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Nate Obringer, RICP®
Financial Advisor
Prudential Advisors
9800B McKnight Road, Suite 223
Pittsburgh, PA 15237
Phone: 412-318-4129
Fax: 877-840-2322
Email: nate.obringer@prudential.com
Providing for a special needs child, minor or adult, can be daunting. To safeguard your child’s future well-being, work with your financial and legal professionals to help ensure you have a sound strategy in place.
Consider distribution events that could push the child’s assets over that amount. For example, make sure your beneficiary designations don’t name your spouse as primary and all children equally as contingent beneficiaries. If your child doesn’t require guardianship, have your attorney draft a financial power of attorney and health care proxy. A will may be needed, as well.
If you don’t have a special-needs trust, talk with a legal professional about creating one for the child’s inheritance. These trusts may be created with life insurance proceeds and effectively let you leave the child as much money as you want without disqualifying them for government benefits.
If your medical expenses and those paid for your special needs dependent exceed 7.5% of your taxable income, you may be able to deduct more than the costs of your child’s doctor visits and testing. Modifications made to your home to accommodate the child’s disability, for example, may qualify. Of course, everyone’s financial and tax situations are different. Be sure to consult your tax professional before taking action.
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