Special Needs Planning
Articles and Spotlights
Planning Alternatives for Adults with Disabilities
Meredith H. Greene, a special needs planning partner at the law firm Day Pitney in Boston, MA, contends that "every individual has the right to dignity, respect and self-determination. Clients who are raising a child with an intellectual disability or developmental delay (ID/DD) or a mental health impairment need to contemplate many decisions and changes as their children reach the age of majority."
* READ ABOUT GUARDIANSHIP, CONSERVATORSHIP, REPRESENTATIVE PAYEES, TRUSTS, SUPPORTIVE DECISION MAKING, HEALTHCARE PROXIES, DURABLE POWER OF ATTORNEY, EDUCATIONAL AGENT AND MORE *
The Letter of Intent
Special Needs Financial Planning, a Specialty Practice of Sequoia Financial Group in Burlington, MA, asserts that "it is critically important to provide the people who will care for your child when you are gone with detailed information that only you know. You can provide this information in an accessible and organized document: a Letter of Intent."
* AT YOUR PACE, COMPLETE THIS FILLABLE LETTER OF INTENT WHICH WILL GUIDE YOUR YOUNG ADULT'S CAREGIVERS WHEN YOU ARE NO LONGER HERE IN MAKING THE MOST APPROPRIATE LIFE DECISIONS FOR THEM. PERIODICALLY REVIEW AND REVISE THIS LETTER OF INTENT. *
Special Needs Trusts
A Special Needs Trust is a legal arrangement in which a person or a financial institution, called the trustee, holds and manages assets for the beneficiary. The trust document explains the trustee’s authority, how the trust is to benefit the beneficiary, and how and when the trust is to terminate.
* THIS SPECIAL NEEDS ALLIANCE ARTICLE DISCUSSES IMPORTANT INFORMATION ABOUT SPECIAL NEEDS TRUSTS INCLUDING:
- WHAT IS A SPECIAL NEEDS TRUST?
- COMMONLY USED TERMS IN TRUST AGREEMENTS *
Use of Prepaid Debit Cards by Special Needs Trust Beneficiaries
Trustees of special needs trusts are increasingly relying on "administrator-managed prepaid debit cards," such as True Link cards, when disbursing funds to beneficiaries. These cards offer trust beneficiaries greater independence and the ability to get what they need more quickly.
* THESE PREPAID DEBIT CARDS ALLOW TRUSTEES TO MAINTAIN OVERSIGHT OF CARD TRANSACTIONS WHILE PROVIDING PEOPLE WITH DISABILITIES - THE CARDHOLDERS - THE ABILITY TO MAKE PURCHASES QUICKLY AND INDEPENDENTLY. ALONG WITH ONGOING MONITORING AND THE ABILITY TO PRINT REPORTS, THE CARDS ALLOW TRUSTEES TO BLOCK PURCHASES THAT RUN AFOUL OF SOCIAL SECURITY'S RULES *
Succession Planning for Special Needs Family Members
Alex Nadworny, Vice President and Wealth Advisor at Sequoia Financial in Burlington MA, discusses the importance of succession planning for special needs family members and what that planning should entail. At its core, a succession plan involves continuous conversations about the future that is rooted in what’s happening today. This is not a one-time exercise. It’s an ongoing process.
* AS MANY PEOPLE WITH SPECIAL NEEDS ARE LIVING LONGER, FULLER LIVES, THE NEED FOR DETAILED, THOUGHTFUL SUCCESSION PLANS HAS TAKEN ON INCREASED IMPORTANCE.