Financial planning is important. We are fortunate to have experts in our community to guide and support us as we try to support our children with disabilities.
Do you have limited resources? Local expert Nakia Vargas, of Vargas Financial Service, offers solutions if you are struggling to save. Also, check out the programs run by CASH (Creating Resources, Assets, and Hope) for ways to start saving now.
James Traylor, of Upstate Special Needs Consulting, built his practice assisting people with disabilities and their families. One important lesson I learned from attending one of James’ workshops is that it’s never too early to begin planning.
It is not possible to cover everything related to financial planning in one newsletter. We hope that sharing some of the basics of financial planning will help you begin or refine planning for your family member with a disability.
Best to you and yours,
Maria Schaertel
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What if I don't have money to save for the future? |
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Check out programs run by Empire Justice Center's CASH - Creating Assets, Savings, and Hope.
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Local expert is a proponent of Self-Direction and Pooled Trusts |
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Nakia Vargas, of Vargas Financial Services, believes that the more educated people with disabilities and their families are about their budgets, the better off they are. Her firm offers Tax Preparation, Financial Coaching, Debt/Credit Counseling and Financial Literacy Presentations, all at reasonable prices.
Nakia points out that Pooled Trusts are an effective way to save for the future for people who don’t have a lot of resources. A Pooled Trust is a type of special needs trust that is managed by nonprofit organizations. These nonprofit organizations pool the money from multiple families and invest it. Each beneficiary still has their own separate account and their own trustee, chosen by the nonprofit organization. These appointed trustees even purchase things for the beneficiary, just like a trustee appointed by the family or the court would. If you are having a hard time coming up with someone who would be a good fit as a trustee, a pooled trust may be something to consider.
Nakia says that people with disabilities who have a strong circle of support can benefit greatly from Self-Direction. Self-Direction gives people with disabilities the chance to choose their own services so they can live the life they want. Self-direction can help to manage and plan finances better by subsidizing certain expenses such as housing or transportation. Self-direction also allows payment of budget items which helps free up money for other areas of life. Some of these items might include classes, memberships, or club participation.
To contact Nakia, Vargas Financial Services, 1401 Stone Road, Suite 304, Rochester, NY 14615; 585-355-4290
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It's extremely important to plan |
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“Planning takes time and thoughtful decision-making. It evolves with your family’s and child’s needs. A basic strategy will go a long way towards a successful outcome.
Families should seek out people that have an expertise in these areas. Do not expect OPWDD, State Ed or other systems to be a better advocate for your own family than you. While we have an abundance of resources for NY families, it takes education, persistence and systems navigation to build a truly self-directed life. Start now!”
– James Traylor, Upstate Special Needs Consulting
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From entitlement to eligibility |
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At age 21, your child’s services and programs move from a system of entitlement, Department of Education and Individuals with Disabilities Act (IDEA) to a system of eligibility, Medicaid. In NYS, adult-based programs and services are dependent on Medicaid. Many organizations don’t take private pay for services; your child must be eligible for Medicaid to receive many of these services.
Learning to navigate multiple systems can take time and require specialized knowledge (Office for People with Developmental Disabilities (OPWDD), Department of Health (DOH), Social Security, Medicaid, Medicare, Adult Career and Continuing Education Services-Vocational Rehabilitation (ACCES-VR), etc.). Gathering a team comprised of a legal expert, a financial expert, and your child’s circle of support is one way to navigate planning for your child’s future.
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Special Needs Trusts
A special needs trust is set up for a person with special needs to supplement any benefits the person may receive from government programs. A properly drafted special needs trust will allow the beneficiary to receive government benefits while still receiving funds from the trust.
“We have to be thoughtful in where we locate resources so that we can maximize the benefit and still have a safety net.”James Traylor
ABLE account vs. Trust – which one is better?
- ABLE account is better if someone is their own guardian and has earned income or if parents/grandparents want to gift money
- ABLE account is useful if someone needs help paying for rent or food
- Trust is better for larger sums of money or for non-cash investments, such as a house, life insurance, retirement accounts
Adapted from James Traylor’s Webinar and PowerPoint, Planning for a Loved One with Special Needs
To contact James:
Upstate Special Needs Consulting, 28 Lawrence St., Rochester, NY 14607;
585-250-1984
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Register now for intersectionality series |
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Intersectionality: The Pieces of Me series
First session: May 20, 2021 - noon - online
Intersectionality: Not a Trend but Reality
What is intersectionality? Why is this term important? How does disability impact identity and vice versa?
Join us for a presentation followed by a Q&A about what intersectionality is and isn't, as well as how to recognize the whole lived experience of BIPOC. Presenter: Luticha Doucette
Event is FREE. Registration is required.
Intersectionality: The Pieces of Me is a series hosted by Starbridge and created by activists Jeiri Flores and Sabrina Smith. Each session will feature presenters with lived experience of disability and other marginalized identities.
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