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AICPA & CIMA ENGAGE 2021

ENG2103 - ENG2103. Essential Elements of a Special Needs Financial Plan


Jul 27, 2021 8:00am ‐ Jul 27, 2021 9:15am


Standard: $49.00

Description

Disabilities don't discriminate. Families of great means have children and other beneficiaries with disabilities at the same rate as families of modest means. Addressing the myriad needs of a person with a disability (PWD) requires a comprehensive Special Needs Financial Plan (SNFP). The SNFP is built upon a network of Special Needs Trusts (SNTs), each of which is designed to be funded with different types of assets, at different times, from different sources. Identifying and engaging a family's "team" of allied professionals is a critical first step in developing the funding formula for the network of SNTs. Although a SNFP will maximize the use of a family's private wealth and resources, it must also be compatible with maintaining the eligibility of the PWD for government benefits that are the sole gateway to accessing beneficial programs and services that are not available on a private pay basis.

Learning Objectives:
  • Define the Network of Special Needs Trusts: The Cornerstone of Securing the Financial Future of a Person With a Disability. Learn the differences between first-party and third-party SNTs, and how to fund them properly. Consider the options for addressing pre-existing family trusts that are incompatible with a Special Needs Financial Plan.
  • Identify the Funding Formula: How Much is Enough to Fund the Network of SNTs? Learn how to develop the formula for funding the SNFP with a family's private assets and resources and government benefits that are based on a worker's earnings and work record. Learn how each member of the team can access and maximize these funding elements.
  • Recognize when Private Pay is Not an Option: Accessing Means-Tested Government Programs. Many beneficial programs and services are not available on a private pay basis. Learn how to access such services by establishing eligibility for the "gateway" government programs that are means-tested.

Speaker(s):

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