Vest
Vest
Vision
Vision
Village
Village
Vest Vision Village Story
When we built AWG, we asked ourselves…… Can we look at the family as a whole?…. Can we improve communication within our Village with an emphasis on Sustainability?
In my years of working with families in Financial Planning, I have noticed that all too often, many special needs families could not commit to taking the steps in planning. Why?
Everyone agreed that they needed to plan for their loved one. Was it the time involved? Yes. Would we be addressing some difficult scenarios? Possibly. Or did they believe they simply “made it this far without a plan”? Believe me, I get it. There was even a point in time where “the cobbler’s son had no shoes”.
The AWG process is simple.
Vest: to whom are you vested? We need to know everything (and we mean everything) about your loved one.
In addition, we want to know your:
Vision: what are your wishes, hopes, and dreams?
Finally, Village: Who will be there to help us realize and protect our dreams?
Vest Vision Village Story
When we built AWG, we asked ourselves…… Can we look at the family as a whole?…. Can we improve communication within our Village with an emphasis on Sustainability?
In my years of working with families in Financial Planning, I have noticed that all too often, many special needs families could not commit to taking the steps in planning. Why?
Everyone agreed that they needed to plan for their loved one. Was it the time involved? Yes. Would we be addressing some difficult scenarios? Possibly. Or did they believe they simply “made it this far without a plan”? Believe me, I get it. There was even a point in time where “the cobbler’s son had no shoes”.
The AWG process is simple. Vest: to whom are you vested? We need to know everything (and we mean everything) about your loved one. In addition, we want to know your Vision: what are your wishes, hopes, and dreams? Finally, Village: Who will be there to help us realize and protect our dreams?
Frequently Asked Questions
What Is SustainAbility Planning?
Financial planning for a person with a disability can feel different from traditional financial planning — because it is.
Families aren’t simply planning for retirement, college, or an inheritance. They may also be planning for government benefits, lifelong support, housing, caregivers, decision-making, employment, transportation, advocacy, and what happens when today’s caregivers are no longer able to provide the same level of support.
At Ability Wealth Group, we believe good planning starts with understanding how all of those pieces work together.
How Is SustainAbility Planning Different?
Traditional financial planning often focuses on accumulating enough money to reach a financial goal.
SustainAbility Planning asks additional questions:
- How do we use financial resources without unintentionally disrupting other important resources and supports?
- What supports does our person need to live the life we envision for them and what supports are available today?
- Which government benefits might be available?
- How should assets be owned or transferred?
- Who will help make decisions and advocate in the future?
- How do we make the plan sustainable for the next generation?
The answers are different for every family.
What Are Government Benefits?
Government benefits may become an important part of the financial foundation for a person with a disability.
Depending on the individual’s circumstances, these can include programs such as:
SSI — Supplemental Security Income
A federal program providing monthly payments to qualifying people with limited income and resources who are disabled, blind, or age 65 or older.
SSDI and Childhood Disability Benefits
Social Security benefits may become available based on an individual’s own work record or, in certain circumstances, a parent’s Social Security record.
Medicaid
Medicaid can provide much more than traditional health insurance. Depending on the state and program, Medicaid may also be connected to home- and community-based services and other long-term supports.
Medicare
Some individuals with disabilities may eventually qualify for Medicare through Social Security disability-related benefits.
Medicaid Waivers
Waiver programs may provide services and supports that help individuals live in their homes or communities rather than institutional settings.
Eligibility and services vary considerably by state and by individual circumstances.
Does Who Owns the Money Matter?
Yes, Some means-tested government programs have financial eligibility rules.
One of the unusual realities of special needs planning is that:
The person who may need the money the most may not always be the person who should own the money directly.
As a result, families need to think carefully about:
- Inheritances
- Life insurance
- Retirement account beneficiary designations
- Gifts from parents or grandparents
- Investment accounts
- Settlements
- Property ownership
This doesn’t necessarily mean a person with a disability cannot have financial resources.
It means those resources need to be structured thoughtfully.
What Is a Special Needs Trust?
A Special Needs Trust is a legal tool that allows money and other assets to be set aside for a person with a disability without necessarily jeopardizing eligibility for important means- tested government benefits, such as SSI and Medicaid. The trust can help pay for needs that improve the individual’s quality of life while keeping those assets from being owned directly by the individual.
What are the different types of Special Needs Trusts?
First Party Special Needs Trusts: Holds assets that belong to the individual with a disability, such as an inheritance received directly, settlements, or personal savings. These trusts generally have specific Medicaid payback requirements at the beneficiary's death.
Third-Party Special Needs Trusts: Holds assets belonging to someone else, often parents, grandparents, or other family members, for the benefit of the individual with a disability. Because the assets never belonged to the beneficiary, these trusts generally do not require Medicaid repayment.
What Is an ABLE Account?
An ABLE account is a tax-advantaged savings account for eligible individuals with disabilities. It allows money to be saved and used for qualified disability-related expenses while generally protecting eligibility for important means-tested government benefits like SSI and Medicaid.
An ABLE account and a Special Needs Trust aren’t necessarily competitors. For many families, they can serve different purposes within the same overall plan.
How Much Money Will My Loved One Need?
This may be the most common question — and one of the hardest to answer.
The starting point isn’t a large financial projection.
It’s understanding the person’s life.
Where might they live?
What support will they need?
Will they work?
What transportation will they need?
What activities are important to them?
What benefits might help provide support?
What does the family currently provide that someone else may eventually have to provide?
Some of the most valuable resources in a special needs plan aren’t financial assets at all.
They’re people, programs, relationships, routines, knowledge, and community.
Only after understanding those pieces can we begin to estimate the financial resources needed to support them.
When Should We Start Planning?
You don’t need to have everything figured out before beginning.
In fact, you probably won’t.
Needs change. Benefits change. Families change. Laws change. Opportunities change.
The purpose of planning isn’t to perfectly predict the next 40 years.
It’s to make thoughtful decisions today while building a framework that can adapt tomorrow.
Sometimes the most valuable first step is simply identifying:
What’s important now?
The Most important age to start planning? Today!
Special Needs Planning isn’t a single decision made at a certain age. It’s an ongoing process that changes as your loved one, your family, available benefits, and your vision for the future change.