Special considerations for special needs planning

The special needs community represents one of the largest demographics in the U.S., yet they are often overlooked and under served. Voya Cares can help.

When you love someone, you want to be able to provide for them and if you could, wouldn’t you want to leave a little something behind to help them after you are gone? Long-term planning for the financial security of a loved one is essential. As the caregiver for a loved one with special needs, you know that 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.

Most would feel that naming someone you love with special needs as a beneficiary to your IRA or life insurance policy is the way to go. While it may seem that you’re doing the right thing, 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.

If you wish to leave an inheritance for a loved one with special needs without jeopardizing their government benefits, a special needs trust (SNT) can be named as the beneficiary to receive the proceeds. 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 is the Voya Cares initiative, which provides the support and guidance you need for special needs planning.

Our specially trained advisors serve the special needs community by addressing the unique financial planning needs of not only people with disabilities, but also their families. As professionals in Retirement, Investment Management, Annuities, Individual Life 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.

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

This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice.  We recommend that you consult an independent legal or financial advisor for specific advice about your individual situation.