QUESTIONS FOR PARENTS OF A SPECIAL NEEDS CHILD
Below are a few questions you may want to ask yourself if you are the parent of a special needs child.
- Do you have a will?
- Do you have a Special Needs Trust?
- If so, have you arranged to properly fund the Trust? Are you aware of the different tax rules which apply toward the Trust as opposed to individuals?
- Have you checked your beneficiary and contingent beneficiary designations in the past year? Beneficiary designations bypass your will.
- If your child is age 18 or older and can’t make medical decisions, have you obtained guardianship?
- If your child is 18 or older, have you applied for SSI/Medicaid?
- Did you know that under certain circumstances, Medicaid will reimburse you for the monthly premiums for your child’s private medical insurance?
- Have you reviewed the impact of wages on your child’s SSI benefits?
- Are you aware of the benefits of utilizing the “Ticket to Work” program?
- Does your special needs child have a student loan? If so, did you know that he may qualify for a Student Loan Discharge?
- Are you aware of the new ABLE Act and how this may help your child save additional money and maintain eligibility for SSI and Medicaid?
Congratulations if you have addressed the above items that apply to your child’s situation. You’re in the top 10 percent and really keeping on top of things. If didn’t get a few, you may be missing some opportunities for your child and there may be some gaps in your planning. It might be worth taking a look at.