Special Needs Planning

PERSONAL INSURANCE

Caring for an individual with special needs can be a lifelong commitment and beyond. As a parent or caretaker of an individual with special needs, preparing a plan is an important step to help ensure care continues for the individual’s lifetime. Beyond the general steps in creating an estate plan (wills, powers of attorney, etc.) the caregiver should consider the additional steps:

  • Draft a "Letter of Intent"
  • Ensure guardianship, and
  • Establish a special needs trust.

Letter of Intent

This formal, but not legal, document allows you to educate future caregivers regarding the individual’s diagnosis and needs. Additionally, it provides information about their favorites (colors, foods) and activities (education, jobs, bedtime rituals).

Call Veracity Financial Services for a complimentary Letter of Intent booklet to start planning today.

Special Needs Trust

This legal document allows you to provide financial security without jeopardizing the state and federal need-based benefits the individual may be entitled to. The trust may be funded with life insurance, retirement accounts, and other savings. To learn more about special needs trusts, it is important to seek councel from an attorney specializing in this field. Proper planning provides for the individual’s quality of life, support, and dignity.

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Veracity Financial Services is a division of Capital Markets IQ, LLC, a SEC registered investment advisor. 

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by Veracity Financial Services, Inc., to provide information on a topic that may be of interest. The opinions expressed and material provided are for general information, and should not be considered personalized investment advice for compensation.