Next, let us consider the key points to understand what a "Centralized Planning in the Care of the Life of the Person with Special Needs" entails.
**Information provided is not written or intended as specific legal or tax advice and cannot be relied upon to avoid federal, state or tax penalties. Individuals are encouraged to seek advice from their own legal or tax advisor. People involved in the estate planning process should work with an estate planning team, including their own personal legal or tax advisor. This article is for training purposes only and may not be used or reproduced without the explicit consent of the author.**
Prepared by: Luis R. Mayoral, CFP®, ChFC®, LUTCF® Financial Planner, Investment Adviser Representative.
Let's review the factors included in a diagnosis of Autism Spectrum Disorder.
Autism Spectrum Disorder or (ASD) refers to a wide range of conditions characterized by challenges with social skills, repetitive behaviors, speech, and non-verbal communication.
ASD, or Autism, affects an estimated 1 in 54 children in the United States alone.
There are many subtypes of Autism, mostly influenced by a combination of genetic and environmental factors.
Each person diagnosed with Autism has a different set of strengths and challenges.
The ways in which people with autism learn, think, and problem solve can range from highly skilled to severely challenged.
Some people with ASD may require significant support in their daily lives, while others may need less support and in some cases live fully independently.
Several factors can influence the development of autism and it is often accompanied by sensory sensitivities and medical problems such as:
. Gastrointestinal disorder
. Sleep disorder or seizures
. mental health challenges
. Anxiety
. Depression
. Attention problems
There are three functional levels within the diagnosis of ASD.
Level 1: Support Required
Difficulty initiating social interactions. Organization and planning problems can get in the way of independence.
Level 2: Substantial Required Support
Social interactions limited to narrow special interests. Frequent repetitive/restricted behavior.
Level 3: Very Substantial Support Required
Serious deficiencies in social, verbal and non-verbal communication skills. Great distress and difficulty changing actions or approach.
Among the most common errors that occur are the following:
Disinherit the child
Ignoring the special needs of the child when building a trust
Create a "generic" trust that does not fit the child's need
To procrastinate
Choosing the wrong trustee for the child's trust
Trust your other children to use their money for the care of the sibling with special needs
Failure to protect the child with special needs from predators
Failing to properly maintain and fund the trust
Without proper planning, many consequences can be created. When Papa and Mama are absent, guardians or administrators established by the state are appointed. Your estate will be distributed according to the wishes of the state, not yours. Assets left to others for the child's care may be lost to creditors, litigation, divorce, or death. Not all assets go through a will. If you fail to make the required beneficiary changes, assets could be lost or out of control. Also, without written information that explains your day-to-day care needs, providers will only be able to do what they think is right and not what you would have liked done.
Due to this, it is the utmost importance of a personalized and centralized plan to care for the person's life. The development of a plan that enables the person with limited conditions to obtain the best possible quality of life. The role of the financial professional is to work with you and your team of experts (doctors, lawyers, specialists, social workers) to develop a life care plan that best suits the needs of the person with limited conditions in the present and future. long term future.
Within the centralized plan to care for the life of the person with needs
special, there are different roles essential for successful performance.
Medical Professional. Provides informational and emotional support to family members and individuals with special care needs.
Social worker. Often acts as the patient's advocate when working with other professional services (schools, medical facilities, financial professionals, etc.).
caregivers or family members. They play a critical role in the appropriate care and benefits for the individual with special needs by working closely with other team members.
Lawyer. Provides special needs legal services to individuals and their families. They work closely with financial services professionals to develop the appropriate documentation for various documents such as trusts.
Financial Professional. Seeks to understand the unique financial requirements of an individual or family with special needs in order to help them develop a life care plan.
Life Care Plan
A life care plan is a coordinated program of planned care for future financial and legal strategies for people with limited conditions and their families. Caregivers must update these plans at least annually or more frequently if necessary. This annual review is critical, as the needs of a person with limited or other special needs change over time, as do the laws and the family's financial situation.
Among the elements that a life care plan needs is the financial strategy. The family needs to define its financial strategy in order to ensure that the family member with the disability, limited condition or special need receives the care he or she needs and can provide both him and his family with their own financial goals. The future care strategy (letter of intent) is intended to provide written instructions for the future to the caregiver, relatives, lawyers, guardians, judicial system, etc., on how care will be provided to the person with limited conditions or special needs. The purpose of the legal plan is to define the legal protections necessary to protect the quality of life of the individual with limited conditions or special needs, once the parent or caregiver dies.
We have the following tools to build the life care plan:
State and federal programs
School Programs
Health-related therapies (Medical Insurance)
Medicaid
Social Security
SSI
SSDI
Wills
Trusts
Special needs
Joint Trust
Insurance Products
Life insurance
Disability insurance
Long term care insurance
ABLE accounts
Legal power
Limited
Durable
Intention letter
In short, these are the majority of the points to touch when we work with personalized and centralized care in the care of the life of an individual with limited conditions or special needs. As mentioned at the beginning, the purpose of this article is to educate our families on the subject and the tools they have. Do you need more info? Do you want to know how it can help you and your loved one? Click on the link to fill out the contact form. We will contact you as soon as possible to schedule your consultation and start building that extra tool for you to continue showing love.