Special Needs Trust

Houston Parents May Consider ABLE Accounts for Special Needs

Published on: March 4, 2015 | By McCulloch & Miller, PLLC

"I think it's great because it's not overreaching and it's not underreaching. It just kind of fits that one spot where we didn't have something: How does somebody with a disability put some money aside to do something? To basically be living like their peers," said Lori Guzman, an attorney in Apple Valley who works with families who have individuals with disabilities.

According to a recent article in the Pioneer Press, titled “Minnesota law would help parents of children with disabilities save for future,” right now people with disabilities can lose eligibility for public benefits once they reach $2,000 in savings. With an ABLE account, contributions of up to $14,000 per year are allowed under current rules, and the account could grow to $100,000 before Social Security Supplemental Security Income would be suspended.

These "ABLE" accounts—which stands for “Achieving a Better Life Experience”—allow parents to sock away money for blind or disabled children in the same kind of tax-advantaged 529 account they now can set up to pay for higher education for their college-bound kids.

Rising Costs of Special Needs Care

Published on: July 16, 2014 | By McCulloch & Miller, PLLC

New studies are providing more current cost estimates. “What we found was shocking,” Mandell said. “This is a huge hit on families.”

The costs to care for a child with special needs is on the rise, as reported in a new study in the medical journal JAMA Pediatric. The study found that the total lifetime cost of supporting an individual with an Autism Spectrum Disorder (ASD) is $1.4 million in the U.S.—with an added intellectual disability, the total rises to $2.4 million. Reuters recently reported on this study and its findings in an article titled "Raising an Autistic Child: Coping With the Costs."

These costs typically include an ongoing mix of special education programs, medical care, and lost wages as many parents of autistic children reduce their work hours or even quit their jobs to help their child full-time. The organization Autism Speaks estimates that it now takes roughly $60,000 annually to support someone with an ASD. Such costs can be so prohibitive that many affected families will move to states that offer a better collection of services.

Special Needs Planning with Trusts

Published on: June 16, 2014 | By McCulloch & Miller, PLLC

Caring for children with special needs can require a lot of financial and logistical planning to ensure they're experiencing the best quality of life possible.

There is much thought and planning that goes into caring for a child with special needs. And that planning should go beyond your lifetime, just in case you are no longer here to provide the care yourself.

How can you possibly ensure for the future of your children, especially when they have certain dependencies? CNBC recently touched on this topic offering up a solution – the special needs trust. If this topic touches you and someone you love, then take a moment to read the original article titled “Special needs trusts: Helping parents provide for kids' futures.”