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URMC / Life-Work Connections Employee Assistance / Life-Work Connections/EAP Blog / April 2016 / Five Financial Tips for the Family with Special Needs

Five Financial Tips for the Family with Special Needs


  1. Check Beneficiary Designations- Should an SSI or Medicaid recipient receive these assets, their benefit could be jeopardized. 
  2. Beware of Custodial Accounts- These may jeopardize the child’s government benefits.
  3. Communicate with family members who may wish to leave assets to a child with disabilities to avoid potential disqualification for government benefits.
  4. 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.
  5. 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 | 4/8/2016

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