Nov 27, 2008 5:04 pm US/Eastern
Special Needs Planners Help Families Get Care
BOSTON (WBZ) ―
More than six million children suffer from some type of disability in this country. For their parents, every day can be a challenge, making sure they get the right care and services. Now, there's a way to help secure their future for the long term as well.
Judith Ursitti's son Jack is autistic. That was a hard diagnosis to get for her and husband. "We both felt overwhelmed, you know. All of the implications of having a special needs child."
Like many parents, Judith worries about Jack's future. "What in the world is going to happen to them when you're not there to take care of them anymore?"
That thought prompted a call to a special needs planner. A growing number of attorneys, financial planners, and investment companies are now offering specialized help to families of people with disabilities.
Andy Hook of the
Special Needs Alliance says it is important to get expert advice. These types of professionals can guide families through confusing governmental regulations.
They can also set up something called a "Special Needs Trust", which manages assets acquired through family gifts, life insurance, or other inheritances. It is extremely important that all rules be followed to the letter when they financial instruments are set up.
Hook said that insures "the existence of the trust doesn't disqualify the disabled person for needed public benefits such as SSI or Medicaid."
It is also possible to make sure a child gets personalized care through a "Memorandum of Intent".
Boston based attorney Harry Margolis remembers one family with a stipulation for their disabled son who loved airplanes. "The trustee is to pay for at least one trip by plane for him every year with as many stops as possible."
Another issue is guardianship. Carol Glazer is a disability advocate whose son was born with a birth defect. She says this is important for all parents, but particularly for those with a child who needs extra care. "It's something you need to think about early, something you need to prepare somebody for."
Because there are no industry wide standards at this time, Hook says families should start by looking for an attorney with expertise in government benefits. A certified financial planner might also be helpful. "Interview them. Find one that you're comfortable with, and then don't view it as a single shot transaction, because a good plan has to be monitored."
The cost of a Special Needs Trust can run anywhere from $2,500-$5,000, depending on the complexity of the plan.
Check out the following resources:
specialneedsplanners.com nod.org
Find an attorney
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