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Providing For Loved Ones With Disabilities

Have you ever considered how an adult with a significant disability  "pays the bills?"  How does an adult who cannot fully provide for themselves make ends meet?  Here are some possibilities.

Social Security, SNAP, Medicaid and other public benefits  fill gaps, but their eligibility rules usually require that a person  has minimal assets, far below the savings most of us need to have for  financial security.  These programs often need continual review in order  to maintain.

Special Needs Trusts or Pooled Income Trusts are  reliable ways of providing long term income.  This income generally  excludes a person from receiving Social Security or Medicaid assistance.

ABLE Accounts  are the newest option around, dating from 2014, and stand for Achieving  a Better Life Experience.  These accounts are generally much less  expensive to set up than trusts, and offer more flexibility for  families.  ABLE Accounts may be used in addition to public benefits, and  alongside trusts.  If you have a loved one with a significant  disability with onset before the age of 26, it would be a good idea to  learn about ABLE Accounts, and how they may be a valuable part of your  overall plan.  Check out the ABLE National Resource Center at this  link:  ABLE NRC.