Financial Resources

Parents should be aware of the financial aspects of planning for their child's future, as financial planning is crucial for their future well-being

  • Depending on the state where you live, there may be a waitlist to receive Medicaid benefits. Applying as early as possible would maximize your chances of qualifying for Medicaid as soon as possible. 

  • Medicaid provides health coverage to Americans across the country and is administered to eligible children, low-income adults, the elderly, pregnant women, and people with disabilities. 

  • Starting a Special Need Trust for your child with disability as soon as possible is also beneficial. 

  • When the child starts receiving an income, the money can go to the trust and won’t be counted as a personal asset for consideration of Medicaid and other public benefits.

  • Articles and Guides

    1. Special Needs Trusts: What You Need to Know
      • Organization: The Arc
      • Summary: Provides an overview of Special Needs Trusts, including types, benefits, and how to set one up.
      • Link: The Arc
    2. Special Needs Trusts Explained
      • Organization: Pacer Center
      • Summary: Offers a detailed explanation of Special Needs Trusts, including how they protect eligibility for public benefits.
      • Link: Pacer Center

     

  • Government and Non-Profit Resources

    1. Social Security Administration: Understanding Supplemental Security Income (SSI) – SSI Resources
      • Organization: Social Security Administration (SSA)
      • Summary: Provides guidelines on how Special Needs Trusts can affect SSI eligibility and how to set them up correctly to avoid impacting benefits.
      • Link: SSA
    2. Special Needs Trusts & ABLE Accounts
      • Organization: ABLE National Resource Center
      • Summary: Explains the relationship between Special Needs Trusts and ABLE accounts, and how they can be used together for financial planning.
      • Link: ABLE National Resource Center
    3. Special Needs Trusts and Other Planning Tools
      • Organization: Autism Speaks
      • Summary: Autism Speaks offers resources on financial planning tools, including Special Needs Trusts, to support individuals with autism.
      • Link: Autism Speaks
    4. Special Needs Trusts – FAQs
      • Organization: Special Needs Alliance
      • Summary: A FAQ page that answers common questions about Special Needs Trusts, including their purpose, benefits, and how to establish one.
      • Link: Special Needs Alliance

    These resources provide comprehensive and accessible information about Special Needs Trusts, helping individuals and families make informed decisions about financial planning for those with disabilities.

  • US Tax policy allows certain tax deductions.

    • By declaring your disabled child, you can receive tax benefits from the federal government.

Here are some free resources and articles on tax deductions and credits available for families with special needs children:

Articles and Guides

  1. IRS: Tax Benefits for Families of Children with Disabilities
    • Organization: Internal Revenue Service (IRS)
    • Summary: This page provides an overview of tax benefits available to families with children who have disabilities, including credits and deductions.
    • Link: IRS

Government and Non-Profit Resources

  1. Tax Information for People with Disabilities
    • Organization: IRS
    • Summary: A comprehensive resource from the IRS detailing tax benefits and credits available to individuals with disabilities and their families.
    • Link: IRS Tax Information
  2. Medical and Dental Expenses
    • Organization: IRS
    • Summary: The IRS provides information on what medical and dental expenses are deductible, which can include expenses related to special needs care.
    • Link: IRS
  3. The Tax Implications of Special Needs Trusts
    • Organization: Special Needs Alliance
    • Summary: Provides insights into the tax implications of Special Needs Trusts, including how they can affect overall tax liability.
    • Link: Special Needs Alliance

These resources provide information on tax deductions and credits available to families with special needs children, helping to navigate the complex tax benefits system.

  • Here are some free resources and articles on Power of Attorney (POA), guardianship, and conservatorship:

    Power of Attorney (POA)

    1. Power of Attorney: What Is It and How Does It Work?
      • Organization: Nolo
      • Summary: This article explains the basics of Power of Attorney, including types, how to set it up, and its uses.
      • Link: Nolo
    2. Understanding Power of Attorney
      • Organization: American Bar Association (ABA)
      • Summary: Provides an overview of Power of Attorney, including its purpose, types, and important considerations.
      • Link: ABA
    3. Power of Attorney Resources
      • Organization: FindLaw
      • Summary: Offers resources and guides on setting up and managing Power of Attorney, including sample forms and explanations.
      • Link: FindLaw

     

  • Guardianship

    1. Guardianship: What It Is and How to Get It
      • Organization: Nolo
      • Summary: This guide explains the concept of guardianship, including the process for obtaining it and the responsibilities involved.
      • Link: Nolo
    2. Guardianship and Conservatorship Resources
      • Organization: American Bar Association (ABA)
      • Summary: Provides information on guardianship, including the legal process and resources for families considering guardianship.
      • Link: ABA
    3. Understanding Guardianship
      • Organization: AARP
      • Summary: Offers a comprehensive overview of guardianship, including when it might be needed and the steps involved in obtaining it.
      • Link: AARP

     

  • Conservatorship

    1. Conservatorship Explained
      • Organization: Nolo
      • Summary: Provides an overview of conservatorship, including the roles and responsibilities of a conservator and how to establish one.
      • Link: Nolo

     

 

These resources provide information on the different legal tools available for managing the affairs of individuals who may need assistance due to disability or other reasons.

Just a heads-up – The info here is for general guidance only and is not a substitute for professional advice. Always consult a professional in the corresponding field for personalized recommendations