Five Financial Tips for the Family with Special Needs
- Check Beneficiary Designations- Should an SSI or Medicaid recipient receive these assets, their benefit could be jeopardized.
- Beware of Custodial Accounts- These may jeopardize the child’s government benefits.
- Communicate with family members who may wish to leave assets to a child with disabilities to avoid potential disqualification for government benefits.
- The Special Needs Trust- A properly drafted Special Needs Trust allows money to be put aside for a person with a disability without it being considered a ‘countable asset’ offsetting government benefits such as SSI, Medicaid, vocational rehabilitation and subsidized housing.
- Contact Strong EAP to inquire about your EAP benefit with Upstate Special Needs Planning.
April is Financial Literacy Month. Learn more about financial wellbeing.
Tracy Bussey |