Who Will Advocate for Your Child When You Can’t?

Raising a child with a disability or special needs often means becoming their strongest advocate. You coordinate care, navigate educational resources, make important decisions, and work to provide opportunities for your child to enjoy a fulfilling life.

But one of the most important questions parents face is also one of the hardest: Who will be there to help when you no longer can?

At Hulling Wealth Management, we believe special needs financial planning goes beyond investments or leaving an inheritance. It involves considering your family’s financial future, government benefits, future caregivers, and the people who may one day help make important decisions for your loved one.

Planning for Two Generations

Parents of children with special needs often face the challenge of preparing for their own retirement while also considering their child’s long-term financial needs. Thoughtful planning looks at both generations, helping families evaluate how to balance their own financial goals with the support their loved one may need throughout life.

Special Needs Trusts and ABLE Accounts

Special needs trusts and ABLE accounts are two tools families may consider when planning for a loved one with a disability.

A properly structured and administered special needs trust may allow assets to be used for a beneficiary’s supplemental needs while addressing eligibility concerns involving certain government benefits. ABLE accounts provide eligible individuals another way to save for qualified disability expenses under special tax and public-benefit rules.

Each has different requirements, advantages, and limitations. Depending on the family’s circumstances, these tools may complement one another.

Government Benefits and Inheritance Planning

A well-intentioned gift or inheritance can sometimes have unintended consequences for someone receiving needs-based government assistance, such as Supplemental Security Income (SSI) or Medicaid.

Coordinating wills, beneficiary designations, trusts, and other financial arrangements with the appropriate legal professionals can be an important part of planning. Understanding how financial decisions may affect government benefits helps families make more informed choices.

Who Will Be There When You Can’t?

Financial resources are only part of the picture. Families may also need to consider who will manage money, coordinate care, communicate important information, and advocate for their loved one in the future.

Siblings, relatives, friends, and professional trustees may each have roles to play. Discussing these responsibilities in advance can help families develop a plan that reflects their loved one’s individual needs and circumstances.

Resources Through Raymond James Trust

Raymond James Trust has a dedicated team experienced in special needs trust administration. Depending on the trust and individual circumstances, Raymond James Trust may serve as trustee or co-trustee, providing professional administration, investment oversight, and assistance with trust distributions.

Through the resources available at Raymond James, we can help families explore these services and coordinate with their attorneys and other professional advisors as they consider appropriate planning strategies.

Let’s Start a Conversation

Every family is different, and you don’t need to have all the answers before asking questions.

Whether you’re just beginning to explore special needs planning, reviewing an existing trust, or wondering what the future may look like for someone you love, I’d welcome the opportunity to talk.

Have questions about special needs planning? Let’s connect.

Contact Brent

Raymond James Trust, N.A., is a subsidiary of Raymond James Financial, Inc. Raymond James & Associates, Inc., is affiliated with Raymond James Trust. Raymond James Trust does not offer legal or tax advice. You should discuss legal or tax matters with the appropriate professional.