1. 10 Basic Financial Steps For Special Needs Caregivers
Date
10 Basic Financial Steps For Special Needs Caregivers SC
CRN

2. Important Disclosures
The information provided is not written or intended as specific tax or legal advice. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel.

3. What’s Important To You As A Caregiver?
As the caretaker of a dependent with special needs, you’re the one who is looking out for their best interests.
Today we will discuss a 10 step guide to prepare for the financial future of your dependent with special needs. Although each circumstance is unique and you should consider your own situation carefully.
As a caregiver of a dependent with special needs the single most important issue on your mind, regardless of the age of the dependent, is what will happen to my dependent after I’m gone. Who’s going to look after my dependent’s best interests? Who’s going to step into my shoes? Will my dependent be happy, healthy and secure?
What happens when you’re not around?

4. Step 1: Plan For The Future
Plan for the future needs of your dependent
Medical treatments
Education
Housing
Plan for future medical, educational and housing needs for your dependent.
Start by thinking about what your dependent’s needs will be in the future – and develop your financial strategy based on these projections.
Will they need weekly/daily medical treatments?
Will they need funds for college?
Would they live in a group home or need their own space?

5. Step 2: Review Beneficiaries
Review beneficiary designations with family and close friends
Assets (cash, art, jewelry, etc.) worth more than $2,000
Inheritance
Insurance benefits
To continue to receive federal aid, dependents with special needs cannot have any assets in their name (cash, art, jewelry) that is worth more than $2,000.
Check with close friends and family to see if they have designated your dependent to receive any inheritance or insurance benefits from their estate–
If they have, it’s important that they leave this amount to your dependent’s special needs trust.
Don’t let well-intentioned friends and family unknowingly cause your dependent to lose access to valuable resources.
Also don’t forget to check your own beneficiary designations

6. Step 3: Family Meeting Have a family meeting to discuss future needs
Discuss concerns and future care options
Have a family meeting to discuss your dependent's future needs.
Just as caring for a dependent with special needs is a family affair, so is the related planning.
With the thoughts that you have facilitated your dependent’s special needs throughout their life, meet with your family members to discuss their concerns and options for future care.
This is also a good time to broach the beneficiary designation issue discussed above.

7. Step 4: Create A Team Variety of Guidance Options
Financial Professional
Special Needs Attorney
Health Professional
Guidance Counselor
As a special needs financial professional, we can help you with your planning and help you create a team of professionals that specialize in special needs planning.
Once you have determined the current and future financial needs of your dependent with special needs, it’s important to pull together a support team that can help guide you through the variety of options available to you and your family. The composition of the team may vary depending on your unique situation, but it should include an attorney, and perhaps a health professional and a school guidance counselor, among others.

8. Step 5: Get Additional Resource Support
Local non-profits
Government agencies
Contact local nonprofit organizations for additional resource support.
Your local nonprofit may be able to provide resources that can help with planning or that supplement the standard services provided by government agencies. A good starting place is to first contact a nonprofit dedicated to your dependent’s special need.

9. Step 6: Government Benefits
Medicaid
SSI
Government benefits may help provide medical treatments, supplies, equipment, financial assistance, etc.
Apply for government benefits.
Government benefits – such as Medicaid and SSI ( – may help provide for your dependent’s needs in the form of medical treatments and supplies, equipment, financial assistance and more. Visit your local Social Security Office to find out what benefits your dependent may qualify for; call or visit their website first to find out what documents you should have with you for your visit.
For more information regarding benefits provided Medicaid (Medi-CAL in California) visit Medicaid guidelines vary by state. Contact your local Medicaid office for details. For more information on SSI visit

10. Step 7: Last Will and Testament
Review it
Update periodically
Special Needs Attorney
Raise your hand if you have a Last Will and Testament. Even if you think you do not have one, you do. The courts will decide for you if you do not prepare one yourself.
Prepare your Last Will and Testament (review and update periodically).
A Will declares how you want your estate to be distributed and allows you to select a guardian for your dependent when you pass away.
It may be especially important to prevent automatic asset distributions directly to a person with special needs, and to be cognizant to not leave your dependent with special needs any assets in excess of $2,000
Speak to your attorney for additional information.

11. Step 8: Special Needs Trust
How does it protect my dependent’s government benefit eligibility?
What can it provide?
Are there restrictions?
This allows caregivers a way to provide for their dependent’s care and quality of life, without disqualifying them for federal assistance.
Trusts can be set up either funded or unfunded, and must be overseen by a trustee – often the dependent’s caregiver and/or a bank trust officer.
Funds can be contributed gradually over the years, or the trust can be designated as a beneficiary of an inheritance or life insurance policy.
The money in the trust must be used to enhance the dependent with special needs quality of life, and can help to supplement (NOT ‘Supplant’) standard services and benefits provided by government agencies.
Can provide for special medical equipment, eyeglasses, and even a trip to Disney with one caregiver. Assets can not be given directly to the beneficiary. Assets must be paid to a third party provider for the benefit of the person with special needs.
ALL family members must be made aware of the special needs trust once it is drafted. Gifts, well intentioned relatives, etc…
Make certain that the attorney you use to draft the SNT has real expertise in special needs planning. I can provide you with a list of qualified attorney’s if needed.

12. Step 9: Guardianship / Conservatorship
Financial
Healthcare
If my dependent is under 18
If my dependent is over 18
Caregivers must apply for a guardianship or conservatorship to maintain legal control over financial and healthcare decisions once a dependent reaches the age of 18.
This can take up to a year in some states, so it’s maybe best to start this process early.
There are different levels of guardianship and conservatorship available, depending on the dependent’s capabilities and needs. For example, a limited guardianship could be solely for financial or healthcare-related decisions.
Guardianship Issues:
In most states the law presumes that people over the age of 18 are competent, meaning they are able to make their own decisions about what is best for them in their daily lives.
Guardianship is a very personal issue; each family will have their own feelings regarding this topic.
Guardianship needs to be appointed and approved by the probate court, rules vary state to state.
It may be a good idea to have successor guardians appointed at the same time as the primary guardians.
Guardianship is not an all or nothing situation.
Limited guardianship provides limited power over property or a specific subject matter.
Other options are available such as Advocates or Representative payees. For example representative payees receive monies on behalf of a disabled person. Again this is a very personal issue and every family has to make their own decision based upon their situation.

13. YES, I Have Identified A Care Provider
How do I assure the kind of care I would personally give my dependent?
Once identified, how do you know that your dependent is getting the type of care you would give them?

14. Step 10: The Letter of Intent
What is it?
Why does my dependent need one?
How do I create one?
One answer, is the Letter of Intent
It’s not a legal document (it is not binding) however it conveys your thoughts, dreams, and feelings regarding the care of your dependent.
It describes a day in the life of your dependent, likes, dislikes routines, favorite foods, thoughts on religion, dating etc…
Social interests. “My son loves to go to a baseball game each year.”
Lists the doctors you like and those you would NEVER visit again, it lists medications, therapists, services, etc…
We can help you create one, I’ve seen all types some long, some short, most are written, and some are in video format.
What’s right for you? That depends on your situation.

15. How Do I Start The Planning Process?
With Special Needs Professionals:
Legal Estate & Special Needs Attorneys
Financial Professional with a focus on Special Needs
How do I get started?
There are two types of estate planners, legal and financial.
Most legal estate planners will direct you to go to a financial professional first. It’s critical to determine what is needed prior to the trust being drafted.

16. How MassMutual Can Help
Special Care Planners
Introduce you to non-profit partnerships
Introduce you to a Special Needs Attorney
Wide variety of Special Needs Trust funding options
MassMutual can help in a variety of ways;
Special Care Planners are specially trained to work with families/caregivers of dependents with special needs. In fact many of us are parents or relatives of people with special needs and understand what caregivers need to plan properly.
Our Special Care Planners work closely with local attorneys who specialize in Special Needs Planning and have relationships with non-profit partnerships who can assist families with their planning
MassMutual offers a variety of special needs trust funding options to meet a variety of needs.

17. In Summary Find quality professionals to assist you
Remember that YOU are the expert about your dependent
Think “lifetime care” and “quality of life”
In summary
We can help you find quality professionals to assist you and your family
When it comes to your dependent we understand that YOU are the expert.
It’s important to think about lifetime care but critical to think about QUALITY of LIFE.

18. Make Your Dependent’s Future More Secure
Thank you!