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Finances for People with Special Needs
Original Air Date: April 18, 2008
Listen in to part of the show!
If your child or loved one has a disability, it's important to make sure they'll be cared for after you're gone. Jean talks with Andrew Hook, an attorney specializing in special needs trusts, about how to plan for the future needs of a disabled loved one.
Things Every Caretaker Should Look Into:
- Make sure your special needs child is getting all the educational services he's entitled to.
- When your child turns 18, make sure she qualifies for Social Security so she can have her own source of income.
- At the same time, make sure she qualifies for Medicaid, so she has insurance benefits. Ask your workplace if it provides insurance coverage for adult children with special needs, Andrew says.
- Create a third-party supplement needs trust for your disabled child. Andrew says this type of trust allows a trustee to distribute funds to someone with a disability without disqualifying that person from Medicaid benefits.
- Get in touch with the Special Needs Alliance, a national, nonprofit organization Andrew says is committed to helping individuals with disabilities and their families, for assistance in finding an attorney to help you plan for your disabled child's future.
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The information provided is general advice and is not intended to be legal advice; you should always consult your own legal and financial advisors before making major legal or financial decisions, including investments or changes to your portfolio. The opinions expressed by the hosts, guests and callers to Oprah & Friends are strictly their own.
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