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What is Special Needs Planning?
Often, young and adult-age children with disabilities are not able to properly care for themselves. Their future independence and quality of life depend largely on their parents’ capabilities and desire to create a plan in conjunction and harmony with keeping government benefits available.
Special Needs Plan
Creating a plan for the future of a child with special needs starts at the very beginning. When a child has special needs, parents are not only preparing for their own retirement but also for the full life of their child. A comprehensive plan involves financial advisors to keep the numbers on track, a care manager to assist in navigating care options, an attorney to create legal documents that protect assets for the child while not interfering with the child’s ability to receive benefits.
Plans & Trusts
Special Needs Trust
A significant component of special needs planning is a special needs trust as well as other estate-planning documents for parents. A special needs trust has language specifically set forth to protect a child’s eligibility for government benefits and is coordinated with financial and legal planning with the parents and other family members, if applicable.
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How do I choose people to name as agents?Financial Agent: a financial agent must be someone you trust completely to manage your funds when you are not able. This person will pay bills, manage your 401k, and manage all financial situations. Your agent does not have to be related to you—select a person whom you trust. Healthcare Agent: this agent acts under the authority of power of attorney. Your chosen healthcare agent will make healthcare-related decisions for you when you cannot make them for yourself. It is imperative that this agent has engaged in detailed and intimate conversations with you regarding the levels of care that you would want them to take.
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What if my intended agents do not live near me?Location of your agent should not be an issue in this age of electronic communication and technology. Scanners, telephones, and computers allow for finances to be handled securely from afar. Make certain to keep the contact information for your named agent up to date however.
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What if I don't have anyone to name as an agent?An agent is someone who agrees to serve as your representative, often a relative or a child, however the agent can be anyone you trust to carry out your wishes. Depending upon the size of your estate, you may also create a trust and appoint a corporate trustee. Geriatric care managers can sometimes handle medical-based decisions. This is usually under a fee-based arrangement. If you do not have anyone you trust to name as your agent, get your affairs in order and organized, and speak to an elder law attorney about your potential options.
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Is it okay for my executor to be out-of-state?Yes. Most states allow an executor who lives out of state to be named as the executor. Each state has its own rules for the requirements of such an executor.
FAQs
Consultation
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