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Some families might feel that planning is not available to them because they don ’ t have any money to leave to an adult son or daughter with they pass away , or can ’ t afford a lawyer or estate planner . This is not true . There are many aspects of the planning process that aren ’ t related to money . It is also important that families with limited resources learn about what public benefits may be available and take steps to enroll their family member in available programs
Special Needs Trusts can be used to supplement government supports and services , but it ’ s important to find an agency or company that you can trust when deciding who will best manage your loved one ’ s assets . The decision regarding when to establish a trust is based on several factors , but some of the most common reasons for establishing a trust are : when family members are developing their estate plans , when family members want to begin saving for future security , or when an individual with a disability has too many assets to remain eligible for certain government supports .
Families should seek a trust company with case management and / or social service experience to add to the traditional role of corporate trustee . With that experience , staff will work with individuals with disabilities and their families to ensure that proper government supports and services are being provided , and that the funds are managed and distributed in a responsible manner . Improper distributions can lead to a loss of or reduction in government benefits .
The ABLE ( Achieving a Better Life Experience ) Act created a new option for some people with disabilities and their families to save for future disability related expenses , much like the current Section 529 Education Savings Plans that help families save for educational expenses .
ABLE accounts allow individuals with disabilities to accumulate savings without losing their eligibility for means tested SSI , Medicaid and other government benefit programs . To be eligible for an ABLE account an individual ’ s blindness or disability must
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