Special-needs trusts give parents good options to provide care for children with disabilities or chronic illnesses well into the future
future plans with their child with a disabilitypowers of attorney for healthcare and/or propertySource: University of Illinois , 'Identifying the Correlates and Barriers of Future Planning Among Parents of Individuals With Intellectual and Developmental Disabilities'
A good book to begin educating yourself is “Special Needs Trusts: Protect Your Child’s Financial Future,” by Kevin Urbatsch and Michele Fuller-Urbatsch. Next, seek out a chartered special-needs consultant, or ChSNC. Financial advisers and others with this designation and training typically are better able to help families navigate these waters. The American College of Financial Services has a tool that can help people find a ChSNC in their area.
But the Secure Act, Mr. Slott notes, also identified several groups of heirs who still can stretch required distributions over their lifetimes, including individuals who are “disabled” or “chronically ill.” If, before you die, you set up a special-needs trust with your disabled child as the beneficiary—and if you name that trust as the beneficiary of your IRA—this would allow the trust to withdraw funds from the IRA over the life expectancy of your child. In effect, you restore the stretch IRA.
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