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.
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.