Special Needs Planning
Special Needs Financial Services
Special needs financial services, generally, are programs that support clients with disabilities and their families. The term “special needs” is broad, and can include disabled individuals and families with disabled members; personal injury recipients; wrongful death claimants; and others.
At the crossroads - when fortune meets misfortune - everything can change.
Sudden wealth can cause fear, guilt, depression, reckless behavior and more serious conditions. At STARCARE, we recognize and understand the symptoms that accompany unexpected wealth and have developed a disciplined framework to avoid the pitfalls that can undermine your success. Those most at risk are athletes, actors, divorcées and disabled individuals who have received personal injury awards.
How We HelpPlanning for a child or adult with special needs:
- The term “special needs” is broad, and can include disabled individuals and families with disabled members; personal injury recipients; wrongful death claimants; and others.
- A family member’s special needs may place an enormous financial and emotional strain on the individual and his or her family.
- Making provisions for the long-term care of a disabled individual requires thoughtful and careful planning.
- A typical plan for an individual with a disabled family member might require a will and/or trust agreement, durable powers of attorney, living will and related documents and designations of conservator in the event of future incapacity.
Special Needs Trusts:
Because the benefits provided by the federal and state government agency are so limited, many families wish to supplement those funds with additional assets.
- Special needs trusts are designed as a funding vehicle for resources that benefit a special needs person, while maintaining the individual’s eligibility for public assistance benefits.
- In most cases, the only way to do this without jeopardizing a child’s eligibility for important health and welfare benefits is by establishing a Special Needs Trust.
- They must be administered by a trustee who should be mindful of government benefits, Social Security income and resource rules, including in-kind income that could severely impact eligibility.
- These trusts also require fiduciary accounting and separate income tax returns, as well.
Helping Special Needs Clients
Helping Special Needs Clients
The beneficiary of a Special Needs Trust is an individual who often cannot be an advocate for him/herself.
STARCARE offers years of experience in this field
We can help you determine the appropriateness of a Special Needs Trust and, if desired, help establish such a trust tailored to your financial needs and objectives.
Funding a Special Needs Trust
STARCARE assists families and their trusted advisors in evaluating various alternatives for funding a Special Needs Trust and helps select the investment management arrangements that best suit the particular circumstances.
Trust administration services
We also work with professionals nationwide that provide trust administration services for Special Needs Trusts.
Integrated Settlement Services
Special Needs Services Brochure
Neither STARCARE nor LPL Financial provide legal advice or services. Please consult your legal advisor regarding your specific situation.