Families with special needs dependents

SPECIAL NEEDS PLANNING

Planning for individuals with special needs is among the most important and critical tasks a parent, guardian or caretaker must undertake. Without proper planning, the quality of life for the special needs individual can be severely impacted. This is not an endeavor that can be done wrong. The consequences are too severe to have any errors in this planning process. Our goal is to create a plan to ensure the quality of life for the special needs individual is maintained when the primary caregivers are no longer around or able to give care.

The two key components in the planning process are:

The construction of the Special Needs Trust
The funding of the Special Needs Trust

It is important to understand that a Special Needs Trust is different than an ordinary Living Trust. The Special Needs Trust most often works in conjunction with a Living Trust. Our attorneys are experts in the construction of Special Needs Trusts and the various rules that affect special needs individuals’ benefits. The Special Needs Trust is an essential tool when utilizing assets to care for the special needs individual while maintaining their government benefits.

However, the Special Needs Trust is useless without it being funded (funding typically happens when the primary caregivers are no longer able to provide care). We are experts in finding creative and innovative ways to fund the trust.

ABLE ACCOUNTS

An Achieving a Better Life Experience (ABLE) account is a type of tax-advantaged savings account that an eligible individual can use to pay for qualified disability expenses. The eligible individual is the owner and designated beneficiary of the ABLE account. An eligible individual may establish an ABLE account provided that the individual is blind or disabled by a condition that began before the individual’s 26th birthday.

An ABLE account can be an excellent tool to save for or shelter income for the special needs individual while maintaining their government benefits. Similar to 529 plans, individual states administer ABLE programs. However, when utilizing an ABLE account, you don’t have to use the program administered by your state of residence. Based on your state of residence, it may be beneficial to utilize another state’s program.

We will look at your individual set of circumstances and advise you of your best utilization of these type of accounts. For more information on ABLE accounts, contact us today.

Whether you already have a Special Needs Trust or need to create one, we will construct a customized plan designed to maintain the quality of life of your special needs loved one.

Centurion Strategic Advisors, Inc.

3909 Research Park Drive, Suite 200 Ann Arbor, MI 48018

800-217-3048

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Securities offered through Concorde Investment Services, LLC (CIS), member FINRA/SIPC. Advisory Services offered through Concorde Asset Management, LLC (CAM), an SEC-registered investment advisor. Centurion Strategic Advisors, Inc. is independent of CIS and CAM.

Neither Centurion Strategic Advisors, Inc. nor any of its officers or employees may or does provide tax or legal advice. Interested parties should consult their legal or tax professionals before participating in any transaction.

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