As a relative of a special needs individual, you understand the importance of financial preparedness. At the same time, Dowd realizes that special needs family planning is a lifelong journey that begins with planning for a child with special needs and continues with caring for that same individual as an adult. Our experts can offer you compassionate and complete care to ensure your loved one is taken care of in any potential situation.

Financial Planning for Special Needs Children

The most important aspect for special needs financial planning is to set up some sort of trust, so that your child’s assets are not in their own name. This is imperative because having more than $2,000 in assets could make your loved one ineligible for federal benefits like Medicaid or Supplemental Security Income (SSI). Dowd can help you establish tax-advantage accounts, including:

  • A Special Needs Trust (SNT): this will allow you to put aside money that you’ve saved, been gifted or awarded in a settlement. This money must be added by a third party apart from the beneficiary.
  • An ABLE account: the ABLE account is a new planning tool with similarities to an SNT but offers an individual with disabilities a tax-free savings option to which they can contribute their own money.

The regulations for SNTs and ABLE accounts are very different, so we can help you determine if one or both are the right solution for you. The experts at Dowd can also provide you with support in drafting your will so that it won’t negate federal benefits, as well as building savings and planning for your child’s independence.

Financial Planning for Special Needs Adults

One of the top special needs planning concerns is how your loved one will function when you’re no longer around to provide. Our services include appointing guardianship or power of attorney for your loved one if they are unable to function on their own. What are your housing options, who will provide continued support and where will that money come from? We are here to answer all of your questions and help you plan for the future in the most caring and compassionate way possible.

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