Link: Book
Developed by two financial planning experts who also have family members with special needs, this one-of-a-kind book is an absolute must-have as parents and other caregivers plan for the lasting financial security of their families.
Link: Estate Plan
Most parents of children with special needs are well versed when it comes to their child's government benefits. They know not to give the child any money outright, to establish a standalone supplemental needs trust to protect their child's assets, and they know all of the ins and outs of the SSI and Medicaid application processes. What many parents don't often think about is the effect that their own estate plan can have on their child's benefits.
Link: Court Case
In a recent New York case, a court ordered the trustee of a special needs trust to repay trust funds the trustee had misspent on herself and her husband. The case illustrates the importance of planning in advance for a child with special needs as well as of choosing the proper advocate for your child.
Link: New Legislation
On March 11, 2008 legislation was introduced into Congress by Senator Dodd (D-CT) and Senators Casey (D-PA) and Hatch (R-UT), which would allow for the creation of disability savings accounts and financial security accounts by family members of individuals with disabilities. These bills would serve to amend the Internal Revenue Code of 1986.
Senator Dodd's bill is the Disability Savings Act of 2008, S.2741, which would provide for the creation of disability savings accounts, that are exempt from taxation under $250,000. The purpose of this bill is to encourage individuals with disabilities and their families to save private funds to support and assist them in maintaining their health, independence, and quality of life. It would also serve to provide secure funding for disability-related expenses to supplement benefits that are already provided through private insurance and Medicaid.
The Financial Security Accounts for Individuals with Disabilities Act of 2008, was introduced by Senator Casey, on behalf of himself and Senator Hatch. It would serve much the same purpose of the Disability Savings Account Act of 2008, however this bill specifically provides for the creation of financial security accounts. These accounts would be exclusively for the purpose of paying qualified disability expenses of an individual who is disabled and who is the designated beneficiary of the account. These accounts would also be exempt from taxation.
Legislation along these same lines has already been introduced in the House of Representatives by Representative Crenshaw (R-FL) in May 2007. It is called the Financial Security Accounts for Individuals with Disabilities Act of 2007, H.R.2370, and provides for the creation of the same types of acounts noted in Casey/Hatch bill.
All of this legislation serves to further the idea that individuals with disabilities are a major part of American society, and deserve the right to live independently, to fully participate in their communities, and to exert control and choice over their own lives. These bills encourage all of these ideals, and also take into account the fact that individuals with disabilities incur significant additional costs for services necessary for their care and to maintain their independence.
Link: JFActivist
Guest Column
By Paul Gada
Available Tax Credits Can Help Individuals with Disabilities
Welcome to the second in a series of columns discussing timely tax issues. The initial column looked at the tax rebate and how to make sure you take the steps needed to get your rebate. But, rebates aren’t the only way to save on taxes.
Link: Pittsburgh Tribune-Review
NESCONSET, N.Y. -- Sean Beaudoin, 25, has an autism spectrum disorder, but with help he has become fairly independent.
He has his own car. He works 20 hours a week as a kennel assistant. He has a credit card in his name, although his mother keeps it. And he has a good credit rating.
But his parents, Curtis and Paula Beaudoin, recently experienced the downside of such autonomy for their son, who lives with them in Nesconset.
Link: Good Records
Letter Writing, Paper Trails, Documentation
If your tax records are in a mess - come April, so are you. Documenting your deductions is essential.
Good documentation is also essential for effective advocacy. woman writing at computer
"If it was not written down, it was not said. If it was not written down, it did not happen." -- Pete Wright
Train yourself to write things down! When you write things down when they happen, you are taking steps to protect your child's interests.
Link: Planning
As a parent or guardian, you want to ensure that your child with special needs will remain financially secure even when you are no longer there to provide support. Given the significant, ongoing expenses involved in your child’s care and uncertainty about what needs may arise after you are gone or what public benefits may be available, determining how much a special needs trust (SNT) should hold is no small feat.
Fortunately, help in calculating your “special needs goal” is available from attorneys and financial planners with expertise in disability issues, as well as from special needs calculators, which are accessible free of charge on the Internet.
