Register     
Tuesday, February 07, 2012    
You are here:  Special Needs Planning  
Special Needs Planning

 

For Families Of Individuals With Disabilities

Planning for the future of an individual with special needs requires in-depth knowledge of the federal laws as they pertain to government benefit eligibility and legal documents such as special needs trusts and guardianships. There are important financial considerations as well for providing not just lifetime care, but quality of life. 

In planning for the future of your dependent, remember that you are the primary expert, but you may also need to turn to a number of other specialists for assistance on such things as special needs estate planning. Though some of these issues can seem overwhelming, it is important you take the time with those specialists today to provide for your loved one’s tomorrow.
The same holds true for dealing with issues of medical insurance authorizations for specialized services and products such as physical therapy and medical equipment. It is also true when it comes to knowledge of the special education laws which most often require you to become an active advocate and participant in your child's education plan.
  • One out of 9 children under the age of 18 in the US today receive special education services
  • Out of 72.3 million families included in the 2000 Census, about 2 in every 7 reported having at least one member with a disability
  • 20.9 million families have members with a disability
  • Of the 20.9 million families reporting at least one member with a disability, 5.5 percent have both adults and children with a disability
  • One in every 26 American families reported raising children with a disability
  • One in every three families with a female householder with no husband present reported members with a disability
  • An estimated 2.8 million families were raising at least one child aged 5 to 17 with a disability.
(Source: "Disability and American Families 2000", US Census Bureau, July 2005 Report)
The planning process begins with a complete review of your dependent's needs, future care plans, assessment of government benefit eligibility, and finally a review of your family's current financial and legal plans. Critical areas that must be addressed are:
1.     Government benefit eligibility requirements for Supplemental Security Income  SSI and Medicaid
2.     Types of special needs trusts and knowing which are right for you
3.     Guardianship, conservatorship and client self-determination and empowerment issues
4.     Appropriate funding vehicles -- including life insurance, to help guarantee your child's future quality of life.
While there are various types of life insurance, two-parent families’ survivorship life could be the most appropriate vehicle to fund lifetime care for a person with special needs. Survivorship policies insure two people instead of one and pay a death benefit only after the death of the second person, when the money is needed the most. It is also generally less costly than insuring two people individually. Survivorship is a common funding vehicle in providing for the long term needs of a person with special needs.
Survivorship policies provide a policy split option when set up solely for the needs of a special needs dependent. This means that if the dependent predeceases his/her parents, the parents have an option to split the policy into two individual policies.  Most insurance policies contain exclusions, limitations, reductions of benefits and terms for keeping them in force.  Our office will be glad to guide you through the variety of policies available. 

Give us a call and let us help you determine your dependent’s needs and funding options to provide for your child when you are no longer able.  

We are here to help,

NADINE M. LORD EA CFP®

INVESTMENT ADVISOR REPRESENTATIVE
REGISTERED REPRESENTATIVE
National Planning Corporation
30021 Tomas Street, Suite 300
Rancho Santa Margarita CA 92688
Phone: 949-766-7808     Toll Free 800-350-1299    Fax 949-766-7809
 
Nadine.Lord@natplan.com

 Print   
10 Steps to Special Needs Planning
Special needs planning focuses not only upon issues of the head but also issues of the heart. The first question parents ask is always "How much should we save?" There is no easy answer to that question. It depends upon many different things: What are your assets? How much are your debts? How much do you spend? How long will you live? How long will your child live? How much will care cost? How much will be left? What if you spend it all? Who will manage what is left?

The following are ten basic steps which help a family put lifelong benefits in place for a loved one with disabilities.

STEP ONE: DECIDE WHAT YOU WANT FOR THE FUTURE

STEP TWO: WRITE DOWN INFORMATION ABOUT YOUR CHILD

STEP THREE: CHOOSE AN ADVOCATE OR GUARDIAN

STEP FOUR: DETERMINE THE REALISTIC COST OF YOUR PLAN

STEP FIVE: SELECT A COMBINATION OF RESOURCES WHICH WILL HELP PROVIDE ADEQUATE FUNDS FOR THE PERSON'S LIFETIME  

STEP SIX: FIND A QUALIFIED SPECIAL NEEDS ATTORNEY TO PREPARE CAREFULLY WORDED ESTATE PLAN.

STEP SEVEN: ESTABLISH A SPECIAL NEEDS TRUST TO MANAGE THE RESOURCES YOU HAVE SO CAREFULLY PUT INTO PLACE  

STEP EIGHT: PLACE ALL ESTATE PLANNING ITEMS IN A BINDER IN A SPECIFIC LOCATION AND BE SURE THE APPOINTED ADVOCATE OR GUARDIAN KNOWS WHERE TO FIND THEM  

STEP NINE: HOLD A FAMILY MEETING WITH ALL FAMILY MEMBERS, FRIENDS AND GUARDIANS TO REVIEW YOUR PLAN 

STEP TEN: REVIEW AND UPDATE YOUR PLAN AT LEAST ONCE A YEAR

 Print   
Useful Links for Special Needs Families
 Print   
Tools for an Investment Strategy
 Print   
Contact Us

 

 

Nadine M Lord CFP®
Investment Advisor Representative
Registered Representative
National Planning Corporation
30021 Tomas Street, Suite 300
Rancho Santa Margarita CA 92688
Phone 949-766-7808
Toll Free 800-350-1299
Fax 949-766-7809
 
Nadine.Lord@natplan.com

 Print   
Website Link Disclosure
Website Links - Please note that the information being provided is strictly as a courtesy. When you link to any of the web sites provided herewith, your internet provider will open a new internet window to access the link above. We make no representations as to the completeness or accuracy of the information provided at these sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third party technology, sites, information and programs made available through this site. By clicking on the link above you will assume total responsibility and risk for your use of the site you are linking to.
 Print   
National Planning Corp
Securities and advisory services offered through National Planning Corporation (NPC), Member FINRA/SIPC, a Registered Investment Advisor. See “Home Page” for full disclosure statement.
 Print   
Copyright 2006 by DSE-WebServices.com   |  Privacy Statement  |  Terms Of Use