Special needs planning essentials

I’m not a caregiver, am I?

Member for

1 year 9 months
Submitted by Matt Stagner on Tue, 05/25/2021 - 10:10

COVID-19 is bringing to the forefront the stress that caregivers face every day, underscoring that even in pre-pandemic times, they often lack the support they need. Many who read or watch their stories think they are exempt from this difficult situation. Some assume the term “caregiver” refers only to professionals like nurses, in-home workers and long-term care facility employees who are paid to care for people who need help.

However, 21% of Americans are unpaid caregivers*, providing care to parents, spouses, children, friends and neighbors and assisting with routine, day-to-day activities.

The care provided by unpaid family caregivers could be help with errands, cooking, cleaning, yard work, budgeting, bill paying, medications or transportation. But, it also can be just providing company or checking in to make sure someone is feeling better. In these broad terms, even those who think they are exempt from being a caregiver, may actually be caregivers.

Are you still not sure if you’re a caregiver? Check the list below, you’ve helped someone with:

  • Coordinating care or appointments with providers
  • Managing their finances and paying bills (sometimes even out of your own pocket)
  • Running errands or picking up a few items at the store (again, sometimes paying out of your own pocket)
  • Getting around, including helping with transfer from chair to bed (or vice versa) or driving to appointments
  • Doing yardwork or shoveling snow
  • Doing household chores, including cooking, cleaning and basic maintenance
  • Visiting when they are lonely
  • Taking their dog for a walk
  • Setting up daily medication
  • Helping with personal needs, such as dressing, personal grooming, bathing and feeding
  • Stopping by to check on their condition
  • Operating equipment like hospital beds, wheelchairs, hearing aids, oxygen tanks or nebulizers
  • Providing basic medical care, such as dressing a wound, therapy, ventilator care, administering medications or injections
  • Trouble-shooting with electronics, such as remote controls, cell phones and tablets

The first step for caregivers to be able to secure the support and resources they need to provide the best care for their loved one is to recognize that they are, in fact, caregivers. If you checked off any of the boxes above, you are very likely a caregiver.

*Caregiving in the U.S. The National Alliance for Caregiving (NAC) and AARP, May 2020.

Compliance Code
CN1661942_0523
Business Owner
Mathew Stagner
Expiration Date
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Individuals Employers Financial Professionals Information about the disabilities community Information about the disability community Special needs planning essentials Retirement

Products and services are offered through the Voya® family of companies.

CN1661942_0523

Short Title
Who is a caregiver?

Who can benefit from opening an ABLE account?

Member for

1 year 9 months
Submitted by Matt Stagner on Sun, 12/13/2020 - 09:26

ABLE accounts: a versatile tool for Achieving a Better Life Experience for people with disabilities and special needs

Want to help your child save for their own vision of the future, while maintaining eligibility for government benefits? Looking for a way to teach them about budgeting and managing their own investments? An ABLE account could be the financial tool that helps makes it possible.

What is an ABLE account?

Established under recent legislation, ABLE accounts are tax-advantaged investment and savings accounts that can be used for any disability-related expenses. Perhaps the most important feature of ABLE accounts is the fact that money accumulated for a person with special needs or disabilities in an ABLE account is not counted as an asset when determining eligibility for needs-based government benefits like Medicaid or SSI (subject to limitations).

Many families open 529 educational savings accounts for their children at birth, but sometimes a child receives a diagnosis that changes the family’s plans regarding post-secondary education. Because ABLE accounts are not limited to use for educational expenses and can be used for a broad variety of costs related to a person’s disability, they now offer an alternative to traditional 529 savings accounts. Parents and caregivers can open an ABLE — and even transfer funds accumulated in other 529 accounts to an ABLE — to save for the future, whatever the specific goals may be.

As children with disabilities or special needs approach age 18, means testing for government benefits eligibility is based on their own resources, not the resources of the family. Moving funds into an ABLE account prior to an 18th birthday is an opportunity to ensure savings continue to grow for the future, while eligibility for crucial benefits can be maintained.

Who is eligible to open an ABLE account?

ABLE accounts can be opened for people of all ages, as long as the disability started prior to age 26. So, even adults with disabilities and special needs can use ABLE accounts for the tax advantages that may be available, including tax-free withdrawals, state tax deductions (in some states) and even the federal “Saver’s credit.”

For too long, individuals with disabilities who enter the workforce have been discouraged from fully participating in available employee benefits for fear of jeopardizing the benefits that help with housing, health care, and other important needs. Now, working people with disabilities or special needs can open their own ABLE account to save for the goals most important to them. Many ABLE accounts allow direct deposits and even employer contributions, making it easy to fund and grow an employed person’s account.

How can an ABLE account work for you?

ABLE accounts are a powerful tool for individuals saving to become a homeowner, build an emergency fund, take a dream vacations, go to school, retire or any number of other goals.

Access to savings can be as easy as a debit card. For people who need a little extra help, ABLE accounts allow an Authorized Individual, like a parent, guardian, conservator or power of attorney to assist in managing the money and ensure that funds are available for qualified disability-related expenses.

Housing can be one of the most important areas of concern for people with disabilities and special needs, and ABLE accounts offer a unique feature that can help with housing costs. Typically, funds received for basic expenses like housing and food are considered “in-kind support and maintenance” and may result in a reduction of Supplemental Security Income (SSI) payments. But, money from an ABLE account can be used for housing and other basic living expenses without reducing SSI eligibility.

While one of the key benefits of ABLE accounts is the fact that assets are exempt from government benefits means testing, ABLE accounts can also be a great option for those individuals who aren’t currently receiving benefits. The ability to save in a tax-advantaged way for disability-related expenses can be a benefit for anyone who is eligible. Ask your financial professional for more information, and access Voya Cares resources below.

Subtitle
ABLE accounts can be a difference maker for parents and individuals with disabilities.
Compliance Code
CN1468293_0123
Business Owner
Mathew Stagner
Expiration Date
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Individuals Employers Financial Professionals Special needs planning essentials Special needs planning essentials Special Needs Planning For use with your employees Retirement

Products and services are offered through the Voya® family of companies.

Short Title
Who can benefit from opening an ABLE account?

Understanding planning for your loved ones with special needs

Member for

2 years
Submitted by Jennifer Song on Tue, 11/24/2020 - 11:16

Long-term planning for the financial security of a loved one is essential. As the caregiver for a loved one with special needs, giving them the care and support they deserve is a lifelong commitment, so putting safety nets in place become that much more important  and complex.

Naming someone you love with special needs as a beneficiary to your IRA or life insurance policy may seem like the best route to take, but you could unintentionally disqualify them from receiving valuable governmental benefits like Supplemental Security Income (SSI), Medicaid, housing assistance, Supplemental Nutrition Assistance Program (SNAP) and other types of needs-based assistance. Thankfully, there are ways to avoid situations like this.

A special needs trust (SNT) can be set up if you wish to leave an inheritance for a loved one with special needs, without jeopardizing their governmental benefits. The funds in the SNT can then be used for your loved one’s expenses not covered by government benefits, such as school or tuition costs, to purchase a home or for recreational activities. To help guide you along the way,  the Voya Cares program provides the support and guidance you need for special needs planning.

Our specially trained financial professionals serve the special needs community by addressing the unique financial planning needs of not only people with disabilities, but also their caregivers and families. As professionals in retirement, investment management and employee benefits, Voya is uniquely positioned to make an impact in the lives of people with special needs. Voya Cares also helps further awareness in the workplace by providing the educational tools needed for employees caring for individuals with special needs.

Watch this video on the importance of Voya Cares. Visit Voya Cares to learn more about how caregivers can bridge the gap in their special needs planning. You can rest a bit easier knowing you’ve taken the steps to help ensure your loved one will receive a lifetime of support and care.

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Subtitle
The special needs community represents one of the largest demographics in the U.S., yet they are often overlooked and underserved. Voya Cares can help.
Compliance Code
CN1212160_0622
Business Owner
Jennifer Song
Expiration Date
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Individuals Special Needs Planning Special needs planning essentials Retirement
Short Title
Understanding planning for your loved ones with special needs

ABLE accounts at a glance

Member for

1 year 11 months
Submitted by smoses on Fri, 11/20/2020 - 17:12
Subtitle
Achieving a better life experience
Compliance Code
CN956858_0920
Business Owner
Mathew Stagner
Expiration Date
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Individuals Employers Financial Professionals Special needs planning essentials Special needs planning essentials For use with your clients For use with your employees
Short Title
ABLE accounts at a glance

Advisors address special needs

Member for

1 year 11 months
Submitted by smoses on Fri, 11/20/2020 - 17:01

One in five Americans — an estimated 56.7 million people — will be affected by a special need or disability in their lifetime1, while one out of six American workers provide or assist with caregiving?2 In spite of being the third largest demographic in the nation, the special needs community is often overlooked and vastly underserved.

However, Voya Cares offers advisors the opportunity to gain the skills, training and education to make a difference in the lives of millions living with special needs and disabilities as well as their caregivers. And by doing so, you can feel good about growing your business and creating a competitive advantage.

Voya discussed special needs planning with advisors and the impact it’s making in their lives as well as the lives of their clients. Hear what these advisors have to say!

A special needs planning “newbie” soars

Meet Joan Tucker-White: a financial advisor from Connecticut who wants to develop a special needs planning niche. Find out how Voya Cares has armed her with the tools to succeed with this critical segment of clients.

Remote video URL

Don’t procrastinate with special needs planning

Meet Thomas Kalejta: a financial advisor in Pennsylvania, who was inspired by his own son’s autism to want to help other families. Find out how “hope isn’t a strategy” when it comes to financial planning for families with special needs.

Remote video URL

Baking up a strategy for special needs families

Meet Jon Kurtz: a financial planner in Virginia who focused on his son’s love of baking to cater a world for him. Discover how Voya Cares is helping Mr. Kurtz bring that strategy to more families.

Remote video URL
Subtitle
Watch advisors share how special needs planning is changing lives.
Compliance Code
Business Owner
Mathew Stagner
Expiration Date
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Financial Professionals Special needs planning essentials

Financial advisors are Investment Adviser Representatives of and offer securities and investment advisory services through Voya Financial Advisors, Inc., (VFA) member SIPC. Neither Voya Financial Advisors nor its representatives offer tax advice.

1 Source: U.S. Census Bureau. “Americans with Disabilities: 2010”

2 Easter Seals – Caregiving Study

Short Title
Advisors address special needs

Add an HSA to a Special Needs Financial Plan

Member for

1 year 11 months
Submitted by smoses on Fri, 11/20/2020 - 16:36

What is an HSA?

A Health Savings Account (HSA) is a way to increase your spendable income and save money on taxes. HSAs work with a high-deductible health plan to help you invest for future expenses while paying for everyday costs like copays, prescriptions and more. You can use the account for all eligible out-of-pocket medical expenses, including those for your covered spouse and dependents.

How does an HSA work?

The IRS sets an annual per-person or per-family limit that you and your employer can agree to meet. Then, your pre-tax dollars are transferred into the account every month. If you contribute the maximum amount allowed each year, you’ll fully benefit from the tax savings, withdraw funds anytime you need them, and continue to save for the future.

Should I assign beneficiaries?

If your loved one with disabilities qualifies for government benefits, an HSA under their name can disqualify them. Consider a Special Needs Trust (SNT) or an ABLE account for your loved one, as it can stand in as the beneficiary for your HSA and any other financial assets, without putting government benefits at risk.

Am I eligible for an HSA?

You may be a great fit for an HSA if you have:

  • Qualifying High-Deductible Health Plan (HDHP) coverage.
  • Medical expenses to plan and pay for, like copays.
  • A desire to save and invest for your retirement.
  • A plan for your own or a loved ones’ future care.

Plan for special needs with an HSA

HSA benefit: Triple-tax advantaged.

Special needs application: Your HSA grows with you, tax-free. Pre-tax contributions reduce your taxable income, and withdrawals for eligible expenses are not taxed. When it comes to means-tested government benefits, however, contributing to an HSA doesn’t reduce your countable income, and HSA funds will count as resources, so plan accordingly. An HSA in the name of a caregiver can be a valuable planning tool for expenses related to a covered dependent. Always consult with your specialist advisor and attorney to understand the rules related to government benefits.

HSA benefit: Works well with others.

Special needs application: Pair with a Flexible Spending Account (FSA). If you’re not eligible for an HSA or you want to complement one, a tax-advantaged FSA allows you to save and spend money on eligible medical expenses and dependent care throughout the year. But unlike an HSA, the funds don’t roll over — so they’re not accruing interest or available over time. You can use your FSA for shorter term expenses, and build up HSA investments for the long term.

Pair with an ABLE account. An ABLE account is another way to save and spend for disability-related expenses, similar to a special needs trust. Like an HSA, an ABLE account has some tax advantages and can be used for short-term spending or long-term investing. The main difference in taxation is that the HSA is funded with pre-tax funds, while the ABLE account is after-tax. Of course, the allowable expenses are different, and ABLE accounts are not counted as assets for means-tested benefits. Used properly, ABLE and HSA accounts can work together as you manage your cash flow now and in the future.

HSA benefit: Supplement health insurance benefits.

Special needs application: Your health insurance plan may cover your minor children and adult dependents with disabilities, but the deductible and copays might make cash flow difficult. And, your health insurance coverage might exclude some necessities for your loved one with disabilities or special needs. An HSA is there to help fill in the gaps.

An HSA can be used to pay for emerging technologies, experimental drugs and other medical related expenses that your insurance may not cover. If your doctor orders or prescribes it, you should be able to pay for it with an HSA. This can include things like home modifications, ABA therapies, special diets, vitamins, autism programs and more.

HSA benefit: Rollover funds.

Special needs application: You may not know what the future holds in terms of expenses for your loved one with special needs or disabilities, so accumulating savings in an HSA is a great way to stay prepared. Your HSA account and funds stay with you, even if you change jobs. Funds can be rolled over, so you’ll never have to “use-it-or-lose-it.” In a special needs situation this is especially helpful, because dependents may be able to stay on a parents’ plan beyond typical ages, so the benefits may span multiple jobs for the covered worker. This feature makes your HSA another source of resources for a lifetime of care.

HSA benefit: Save into retirement.

Special needs application: An HSA can be a valuable retirement savings vehicle since unused funds can be invested and grow for the long term. Caregivers who are trying to balance saving for their own retirement with providing care may find this option helpful.

If you or your covered dependent is on Medicare, you’ll be able to use HSA funds to help pay for the premiums, as well as for long-term care policies.

Plan ahead by saving your receipts. If you don’t need the reimbursements now, or at the time of the medical care — you can take them out later, even well into your retirement years.

HSA benefit: Debit card and/or easy online access.

Special needs application: If you’re an individual with special needs or a caregiver for a person with a disability, you know that keeping good records is key. HSAs help you keep track of every penny saved and spent with online profiles and debit cards that are simple to access and use.

Action steps:

Learn more

Subtitle
Learn how to use an HSA within your financial plan, especially if you’re a caregiver for a person with a disability.
Compliance Code
CN#1376647
Business Owner
Mathew Stagner
Expiration Date
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Employers Financial Professionals Individuals Maximizing employer benefits Special needs planning essentials Special needs planning essentials For use with your employees For use with your clients
Short Title
Add an HSA to a Special Needs Financial Plan

How to talk to your family about your special needs trust (SNT)

Member for

1 year 11 months
Submitted by smoses on Thu, 09/03/2020 - 10:14

Setting up a special needs trust (SNT) for your loved ones with a disability or special needs is a good way to protect their government benefit eligibility after you are gone. But if your family members aren’t aware of your good financial and legal planning, an inheritance or other gift from them may impact your loved ones’ future.

Bring everyone to the table

Whether your family is very open about money, or they keep to themselves about finances, it’s important to have an open conversation. If people are comfortable, forming and managing an SNT can be a family process. Once you have contacted your special needs attorney and set the plan in place, sit down with your family members, communicate plans and get them involved.

Talk about why

It’s important that everyone understands very clearly that any inheritance or gift of money that goes directly to a person with disabilities who is receiving government benefits could be devastating. List the government benefits your loved one receives or will receive, and let your family know that your loved one could lose those government benefits, if he or she receives other income or assets.

Talk about what

Explain that you’ve found a way they can still leave an inheritance or gift money to your loved one. Let them know that simply designating your loved one’s SNT as the beneficiary for any financial asset will avoid the problem of losing government benefits. Then, give your family members the title of the trust, so it can be named as a beneficiary.

Talk about how you feel

Your family may have questions and concerns. Try to be patient and responsive. For the process to work, everyone needs to feel heard and accepted and have a clear understanding of the importance of the SNT to the beneficiary.

Get organized

Make sure you store the trust information, along with guardianship documents, powers of attorney, wills and other important papers, in a safe place. You may need to access these papers occasionally, so having them in a central location — or as electronic copies in a digital vault — could make your life easier. In addition, your family members (especially those who may be successor trustees or caregivers) need to be able to find everything, in case something happens to you. Get everything organized and communicate where the family can find information, if needed. This step is often overlooked but can make a big difference.

Action steps:

  • Talk to a financial advisor to get started.
  • Find a special needs attorney.
  • Set up your special needs trust (SNT).
  • Give your family the title of the special needs trust.
  • Get organized.

Learn more:

 

Compliance Code
CN1376647_1022
Business Owner
Mathew Stagner
Expiration Date
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Employers Financial Professionals Individuals Special needs planning essentials Special needs planning essentials For use with your clients For use with your employees

Neither Voya Financial® or its affiliated companies or representatives offer legal or tax advice. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision.  

Products and services offered through the Voya ® family of companies.

Short Title
How to talk to your family about your special needs trust (SNT)

Questions to ask your special needs attorney

Member for

1 year 11 months
Submitted by smoses on Thu, 09/03/2020 - 10:10

Creating a special needs trust (SNT) is not only a legal process, it also can provide direction for future of your loved one with a disability or special needs. To choose the right attorney for the job, you’ll need to know whether he or she has the expertise and awareness to craft an SNT for your specific needs. Bring the following questions to your consultation, to make sure you’re in the right hands.

What’s your experience in this area?

It is very important to work with an attorney who specifically and regularly creates SNTs. No two situations are the same, and so a qualified SN attorney with a deep understanding of all the ins and outs is a must.

Are my loved one’s government benefits in danger?

Bring a list of all the government benefits your loved one currently qualifies for and think ahead about what he or she might qualify for in the future. Then, your special needs attorney can help you understand whether an SNT is recommended.

Have you dealt with Medicaid qualification and recapture?

First-party and pooled trusts are subject to Medicaid recapture, upon the death of the trust beneficiary, while third-party trusts are not. Alternatives to trusts include ABLE accounts and Powers of Attorney. Your attorney should have an understanding of all the benefits of each type of SNT and alternatives, so he or she can help you decide how to move forward.

How will you design the plan for my specific situation?

Explain the future goals you and your loved one have identified to the attorney and provide a list of what planning steps already have been completed. Once the attorney has this detailed picture, he or she will be able to come up with a plan that’s customized just for your loved one.

How often will you revisit my SNT?

The actual trust documents should be reviewed every five years to make sure the laws haven’t changed or the documents haven’t become outdated. If events in your life change, especially if you move from state to state, you also will want to make updates, accordingly. You may personally want to revisit your SNT annually, just to make sure everything is in order.

Action steps:

  • Talk to a financial advisor to get started.
  • Identify your and your loved one’s goals.
  • Make a list of all your assets.
  • Find a special needs attorney.
  • Bring your list of questions to your consultation.

Learn more:

Compliance Code
CN1376647_1022
Business Owner
Mathew Stagner
Expiration Date
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Individuals Special needs planning essentials Special needs planning essentials

Neither Voya Financial® or its affiliated companies or representatives offer legal or tax advice. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision.

Products and services offered through the Voya® family of companies.

Short Title
Questions to ask your special needs attorney

Setting up a special needs trust (SNT)

Member for

1 year 11 months
Submitted by smoses on Thu, 09/03/2020 - 10:02

Setting up a special needs trust (SNT) for a person with a disability or special needs named as the beneficiary may be an important step to preserving your loved one’s government benefit eligibility. To get started, follow these steps:

  1. Contact a financial planner who is experienced in planning for special needs.
  2. Take inventory of your assets, including future inheritances your loved one might receive, property sales he or she may benefit from, or income that might be earned.
  3. Capture specific goals for your loved one by creating a Letter of Intent (LOI). An LOI gives you a big picture of your loved ones’ future care needs — for example the cost of housing, food and other expenses — and helps create a vision for their future.
  4. Calculate how much funding you will need for your loved ones’ SNT by balancing the needs of the present and the future — daily life, retirement savings, travel, college and life goals. Factor in taxes, inflation and administrative costs. Err on the conservative side, and round up.
  5. Enter a collaborative process as your financial advisor calculates numbers based on your and your loved ones’ goals and available assets. Confirm what’s realistic and comfortable for your family. As you go through the process, you’ll be able to fill in any gaps with life insurance benefits, potential earned income from your loved one and other funds.
  6. Meet with a qualified special needs attorney to draft the documents. Be sure to find a special needs attorney with specific experience planning for those with disabilities.
  7. Select a trustee or trustees to be responsible for filing the trust taxes, administrating the trust, and understanding what’s allowable for trust distributions, according to its documents. Often parents will name themselves as trustees, but they’ll still need to decide who will manage the trust, once they pass away, so the decision on successor trustees is critical. Name successor trustees from multiple generations to make sure the role is filled for the long term. While many people automatically appoint other family members as successor trustees, family dynamics may sometimes get in the way of clear financial decision-making. In many cases, a professional trust administrator is a good alternative.
  8. Consider assigning co-trustees [optional]. You, a family member and a professional trustee can be co-trustees of the SNT. For a fee, the professional can be sure all actions are compliant with the law and send out distributions, while the family member can look out for the best interest of your loved one. A trust protector — someone appointed to watch over a trust over time to ensure that it is not adversely affected by any changes in the law or circumstances — could also be added, to oversee all the work.
  9. Create an informal committee [optional]. The people who can be involved on your SNT committee include the trust protector, the trustee or co-trustees, your loved one’s doctor, your special needs attorney, other family members, the person who has power of attorney, your loved one and yourself. Each committee member will know the beneficiary well and will be able to guide the trustees in decision making that is in the best interest of your loved one with a disability or special needs.
  10. Make the SNT a beneficiary. Once the SNT is legally in place, simply add it to your financial assets that have your loved one with a disability or special need named as a beneficiary, such as life insurance and pension plans.

Action steps:

  • Talk to a financial advisor to get started.
  • Create a Letter of Intent (LOI).
  • Find a special needs attorney.
  • Appoint trustees, co-trustees and successors to the SNT.

Learn more:

Compliance Code
CN1376647_1022
Business Owner
Mathew Stagner
Expiration Date
Businesswoman using digital tablet at office desk
Employers Financial Professionals Individuals Special needs planning essentials Special needs planning essentials For use with your clients For use with your employees

Neither Voya Financial® or its affiliated companies or representatives offer legal or tax advice. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision.

Products and services offered through the Voya® family of companies.

Short Title
Setting up a special needs trust (SNT)

Types of special needs trusts (SNTs)

Member for

1 year 11 months
Submitted by smoses on Thu, 09/03/2020 - 09:53

A special needs trust (SNT) is a legal document drawn up by an attorney with special needs experience. A properly drafted SNT can receive assets for the benefit of the beneficiary.

When it’s time for the assets to be distributed, your loved ones can receive the SNT funds without losing their government benefits in the process. The following information can help you choose the right SNT for your situation.

First-party trust

If you are a person with disabilities or special needs, you can set up a first party special needs trust. Add to it your unexpected inheritances, child support and even structured settlement money. This will protect your needs-based government benefits that provide funds for housing, medical care and food.

Keep in mind, if you’re receiving Medicaid, a payback provision to reimburse the money paid for your care will be required, at the time of your death. This may prevent secondary beneficiaries from receiving the remaining balance of SNT funds, as state programs will recapture the cost of Medicaid benefits paid.

Third-party trust

Caregivers and family members, this is an SNT you can set up for your loved one. Place money from parents, grandparents, or any other source into the trust for future use. Even if you don’t have money to put into it immediately, set up your third-party SNT now, refer to it in your will and beneficiary designations, and it will be funded upon your death.

With the SNT protecting your loved one’s government benefits, the money it contains can be spent on supplemental eligible expenses, such as hobbies, travel and quality of life. And, because it’s a third-party special needs trust, Medicaid cannot recapture assets from it.

Pooled trust

As an alternative to setting up your own trust, you can join with other people in special needs situations and have a shared trust. Pooled trusts can be either first or third party, so ask your advisor or a local nonprofit organization that may sponsor a pooled trust.

ABLE account

While it’s not actually a type of trust, an ABLE account is an additional option for accumulating assets. It’s a qualified savings account that receives preferred federal tax treatment. An ABLE account allows you to save for disability-related expenses like assistive technology, employment training, legal fees, living expenses and more. ABLE accounts may also be subject to Medicaid payback depending on your state.

To find out which ABLE accounts are best for you, contact a Voya financial advisor or log on to the ABLE National Resource Center at ablenrc.org.

Action steps:

  • Choose which type of SNT, if any, is the best choice for you.
  • Consider an ABLE account.
  • Find a special needs attorney.
  • Update your beneficiary designations to the SNT, where necessary.
  • Talk to a financial advisor to get started.

Learn more:

Compliance Code
CN1376647_1022
Business Owner
Mathew Stagner
Expiration Date
Baby and mom playing in swimming pool
Employers Financial Professionals Individuals Special needs planning essentials Special needs planning essentials For use with your clients For use with your employees

Neither Voya Financial® or its affiliated companies or representatives offer legal or tax advice. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision.  

Products and services offered through the Voya ® family of companies.

Short Title
Types of special needs trusts (SNTs)
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