Tara Siegel Bernard, of the NY Times, writes about planning for the future care of disabled family members.  Her article begins as follows:

Planning for family members with special needs can be overwhelming, particularly when so many decisions may have lifelong consequences. Beyond figuring out the intricacies of government programs, parents fret over guardianships, how governmental services may erode and what legal documents they need.

And soon there will be a new savings account to consider, known as a 529A or ABLE account, which will permit people with disabilities to keep more money in their own names without losing means-tested benefits.

Here are tips for families beginning to plan for individuals with special needs:

Tips discussed include the following topics:

  • getting started
  • new tool, the able or 529A account
  • trusts
  • insurance
  • guardians
  • getting help

Read full article at Tips for the Future Care of Disabled Family Members – NYTimes.com.

 

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.