Podcast Show Notes: Impact of Policy Changes on Special Needs FamiliesEpisode Overview:Welcome to today’s episode where we explore the impact of policy changes on families of individuals with disabilities. With potential cuts to Medicaid and the Department of Education, many families worry about losing access to essential services. In this episode, I break down what these changes could mean and share actionable steps you can take to protect your child's future. Please note that this information is for educational purposes and not legal advice.Key Topics Covered:Understanding how Medicaid and Medicare cuts could affect individuals with disabilitiesPotential impacts of reduced federal oversight on special educationSpecial Needs Trusts (SNTs) and how they safeguard government benefit eligibilityABLE Accounts for flexible, tax-advantaged savingsChoosing the right trustee for your child’s Special Needs TrustSpecial Needs Trusts (SNTs):First-Party SNTs: Funded with the beneficiary’s assets, often from settlements or inheritances. Includes a Medicaid payback provision.Third-Party SNTs: Created by family members or friends, with no Medicaid payback requirement.Benefits: Maintain eligibility for Medicaid and Supplemental Security Income (SSI) while providing supplemental support.Resources:CHOP: Special Needs Trusts OverviewNYS Bar Association: Improved Trust AdministrationMcAndrews Law Firm: Establishing a TrustInternational Bipolar Foundation: Management ModelsABLE Accounts:Annual contribution limit of $18,000, with additional contributions for working individuals.Tax-free growth for qualified expenses like education, housing, and assistive technology.SSI protection for accounts under $100,000.Complements SNTs for managing day-to-day expenses.Learn more at the ABLE National Resource Center.Choosing the Right Trustee:Family Member Trustee: Offers personal insight and familiarity but may lack financial and legal expertise.Professional Trustee: Provides expertise in financial management but may have higher fees.Co-Trustees: Combines the strengths of a family member and a professional.Pooled Trusts: Managed by nonprofit organizations for cost-effective management.Evaluate factors like financial knowledge, understanding of benefit rules, and long-term commitment.Next Steps:Consult a Special Needs Attorney: Find one through NAELA or the Special Needs Alliance.Open an ABLE Account: Compare programs using the ABLE National Resource Center.Develop a Letter of Intent: Document your child’s care preferences and essential information.Consider Life Insurance: Fund a third-party SNT to provide ongoing support.Review Your Plan: Regularly revisit your financial plan to accommodate changes...

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