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Frequently Asked Questions

Get answers to common questions about special needs financial planning and working with TTG Financial.
What public services are available for my loved one and how do I access them?
There are various federal and state government benefits like Supplemental Security Income (SSI) and Medicaid that provide financial and medical support. To access these, you’ll need to submit an application and provide documentation of your loved one’s disability and financial situation. There are also non-profit organizations that provide helpful programs.

You can establish a Special Needs Trust or a STABLE account. These tools allow you to save and manage money for your loved one’s needs without the funds counting against the asset limits for government benefit programs. You might also consider a Special Needs Trust to invest gifts and inheritances that your child might receive.

To protect gifts and inheritances, you should have them directed to a Wholly Discretionary Trust. This ensures the funds are used for your loved one’s benefit while preserving their eligibility for means-tested government programs.

A STABLE account is a tax-advantaged savings account that allows individuals with disabilities to save money without losing eligibility for certain public benefits. Funds in the account can be used for a wide range of disability-related expenses.
A Special Needs Trust is a legal arrangement that holds assets for your loved one’s benefit, ensuring they remain eligible for public benefits. Unlike a STABLE account, it can hold unlimited funds and manage a wider range of assets, such as real estate.

A Wholly Discretionary Trust gives the trustee complete control over how to distribute the trust’s assets. Unlike a Special Needs Trust, there is no clawback of government benefits at the death of a beneficiary. The Trust should be funded via gifts and inheritance.

It is crucial to balance your own financial security with saving for your child’s needs. You should create a comprehensive plan that prioritizes your retirement savings while also utilizing tools like a Special Needs Trust to secure your child’s future.
Fairness doesn’t always mean equal. You can use estate planning tools to ensure your loved one with special needs is cared for while also providing for your other children. This can be achieved through a will, a trust, or other legal arrangements that clearly outline your intentions. Insurance can also be a useful tool to create the liquidity needed to “equalize” your estate plan.