Raising a child with special needs comes with unique challenges, especially when it comes to financial planning. It's essential for families to explore a combination of private and public resources to ensure financial security for themselves and their child's lifetime. In this blog post, we'll discuss strategies for balancing these resources effectively.
Understanding SSI and SSDI, the implications for Medicaid, and the Medicare eligibility that comes with SSDI are vital for securing one's financial future.
As we step into the new year, it's crucial to stay informed about the annual limits that govern various aspects of financial planning. The year 2024 brings with it a set of updated figures and thresholds that can significantly impact your financial strategies. Here are key annual limits you need to be aware of to make informed decisions and optimize your financial planning for yourself and your loved one with special needs in 2024.
Laws and Regulations are constantly changing and it’s important to ensure that your financial plan and estate documents are up to date to reflect these changes. When your plan is current, you can rest easy knowing that you are taking advantage of every opportunity available to maximize your resources for you and your family. One of the most recent changes to date occurred just before the end of 2019 when Congress passed, and the President signed a spending bill that included significant changes to retirement savings accounts. Known as the Setting Every Community Up for Retirement Enhancement (SECURE) Act, this legislation changed rules around retirement plans in several key ways.
ABLE (Achieving a Better Life Experience) accounts offer people with disabilities a great, tax-free way to accumulate money without jeopardizing their qualifications for Supplemental Security Income (SSI) and other means-tested programs. Withdrawals are tax-free as long as the money is used for “qualified disability expenses.”
Updates to CalABLE’s site and account platform will be happening this week. Here’s what you can expect from the changes and how it will impact you.