Season 2 Episode 29: Estate planning for people with disabilities
Jul 24, 2023
auto_awesome
Discussing estate planning for individuals with disabilities, the podcast delves into financial challenges and options like special needs trusts and ABLE accounts. The founder of Morgan's Wonderland shares his inspiring story of creating an inclusive theme park. It also touches on finding fulfillment beyond financial success and supporting initiatives like the Special Olympics through charitable donations.
Create inclusive spaces for individuals with disabilities, fostering acceptance and understanding.
Utilize special needs trusts and ABLE accounts for essential financial planning and safeguarding government benefits.
Ensure essential estate planning documents like durable power of attorney are in place for individuals over 18, especially parents of special needs children.
Deep dives
Fostering Inclusion: Morgan's Wonderland Origin Story
In response to his daughter's exclusion due to special needs, Gordon Hartman created Morgan's Wonderland, the world's first ultra accessible theme park, dedicated to inclusivity. This initiative aims to provide a space where individuals with and without special needs can play together, fostering acceptance and understanding.
Navigating Financial Challenges of Special Needs: Trusts and ABLE Accounts
Raising a child with special needs entails substantial financial commitments, with lifetime costs ranging from 1.4 to 2.5 million. Special needs trusts and ABLE accounts provide essential financial planning tools to ensure individuals receive necessary care while safeguarding government benefits like SSI and Medicaid.
Advance Planning Essentials for Families: Estate Planning Documents
Every individual over 18, especially parents of special needs children, should have essential estate planning documents like durable power of attorney, medical power of attorney, and a letter of intent. These documents ensure healthcare and financial decisions align with the individual's wishes.
Promoting Inclusion at Community Level: Mobilizing Small-Scale Efforts
Morgan's Wonderland exemplifies the power of small initiatives for inclusion, from adaptable features like sand circles to train rides. Community members can emulate such efforts by curiously seeking ways to ensure accessibility, creating an inclusive environment for all individuals.
Tax-Efficient Donations for Charitable Giving: Maximizing Impact
Supporting organizations aiding children with special needs through targeted donations can optimize tax benefits. Consider donating appreciated investments or explore charitable remainder trusts for added flexibility and tax advantages, consulting a financial planner for personalized strategies.
Encouraging Involvement in Special Needs Initiatives: Engaging in Helping Hands
Inspired by stories like Gordon Hartman's and Special Olympics' message of hope, individuals are encouraged to contribute their resources towards supporting children with special needs. Donations, active participation, and creating inclusive spaces can collectively foster a new era of inclusivity and acceptance.
According to the Centers for Disease Control and Prevention, 1 out of every 36 children are diagnosed with autism spectrum disorder. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean is joined by wealth planner Isabel Barrow and a director of estate planning Erin Smith, to detail the financial and legal challenges that families of children with special needs face and discuss options to consider to help navigate them. Later in the episode, Jean talks to Gordon Hartman, the founder of Morgan’s Wonderland, the world’s first fully accessible and inclusive theme park, which was inspired by his daughter Morgan, who lives with special needs.
Ms. Chatzky receives cash compensation for acting as hosts of the Everyday Wealth radio show and podcast and for related activities and therefore has an incentive to endorse Edelman Financial Engines and its planners. That compensation is a fixed sum paid on an annual basis; and reimbursement for certain expenses. The amount paid each year does not vary, is not based on show content or any results-dependent factors (e.g., popularity of the show).
This show is pre-recorded, and any callers are prescreened.
The information being provided is for informational and educational purposes only and should not be construed as investment advice. Although some of the statistical and market information has been gathered from sources believed to be reliable, we do not guarantee its accuracy or completeness. You should consult with a financial advisor to help determine the best options for your particular circumstances.
Neither Edelman Financial Engines nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to include your qualified tax and/or legal professionals in these discussions and decisions to help determine the best options for your particular circumstances.
