Podcast Show Notes: Impact of Policy Changes on Special Needs Families

Episode Overview:

Welcome to today’s episode where we explore the impact of policy changes on families of individuals with disabilities. With potential cuts to Medicaid and the Department of Education, many families worry about losing access to essential services. In this episode, I break down what these changes could mean and share actionable steps you can take to protect your child's future. Please note that this information is for educational purposes and not legal advice.

Key Topics Covered:

• Understanding how Medicaid and Medicare cuts could affect individuals with disabilities
• Potential impacts of reduced federal oversight on special education
• Special Needs Trusts (SNTs) and how they safeguard government benefit eligibility
• ABLE Accounts for flexible, tax-advantaged savings
• Choosing the right trustee for your child’s Special Needs Trust

Special Needs Trusts (SNTs):

• First-Party SNTs: Funded with the beneficiary’s assets, often from settlements or inheritances. Includes a Medicaid payback provision.
• Third-Party SNTs: Created by family members or friends, with no Medicaid payback requirement.
• Benefits: Maintain eligibility for Medicaid and Supplemental Security Income (SSI) while providing supplemental support.
• Resources:
• CHOP: Special Needs Trusts Overview
• NYS Bar Association: Improved Trust Administration
• McAndrews Law Firm: Establishing a Trust
• International Bipolar Foundation: Management Models

ABLE Accounts:

• Annual contribution limit of $18,000, with additional contributions for working individuals.
• Tax-free growth for qualified expenses like education, housing, and assistive technology.
• SSI protection for accounts under $100,000.
• Complements SNTs for managing day-to-day expenses.
• Learn more at the ABLE National Resource Center.

Choosing the Right Trustee:

• Family Member Trustee: Offers personal insight and familiarity but may lack financial and legal expertise.
• Professional Trustee: Provides expertise in financial management but may have higher fees.
• Co-Trustees: Combines the strengths of a family member and a professional.
• Pooled Trusts: Managed by nonprofit organizations for cost-effective management.
• Evaluate factors like financial knowledge, understanding of benefit rules, and long-term commitment.

Next Steps:

1. Consult a Special Needs Attorney: Find one through NAELA or the Special Needs Alliance.
2. Open an ABLE Account: Compare programs using the ABLE National Resource Center.
3. Develop a Letter of Intent: Document your child’s care preferences and essential information.
4. Consider Life Insurance: Fund a third-party SNT to provide ongoing support.
5. Review Your Plan: Regularly revisit your financial plan to accommodate changes in circumstances and laws.

Resources and Support:

• The Arc of the United States
• National Disability Institute
• Family Voices
• Autism Speaks Financial Toolkit
• Parent to Parent USA
• Easterseals
• Council of Parent Attorneys and Advocates (COPAA)

If you found this episode helpful, share it with other parents and caregivers! Stay informed and empowered as we navigate these uncertain times together.

Contact:

For more resources, visit the resource page on my website. Have questions or topic suggestions? Reach out via my contact form or follow me on social media. Thanks for tuning in!

specialedrising.com