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Create an Effective Plan

It takes special planning to accommodate the unique needs of a disabled individual for their lifetime, regardless of the situation.  Accordingly, a perfectly developed plan will include a good team, the right legal documents, and the proper funding.

First, you must consider the team members and who specifically will manage your overall plan, when you are no longer around.  For a Special Needs individual, a critical member of this team is your trustee.  Your plan needs to be monitored and run by a trustee that will be around forever, that will use their discretion in the best interest of the disabled beneficiary, that understands government benefits and keeps up with changes, that properly invests and manages the trust assets, that is on top of tax rules and regulations, that maintains impeccable books and records, and that can provide advocacy for the individual and prevent abuse.

Next, your plan must include a carefully drafted document, the Special Needs Trust.  This document will spell out the specific instructions your trustee will need to follow.  It must be able to properly care for your loved one according to your wishes and it should be written to preserve current and future public benefits.

Finally, you will need to make sure your plan has adequate funding to maintain the quality of life you desire for your loved one.  This funding will likely be generated from your personal success.  In other words, if you are successful, your loved one will certainly be successful.  Talk with a Golden Financial Services Advisor today to determine whether you have the appropriate amount set aside for your Special Needs loved one’s future.

Overall, an effective Special Needs plan includes the important people in your loved ones life, the proper legal framework, and a successful financial plan.  Keep in mind these three areas in your planning and you will gain a much deserved peace of mind.

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