Nothing strikes terror into the hearts of parents and grandparents more than the future of a disabled adult child when they are no longer around to serve as caregiver or guardian. Nearly one in five Americans are disabled, half of them severely according to the Centers for Disease Control. Autism, Asperger’s Syndrome, ADHD, Alzheimer’s Disease, cerebral palsy, epilepsy, and intellectual disabilities are a growing concern for society. Protecting their loved one’s eligibility for public benefits is a paramount concern. Increasingly, people are addressing these challenges as part of their estate and financial planning process.
On Thursday, September 14, Robert Fleming, of Fleming and Curti, PLC from Tucson Arizona was the guest expert presenter on Special Needs Trusts at the Community Foundation Annual Professional Advisor Seminar.
Two dozen attorneys and financial planners participated in an in-depth and current seminar on the different types of special needs trusts, the tax issues surrounding these trusts and case studies. An interesting aspect of trust planning discussed by Mr. Fleming is the ABLE (Achieving a Better Life Experience) Act and the Nevada ABLE Act program.
Primarily online it can be reached at, https://savewithable.com/nv/home.html.
The ABLE Act permits people with disabilities to have a separate account, that can be used for a wide assortment of purposes, and will not be counted to Social Security Income or Medicaid eligibility calculations. There are a number of limitations and opportunities on both the establishment side of the analysis and on the uses to which the account can be put.
Seminar participants were offered Mr. Fleming’s advice on drafting a third-party trust with special needs provisions. Fleming spoke about the potentially exciting opportunity that the ABLE Act makes available for special needs trusts and gave examples of appropriate trust provisions.
Bringing in expert presentations for in-depth education helps the knowledge base in Reno and exposes professional advisors to the Community Foundation. Offering the professional advisors in our community continuing education is a primary relationship value of the Community Foundation, and just one of the benefits of being a member of the Community Foundation’s Professional Advisor Council. We rely on our relationships with accountants, financial planners, and attorneys to build the philanthropy in the region. Professional advisors count on the Community Foundation gift planning experts as a solutions-minded partner helping them and their clients create a charitable gift plan that satisfies.
The Community Foundation works with many special people – Board, volunteers, fundholders, and professional advisors, and nonprofits, all striving to keep our community a very special place.
If you are interested in learning more about the Community Foundation and charitable gift planning, please give me a call at 775-333-5499 to confidentially discuss your or your client’s planned giving opportunities. If you are looking for a trusted advisor for your gift planning needs, we refer you to the Community Foundation Professional Advisor Council members.