Financial Planning Q&A

Quick Overview

The Financial Planning Q&A session at the 2021 ASF Virtual Family Conference, led by Mary Anne Ehlert from Protected Tomorrows, covered key financial planning topics for special needs individuals. Topics included finding special needs lawyers in California, understanding ABLE accounts and Special Needs Trusts, insights into Supplemental Security Income (SSI), tips on the guardianship process, and the interaction between Medicare, Medicaid, and private health insurance. Ehlert also discussed life insurance, standalone special needs trusts, Medicaid coverage, life care planning, the impact of the SECURE Act, and potential legislation. The session aimed to equip attendees with the knowledge and tools for future financial planning for special needs individuals.

Introduction

In this talk, we will summarise the key points discussed during the Financial Planning Q&A session at the 2021 ASF Virtual Family Conference. The session was led by Mary Anne Ehlert from Protected Tomorrows.

Q&A Session

During the Q&A session, attendees had the opportunity to ask questions and seek guidance on various financial planning topics related to special needs individuals. Here are some of the main points covered:

Finding Lawyers for Special Needs Work in California

Attendees raised questions about finding lawyers for special needs work in California. Mary Anne Ehlert provided insights and advice on this matter.

Understanding ABLE Accounts

Mary Anne Ehlert explained the concept of ABLE accounts and discussed when it is appropriate to start them. Attendees gained a better understanding of the benefits and limitations of ABLE accounts.

Importance of Special Needs Trusts

The speaker emphasized the importance of starting a special needs trust and provided guidance on when to establish one. Attendees learned about the advantages and considerations associated with special needs trusts.

Understanding SSI

Mary Anne Ehlert provided information about Supplemental Security Income (SSI) and how it works. Attendees gained insights into the eligibility criteria and the impact of SSI on financial planning.

Tips on Guardianship Process

The speaker shared valuable tips on the guardianship process and advised attendees on when to start working on it. Attendees learned about the legal aspects and considerations involved in establishing guardianship.

The Need for Both ABLE Accounts and Special Needs Trusts

Mary Anne Ehlert explained the need for both an ABLE account and a special needs trust. Attendees gained a deeper understanding of how these financial tools complement each other in providing for individuals with special needs.

Interaction Between Medicare, Medicaid, and Private Health Insurance

The speaker discussed the interaction between Medicare, Medicaid, and private health insurance. Attendees learned about the complexities and considerations when navigating these healthcare systems.

Life Insurance and Special Needs Trusts

Mary Anne Ehlert provided guidance on leaving life insurance to a special needs trust or directly to a beneficiary with special needs. Attendees gained insights into the options available and the implications for financial planning.

Standalone Special Needs Trusts

The speaker explained the difference between a testamentary trust and a standalone trust. Attendees received advice on when to create a standalone special needs trust and the benefits it offers.

Medicaid Coverage and Special Needs Trusts

Attendees learned that there is no limit on assets for a special needs trust and that Medicaid does not need to review it if properly set up. Mary Anne Ehlert clarified the distinction between assets, resources, and income in relation to Medicaid.

Life Care Planning and Future Goals

Starting with a life care plan and identifying goals for a child’s future was highlighted as a crucial step. Attendees were encouraged to regularly review and update their child’s future goals and fears.

Impact of SECURE Act and Potential Legislation

The speaker discussed the benefits of leaving retirement money to a special needs trust, particularly in light of the SECURE Act. Attendees were also informed about potential upcoming legislation that could impact individuals with disabilities.

Providing Tools for Future Generations

The ultimate goal of the session was to provide attendees with tools and processes to help future generations navigate the special needs journey. Mary Anne Ehlert and Protected Tomorrows aim to empower families with the knowledge and resources they need for financial planning.

Conclusion

The Financial Planning Q&A session at the 2021 ASF Virtual Family Conference provided valuable insights and guidance on various financial planning topics related to special needs individuals. Mary Anne Ehlert from Protected Tomorrows shared her expertise and answered attendees’ questions, equipping them with the tools and knowledge to navigate the special needs journey.