One area of special needs planning that can really stress out trustees of special needs trusts is how to get beneficiaries what they need without violating the strict rules for public benefits like Supplemental Security Income (SSI). The good news is that ABLE accounts are turning out to be a game-changer when it comes to paying for the beneficiary’s living expenses.

Getting benefits through the Social Security Disability Insurance (SSDI) program is a great relief to a person under age 65 who is unable to earn a living because of a disability. Its monthly payments guarantee some degree of financial security for the individuals that qualify.

Before we discuss ABLE accounts, its important to start with needs-based benefits because this lays the groundwork for the importance of ABLE and how impactful they can be for individuals with disabilities when used properly.

One of the most important decisions a special needs trust's donor (the person who supplies the funds for the trust) makes is the choice of a trustee for the trust. A trustee typically manages the day-to-day operations of the trust, often making distributions to the trust's beneficiary, investing the trust's assets, and paying the trust's bills. But how can the donor make sure that the trustee will properly manage the trust when the donor is no longer around to keep an eye on the trustee, especially if the trust's beneficiary is not capable of supervising his own trustee?

Understanding what benefits might be available to your child or loved one with special needs can be very overwhelming. Different benefits apply in different circumstances, and sometimes different benefit programs can work together to help meet the needs of an individual. Childhood disabled beneficiary benefits (CDBs) are a case in point.

SSI vs. SSDI: What Are These Benefits and How Do They Differ?

The Social Security Administration provides two important benefit programs that provide financial assistance to individuals with qualifying disabilities. SSI and SSDI are two of the most common federal programs but are very different from each other. Let’s explore!

The story of Katie Beckett and her family is not one that is widely known, especially outside of the disability community. It is a story that when told properly, has the merits to be a successful Hollywood film because of the intersection of love, family, challenge.

The end of the year is approaching, and the holidays will soon be in full swing, a time when many people are getting ready to make gifts to their family members. Not only is this a great way to show love and support to relatives, but it makes tax planning sense as well!

If you are considering taking on the responsibility of serving as the trustee of a special needs trust, you will probably have questions about the trustee's role. Trustees of special needs trusts have many important responsibilities, but these five likely rank at the top of any trustee's list.

How can you ensure that your special needs child will remain well cared for and secure once others assume the role of guardian or caregiver? While creating a financial plan and establishing a specialized trust are central to preparing for your child's future, we also advise families to write down their intentions and expectations in a document known as a "Letter of Intent."

It is safe to say that good quality housing options for individuals with disabilities are difficult to find and challenge while planning. As you can imagine, housing is one of the most important planning topics and a common concern for families that should be discussed as a part of every comprehensive life care plan.

Special Needs Trusts are the single most important vehicles in special needs planning. They not only set aside funds to pay for the care of the individual with special needs while maintaining eligibility for programs like Medicaid, but they provide ways to preserve these funds through the person’s lifetime. What happens, though, when the primary beneficiary of a special needs trust (SNT) dies and there are assets left in the trust? How are taxes calculated and paid? And who pays them?

Many people have the false assumption that Medicaid is not worth learning about, because they are under the impression that they won’t qualify due to income or asset limits. This is simply untrue! With effective planning, most special needs individuals can qualify for Medicaid benefits.

You did it by the book. As soon as your little one entered this world, you made the responsible decision of opening a 529 College Savings Plan for your loved one. Good work! If your child experiences a disability, you may be thinking about using that money to fund an ABLE account instead, especially now that the tax code makes direct rollovers possible.