experience Act (ABLE Act) was signed into law in December 2014.  This law allows states to create their own ABLE programs.  Previously, Special Needs Trusts were the only way a family could save money for a special needs individual without losing eligibility for SSI and Medicaid benefits.  But now with the availability of ABLE Savings accounts, families have another option to save for their disabled loved one’s future.

Continue Reading What should you know about ABLE savings accounts for your loved ones with special needs?