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Establish an ABLE Account for your child

Read about a new savings vehicle for persons with a disability soon to be available in New York

George H. Gray 0 446 Article rating: No rating

ABLE_accountsIt is difficult for your child with a disability to accumulate resources for future discretionary spending or to purchase a “big ticket” item.  Your child is limited to meager savings if he or she is means tested government benefits.  Recognizing this difficulty, Federal Law authorized States to establish ABLE programs to offer a tax favored vehicle for savings.

Actions during your lifetime: Establish a Third Party Supplemental Needs Trust for your child with a disability.

Read why Third Party SNT's are so useful and popular

George H. Gray 0 385 Article rating: No rating
Features_of_a_Third_Party_Supplemental_Needs_TrustIt is natural to want to make the resources of your immediate and extended family available to your child with a disability without jeopardizing his or her eligibility for means-tested government benefits.  This is the reason why a Third Party Supplemental Needs Trust is so useful and popular.

Actions prior to age sixty-five: Establish a First Party Special Needs Trust

A brief explanation of the advantages and operation of a First Party Special Needs Trust

George H. Gray 0 422 Article rating: No rating
Special Needs TrustIf the amount of a gift, inheritance or personal injury award received by your child exceeds the resource limits for Supplemental Security Income or Medicaid, it will jeopardize his or her eligibility for those means-tested government benefits

Actions Prior to Age 18: Secure Article 17-A Guardianship

Article 17-A Guardianship is an important tool available to a parent of an intellectually or developmentally disabled child

George H. Gray 0 463 Article rating: No rating

Secure_Article_17ARead why a parent of a young adult with an intellectual or developmental disability should go to Court to seek appointment as an Article 17-A Guardian

Actions Prior to Age 18: Have Family Members Communicate and Coordinate Gifts to Your Child

To make the most of special needs planning: communication is the key

George H. Gray 0 395 Article rating: No rating
Childrens Gifts Age 18An important task you can complete prior to the time your child turns eighteen is to have a candid conversation with your parents and sibling.  If they are disposed to make a significant gift to your child by Will or otherwise, you should ask them to coordinate their efforts and to make their large gifts to a Third Party Supplemental Needs Trust.
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