Special Needs Planning Timeline
What should you educate yourself on?
- Create/Update a will
- If parents do not have a will, the State of CT Laws of Intestacy (dying without a will), determine the distribution of their assets.
- Establish a Special Needs Trust (SNT)
- Any assets left to the individual with Special Needs must be directed to the SNT in order to potentially keep their eligibility for government benefits.
- Remember the trust does not have to be funded today.
- Change beneficiaries
on existing life insurance and retirement plans to reflect your current plan. These assets do not pass through the Probate System (Will), but rather by beneficiary designation.
- Consider Life/Disability Insurance on parents to potentially protect family and explore 2nd to Die insurance to create a funding mechanism for the SNT.
- Consider a Letter of Intent, a blueprint of your child’s life that future caregivers can follow.
- Saving money in your childs name. Know the rules on dollar amounts as well as whos name the account is in.
- Communicate your plan to other family members.
What needs to be done at age 18?
- Applying for Government Benefits
- Social Security (SSI) SSA.Gov
- Medicaid, potential access to services funded by DDS, DMHAS, Brain Injury etc.
- CFC Community First Choice
2. Consider applying for Guardianship / Conservatorship