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Caringfor
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2. 10 | ParentsGuideLV.com | April 2010
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AFinancialPlanofCaringforSpecialNeedsChild
By Chris Nolan
For caregivers with a special needs
dependant, future planning is crucial.
Some decisions will be made alone. For
other decisions, a caregiver (CG) should
team with professionals to help make the
right choices.
An independent task for CGs is draft-
ing a Letter of Intent. Although not a legal
document, it holds a purposeful role. It
details information (medical facts, diets,
lifestyle, CG wishes, etc.) for the special
needs dependant (SND) in case of a CG’s
incapacitation or death.
Financially, understanding cash flow is
first. Know what’s coming in and going out.
Pay attention to spending (i.e. taxes, gifts,
emergency, etc.) that may throw off your
budget. A cash reserve is essential. Keep-
ing track of your assets and your liabilities
will be very useful. Requesting an annual
credit report/score will help you use debt as
a tool, rather than a necessity.
Be familiar with your medical policy
(i.e. coverage, deductibles, co-pays, etc.)
and how long it will provide for disabled
dependants. Have an exit plan if your situ-
ation changes. Section 125 plans offered by
employers can be helpful. Pre-taxed pay
deductions are available only for IRS speci-
fied services and medical expenses.
Also, medical expenses that exceed
7.5 percent of your AGI are deductible.
A financial advisor can expand on these
topics and educate CGs of other strategies.
Government/private benefits may supple-
ment the cost of care. Entitlement benefits,
such as Social Security Disability Income
and Medicare, are determined by meeting
requirements (age, disability, blindness,
etc.). With needs-based benefits, such as
Supplemental Security Income and Med-
icaid, income or assets cannot be above
stated amounts. Fee-for-service programs
available by state, community, and private
groups are based on individual’s ability to
pay.
The legal aspect is vital. Prepare or update
a will. Without it, generally state law will
distribute assets. Regarding federal assis-
tance, this cannot happen. Rob Graham,
an attorney focused on special needs estate
planning asserts, “Any countable asset over
$2,000 will disqualify a person. If money
passes to the special needs person, there
will be no avoiding the government getting
it.” A ‘special needs’ trust offers a means to
shield dependant’s eligibility for available
benefits, while addressing ongoing care and
needs. The trust owns the assets, which are
then used on behalf of the SND. This pro-
tects them from disqualification because
they are not the owner of the assets.
The CG appoints three parties to take
responsibility if they can no longer pro-
vide. A guardian assumes the CG’s posi-
tion regarding daily living and care. The
trustee manages and distributes assets for
the SND’s benefit. A trust protector “is an
advocate for the SND and for fulfilling the
purpose of the trust,” states Graham. If
they believe abuse is occurring, protec-
tors may reassign the responsibility to
another party.
It is a great challenge to secure the finan-
cial future for a SND. By doing so, it may
jeopardize other goals (retirement, other
children’s education, etc.). By integrating
a network of specialists working towards
finding the most appropriate solutions to
your complex situation, you will have con-
fidence knowing you have a lifelong, and
beyond, plan for your SND, your family,
and you.
Chris Nolan, financial advisor and owner of
General Manhattan Financial, specializes
in comprehensive financial planning. For
questions call 702.326.0296 or visit www.
generalmanhattan.com.
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