SPECIAL NEEDS PLANNING S k y l i g h t F i n a n c i a l G r o u p S p e c i a l N e e d s P l a n n i n g Te a m e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
GUIDANCE + DIRECTION Time It rushes right by. We put off until tomorrow the things we know should be taken care of today. And then we put them off again…and again…until we look back and wonder, now what? Direction Where do we start when we feel like we’re already behind? How do we take that first step toward doing the things we know we should be doing? Guidance That’s where Skylight Special Needs Planning Team comes in. We’ll listen to your concerns and create a customized strategy to give you and your family the specialized guidance needed to face your unique challenges. e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
HAVE YOU EVER THOUGHT ABOUT? • What will my child do after age 22? Work? • Will I be able to retire? • How do I choose a guardian or trustee? • How do I write a letter of intent? • Who will care for my child if I can’t? • Do I need a special needs trust? • What is the right amount of life insurance? Type? • Can my child lose government benefits? • Do I have a life plan for my child? • What would happen to my son or daughter if I were disabled? e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
LIFE CARE PLANNING STAGES Ages s 0-3 Ages s 4-15 15 Ages s 16-22 22 Ages s 22+ Early Transition Lifetime Education Intervention • Diagnosis, learning & • Employment & • Community support • Family involvement understanding housing • Support teams • Organizational • Treatments & • Guardianship • Quality of life resources • Government benefits medications • Daily activities • Planning for the future • Future vision • Therapies & activities e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
FOC OCUS US TEA EAMS MS Your family has unique resources in each of these 3 Social Financial segments. The integration of these 3 teams of individuals is key to successfully navigating your future planning. Medical e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
Special Needs FINANCIAL TEAM Financial Advisor A collaborated Liability CPA approach to ensuring Specialist ultimate efficiency in your planning. Estate Debt Planning Specialist Attorney e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
WHAT IS SPECIAL NEEDS PLANNING? FINANCIAL POSITION Financial Plan ADEQUATE PROTECTION WEALTH STRATEGIES Special Needs Financial Planning TAX REDUCTION STRATEGIES RETIREMENT PLANNING Life Care ESTATE PLANNING Plan LIFE CARE PLANNING ASSISTANCE PROGRAMS e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
WHAT IS SPECIAL NEEDS PLANNING? FINANCIAL POSITION • Tracking your current ADEQUATE PROTECTION income & expenses WEALTH STRATEGIES • Managing your debt LIFE CARE PLANNING • Projecting your child’s TAX REDUCTION STRATEGIES special needs expenses RETIREMENT PLANNING ESTATE PLANNING ASSISTANCE PROGRAMS e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
WHAT IS SPECIAL NEEDS PLANNING? FINANCIAL POSITION • Provide for survivors in case of ADEQUATE PROTECTION premature death • WEALTH STRATEGIES Protect a portion of income lost if disabled LIFE CARE PLANNING • Preserve wealth for future needs TAX REDUCTION STRATEGIES • Provide funding for special RETIREMENT PLANNING needs vision ESTATE PLANNING ASSISTANCE PROGRAMS e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
WHAT IS SPECIAL NEEDS PLANNING? FINANCIAL POSITION • Provide for education ADEQUATE PROTECTION expenses WEALTH STRATEGIES • Reviewing your investment portfolios LIFE CARE PLANNING • Providing for support, care & TAX REDUCTION STRATEGIES maintenance • Preservation of eligibilities RETIREMENT PLANNING ESTATE PLANNING ASSISTANCE PROGRAMS e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
WHAT IS SPECIAL NEEDS PLANNING? FINANCIAL POSITION • Creating a special needs ADEQUATE PROTECTION vision • Creating a letter of intent WEALTH STRATEGIES • Determining the organizations LIFE CARE PLANNING that can provide resources TAX REDUCTION STRATEGIES • Family involvement • Insuring asset threshold RETIREMENT PLANNING ESTATE PLANNING ASSISTANCE PROGRAMS e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
WHAT IS SPECIAL NEEDS PLANNING? FINANCIAL POSITION • Help minimize federal & state ADEQUATE PROTECTION income taxes WEALTH STRATEGIES • Protect against future income tax liabilities LIFE CARE PLANNING • Develop long term tax TAX REDUCTION STRATEGIES reduction strategies • Managing eligible special RETIREMENT PLANNING needs deductions ESTATE PLANNING ASSISTANCE PROGRAMS e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
WHAT IS SPECIAL NEEDS PLANNING? FINANCIAL POSITION • Help ensure adequate ADEQUATE PROTECTION retirement income • WEALTH STRATEGIES Government & employee benefit plans LIFE CARE PLANNING • Personal savings & investments TAX REDUCTION STRATEGIES • Project the impact of an early RETIREMENT PLANNING retirement ESTATE PLANNING ASSISTANCE PROGRAMS e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
WHAT IS SPECIAL NEEDS PLANNING? FINANCIAL POSITION • Outline appropriate estate ADEQUATE PROTECTION planning vehicles • WEALTH STRATEGIES Trusts including all types of special needs trusts LIFE CARE PLANNING • Choosing guardians, executors & trustees TAX REDUCTION STRATEGIES • Planned giving strategies RETIREMENT PLANNING ESTATE PLANNING ASSISTANCE PROGRAMS e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
WHAT IS SPECIAL NEEDS PLANNING? FINANCIAL POSITION • SSI & SSDI ADEQUATE PROTECTION • Medicaid WEALTH STRATEGIES • Waiver programs LIFE CARE PLANNING • Maintaining eligibility TAX REDUCTION STRATEGIES • Insuring asset thresholds • Notifying extended family RETIREMENT PLANNING members ESTATE PLANNING ASSISTANCE PROGRAMS e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
PERSON CENTERED Financial Professional, PLANNING Certified in Special Care SM Family Medical Professionals Members or Caregivers Special Social Financial Needs Individual Social or Case Accountant/Debt Specialist Workers Medical Attorney/Liability Specialist e bbbbbbbbbbbbbbbbbbbbbbbbbb estate bbbbbbbbbbbbbbbbbbbbbbbbbb S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning bbbbbbbbbbbbbbbbbbbbbbbbbb p 16 bbbbbbbbbbbbbbbbbbbbb
TOTAL INTEGRATION e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p 18
THE ABLE ACT- WHAT IS IT? The Achieving a Better Life Experience Act of 2014 (the ABLE Act) that was signed into law as part of the December 2014 Tax Extender package, allows states to create qualified Achieving a Better Life Experience (ABLE) programs beginning in 2015. What are the benefits? ABLE accounts offer three main benefits. • tax -deferred growth • not included in income • generally disregarded in determining eligibility for Medicaid and Supplemental Security Income (SSI) benefits. e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
WHO IS AN ELIGIBLE INDIVIDUAL/ DESIGNATED BENEFICIARY? You are eligible if you are • Eligible for Social Security Disability Insurance (SSDI) or SSI benefits based on blindness or disability; or • If you have a disability certification filed with the IRS for the tax year. Who can contribute? • Anyone may make contributions to an ABLE account, including the eligible individual. Total contributions from all contributors in any year are limited to the gift tax annual exclusion ($15,000 for 2018). e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
TAXATION AND EXPENSES Taxation • If ABLE account distributions do not exceed the designated beneficiary’s qualified disability expenses, none of the distribution is includible in income. • 10% penalty for taxable Qualified Disability Expenses • Expenses related to the eligible individual’s blindness or disability made for the benefit of a designated beneficiary, including: • Education; Housing; Transportation; Employment training and support; Assistive technology and personal support services; Health • Prevention and wellness; Financial management and administrative expenses; Legal fees • Expenses for oversight and monitoring • Funeral and burial expenses e estate S k y l i g h t S p e c i a l N e e d s P l a n n i n g Te a m planning p
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