Texas ABLE® Program
The Texas Achieving a Better Life Experience (Texas ABLE®) Program is based on federal and state legislation. The program provides Texans with disabilities and their families the opportunity to save money for disability-related expenses in a tax-advantaged account without losing their eligibility for certain public benefits such as Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI) and Medicaid. Texas residents who experience the onset of a disability before the age of 26 and meet program eligibility requirements may open a Texas ABLE account. Texas ABLE is administered by the state of Texas through the Texas Comptroller of Public Accounts. Learn more and enroll online at TexasABLE.org.
*See here regarding ABLE accounts and COVID-19 stimulus payments.
Special Needs Financial planning
Planning for a family member who may become a long-term dependent goes beyond traditional financial planning. Crystal Herrington with Northwestern Mutual helps parents, guardians, and family members to better understand the planning individuals with special needs may need during various stages of life.
Crystal’s passion for the special needs community began when her best friend’s son was diagnosed with autism. She and her team dedicate their time and knowledge to delivering only the highest-level client experience to any family with a loved one who has special needs. Their goal is to provide clarity and direction toward building a solid financial plan for not only the individual with special needs, but also the family members who care for them, who are most often the parents. Crystal is a member of the Northwestern Mutual special needs planning team and connect families to a trusted advisor in 31 states across the US.
Crystal Herrington
(512) 300-1800
crystal.c.herrington@nm.com
estate planning
Estate planning is an important step to take as a parent for many reasons, and taking just a few hours can bring a lifetime of peace and relief, knowing your daughter’s or son’s benefits are protected and that your family assets will be passed down in the way you intended.
The American Bar Association suggests that parents of a child with special needs are faced with five unique challenges when preparing for and going through the estate planning process: (1) how to provide for all of their loved ones without jeopardizing the eligibility of their child with special needs for government benefits such as Supplemental Security Income (SSI) and Medicaid; (2) how to design an estate plan that supplements the government benefits and enhances the quality of the child’s life; (3) how to treat the other children equitably while providing for the child with special needs; (4) how to make sure sufficient funds are available at a parent’s death to care for the child; and (5) how to provide for the proper supervision, management, and distribution of an inheritance for their child through a third-party created and funded special needs trust (SNT).
Estate planning typically involves creating, at a minimum, a will and testament; a durable power of attorney; a durable medical power of attorney; a revocable living trust; and a SNT.
DSACT members have worked with local attorney Justin Blumoff at Sharpe Blumoff in Austin and Dallas. Mr. Blumoff has been practicing law for 12 years and is Board Certified in Estate Planning and Probate in Texas and has expertise in SNTs.
Justin Blumoff
Sharpe & Associates
(512) 861-8202
All information found herein is for general information purposes. It is not legal advice and is not to be acted on as such. Communication of information by, in, to or through this site and your receipt or use of it is not provided in the course of and does not create or constitute an attorney-client relationship and is not intended to convey or constitute legal advice.
Nickerson Law Group - Special Needs Forum
The Special Needs Forum is a free educational resource by the Nickerson Law Group, an estate planning firm specializing in planning for families who have a loved one with special needs. The Special Needs Forum series runs during the school year. During the workshop series, families get a chance to socialize with other families and get to know businesses and professionals who specialize in helping the special needs community.
Every workshop includes an informative presentation by a keynote speaker and a question/answer session at the end. People wishing to attend any of the workshops can do so by registering at our website: https://specialneedsforum.org/ or emailing info@specialneedsforum.org.