Article on Special Needs Financial Planning

Richard Stebbins (Associate Professor, College for Financial Planning, B.S., West Texas A&M University; J.D. & M.S., Texas Tech University) recently published his article entitled Jacob’s Ladder To A Higher Quality of LIfe: Special Needs Financial Planning For Practitioners and Caregivers, 4 Est. Plan. & Community Prop. L.J. 305 (2012).  The introduction to the article is below:  

More than 36 million United States citizens live with a disability. Thanks to medical advances, individuals with disabilities live longer and more active lives than in the past, while caregivers tend to delay planning for the future of their disabled children.  Due to the changing needs of the special needs population, understanding the strategies that can help these individuals is especially important for practitioners. 

This article provides guidance for caregivers and practitioners that are “supporting independence and promoting involvement in all aspects of society” for loved ones and clients with special needs using Jacob, a hypothetical child growing up with Down syndrome, living in Anytown, USA. Part II of the article addresses financial, strategic, and educational benefits available to Jacob as he becomes an adult. Part III examines several types of special needs trusts and illustrates how these trusts can provide a benefit without endangering government entitlements. Parts IV and V provide practical strategies that caregivers and practitioners can use to ensure that Jacob, now grown, continues to enjoy a high quality of life even after his parents pass away.