Articles Posted in Special Needs Planning

AdobeStock_248829370-300x200If you have never experienced it yourself, it can be difficult to understand what it’s like to feel deep anxiety and even physical pain as the result of being exposed to sensory stimuli like sounds, scents, lights, and crowds.

For people with sensory sensitivity, the intensity of these experiences ranges on a scale from mere inconvenience to completely incapacitating. 

This issue is not nearly as rare as most people assume. In fact, 1 in 6 people living in the United States have either a sensory need or an invisible disability that makes them more prone to sensory needs. This group includes people with PTSD, autism, and dementia, as well as people who have had strokes.

AdobeStock_383457688-300x200March is Brain Injury Awareness Month, and according to the Brain Injury Alliance, there are currently over 5 million Americans living with brain injuries, a number that increases by about 5,000 injuries per day.

So for us, it’s a perfect time to raise awareness of the impact that brain injuries can have on individuals and families.

An acquired brain injury (ABI) or traumatic brain injury (TBI) can drastically change the lives of not only the individual with the injury, but also their loved ones. And when the person with the injury is a minor child, the whole family faces unexpected challenges and uncertainty. 

AdobeStock_37660525-300x269A special needs trust (also referred to as a supplemental needs trust) enables assets to be left to a disabled or chronically ill individual without disqualifying them from certain public benefits such as Medicaid.

For the special needs planning community, the passage of the SECURE Act 2.0 offers the advantage of enabling certain types of charitable organizations to now be named as remainder beneficiaries of SNTs funded with retirement accounts, but without compromising the favorable “stretch” payout timeframe available to individuals with disabilities who are the primary beneficiaries.

This is a huge win for families who had previously sought to name a beloved non-profit as a remainder beneficiary in a special needs trust only to be told that it wasn’t possible to do so.

Dollarphotoclub_69690745-300x212In 2023, Americans with disabilities will receive a significant raise in their Supplemental Security Income (SSI) and in other Social Security benefits.

According to the Social Security Administration, monthly SSI payments are going up 8.7% – an average increase of more than $140 per month beginning this January.

This cost-of-living adjustment (COLA) increase will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023 and began on December 30, 2022 with increased payments to more than 7 million SSI beneficiaries. (Note: some people receive both Social Security and SSI benefits).

AdobeStock_247257412-300x200It’s not surprising that people are often confused by the terms “guardianship” and “conservatorship.” Usage of these terms varies from state to state, and multiple levels can apply in either case.

We hope this quick overview will help set the record straight about when and how these terms apply according to Connecticut law.

To get started, let’s take a high-level look at the different kinds of guardianship and conservatorship that are possible depending on the specific situation.

AdobeStock_325370692-300x250Asking someone to be a trustee of your trust shows you have a lot of faith in that person’s capabilities and ethics.

But how much is their time worth?

Serving as a trustee can be a big responsibility, and can also be quite time consuming. And while family members and friends often serve as trustees without expecting any financial payment, there are many cases in which compensation is either warranted or required.

Tax Free SavingsFor those who are new to the game, ABLE accounts are tax-free savings accounts for individuals with qualifying disabilities that began before age 26.

Created in 2014 as the ABLE Act, there are now over 20 ABLE programs to choose from, including Connecticut, which has its own ABLE plan!

How does an ABLE account work?

Dollarphotoclub_69690745-300x212In 2022, Americans with disabilities will receive a significant increase in their Supplemental Security Income (SSI) and in other Social Security benefits.

According to the Social Security Administration, monthly SSI payments are going up 5.9%, a change that started as of December 30, 2021 for SSI payments and Social Security benefits paid in January 2022.

The increase is a result of the yearly COLA (cost-of-living) adjustment and inflation and based on the Consumer Price Index determined by the U.S. Department of Labor. (The COLA increase is the largest since 1982!)

AdobeStock_125116470-300x200By Colleen E. Masse

Planning a secure, comfortable, and fulfilling future for a loved one with a disability is a huge responsibility. It’s not a task to be undertaken lightly, or without expert legal assistance. 

A strong plan has two parts. The first is the drafting and executing of core legal documents including power of attorney, a healthcare directive, a Will, and a special needs or supplemental needs trust. Each of these documents serves an important role, but they are just the foundation. 

Who Blue cubes. Part of a series.

There are many ways a trustee of a special needs trust could cause harm to a beneficiary, however unintentionally. This is why many people choose to have a disability planning attorney take on this critical role.

Here are 10 things to consider when deciding who should administer a special needs trust:

1. SSI, SSDI, Medicare, Medicaid… sound confusing? It can feel like alphabet soup to the uninitiated. Does the prospective trustee understand the differences between these public benefit programs and the rules that govern them? A trustee with limited understanding could unwittingly jeopardize a beneficiary’s eligibility.

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