Estate Planning: Helping Protect Your Interests

It’s Official: ABLE Accounts Now Available in Missouri & Illinois

Misty A. Watson

Misty A. Watson




After much anticipation, Achieving a Better Life Experience (ABLE) accounts may now be opened in both Missouri  (where they are called STABLE accounts) and Illinois.

These new accounts are designed for individuals with disabilities who developed their disability before age 26. Individuals who meet the age criteria and are currently receiving Supplemental Security Income (SSI) or Social Security Disability Income (SSDI) benefits are automatically eligible for an ABLE account. Individuals not currently receiving benefits but who meet the age requirement can open an ABLE account if they satisfy SSI criteria for “functionality limitations.”

The ABLE Act allows an individual with a disability – and his or her family – to put funds into a tax-advantaged account. ABLE account funds may be used for qualified expenses of living with a disability. In addition to medical expenses, funds may be used for basic living expenses, education, housing, transportation, employment, assistive and personal support services, health care, legal fees, health and wellness, financial management, and administrative services. Continue reading »

Understanding the Special Needs Trust Fairness (SNTF) Act

Misty A. Watson

Misty A. Watson




With the passing of the Special Needs Trust Fairness (SNTF) Act, individuals with a disability under the age of 65 may establish a first party special needs trust on their own behalf. Prior to the SNTF Act, special needs trusts could only be established by a parent, grandparent, legal guardian, or court.

Special Needs Trusts

Special needs trusts are established for the benefit of individuals with a disability to supplement the financial assistance they receive from government programs, namely Medicaid. Special needs trusts are valuable tools for maintaining Medicaid and Supplemental Security Income (SSI) eligibility, as funds held in a special needs trust are not considered when determining an individual’s eligibility for financial assistance under such programs.

Eligibility

To establish a SNT on their own behalf, the individual must be capable of making financial decisions and be under the age of 65. If eligible, individuals with disabilities enjoy increased autonomy and self-direction under the SNTF Act, especially in cases where living relatives or guardians are unable or unwilling to establish a trust on the individual’s behalf. Continue reading »

Medicaid Eligibility Expands for Elderly, Blind, Disabled

Misty A. Watson

Misty A. Watson




The elderly, blind, and individuals with disabilities will now find it a little easier to qualify for Medicare benefits – and to keep slightly more of their savings.

With the passing of Missouri House Bill 1565, which amended section 208.010 of the Missouri Revised Statutes, beginning in fiscal 2018 (effective July 1, 2017) the asset limit to qualify for Medicaid coverage increased to $2,000 for individuals and $4,000 for married couples living together. The asset limits will continue to increase through fiscal 2021 until asset limits reach $5,000 and $10,000, respectively.

By increasing the asset limits, by the end of 2021 an additional 10,000 Missourians will be eligible for Medicaid benefits–including in-home and community-based services. In addition to expanded coverage, the increased asset limits allow for current beneficiaries to hold more funds in savings without compromising Medicaid eligibility. Continue reading »

Important Tips to Consider When Planning for the Future: Care Plans and Appointed Successor Guardian

Misty A. Watson

Misty A. Watson




Care Plans

A care plan is a document you prepare that contains information about how to best care for your child’s daily needs. It may include a list of your child’s medications and the times each is given, particular foods for your child to avoid, how often your child gets physical therapy, or what to do for your child in an emergency.

When you have a child (or other family member) with special needs, a care plan is an essential tool. A care plan conveys vital information to caretakers. This may include doctors, nurses, therapists, emergency medics, teachers, child care providers, respite providers, grandparents, friends, and neighbors.

In the event you are no longer able to care for your child and a legal guardian must step in, the care plan can be invaluable to the guardian. Information regarding medications, specialists, and even night time routines can give the guardian necessary information to provide a sense of comfort during a difficult time for the child. Continue reading »

Spotlight on I Can Go to College: The SUCCEED Program at University of Missouri–St. Louis

Misty A. Watson

Misty A. Watson




For many students with disabilities, high school is the end of their educational journey. However, some students in the St. Louis area are continuing their education through the SUCCEED program at the University of Missouri–St. Louis (UMSL).

SUCCEED is a two-year (four semester) residential, inclusive program located on the UMSL main campus. The program is open to students with intellectual and developmental disabilities ages 18–25. Students live on campus and take college courses each semester. The goals of the program are to help students become independent through “academics, vocational experience, and residential/student life.”

Each SUCCEED student takes four courses per semester: three SUCCEED electives and one UMSL course. Accommodations and modifications are provided as needed through both SUCCEED and UMSL. Continue reading »

Special Needs Trusts Can Now Be Created by Individuals

Misty A. Watson

Misty A. Watson




On December 13, 2016, the long awaited amendment to the Special Needs Trust Fairness Act was signed into law by President Obama.

For more than 20 years, individuals who had a disability were unable to create a self-settled special needs trust without a parent, grandparent, or legal guardian participating in the process. The only other option for an individual with a disability was to have the court create the trust on his or her behalf. This was often an incredibly costly process. Continue reading »

Understanding the ABLE Act

Misty A. Watson

Misty A. Watson




Co-authored by Misty Watson and Samantha Maerz

“A major victory for the disability community, ABLE, for the first time in our country’s policy on disability, recognizes that there are added costs to living with a disability….For far too long, federally imposed asset limits to remain eligible for critical public benefits have served as a roadblock toward greater financial independence for the millions of individuals living with a disability.” – Michael Morris, Executive Director of the National Disability Institute

Savings accounts for individuals with disabilities will soon be possible without risking their access to federal benefits. On December 19, 2014, the Achieving a Better Life Experience (ABLE) Act was signed into law by President Barack Obama after receiving huge bipartisan support in both the U.S. Senate and House of Representatives. The ABLE Act is an amendment to the federal tax code that eliminates the $2,000 cap on conventional savings accounts for individuals with disabilities to qualify for Supplemental Security Income (SSI) and Medicaid.

Eligibility for many federal benefits, such as SSI, SNAP and Medicaid, requires that individuals meet a means test. Part of that test includes that an individual can report no more than $2,000 in savings. However, such a uniform test failed to recognize the additional costs of living with a disability. The ABLE Act seeks to remedy this unfairness by allowing a tax-advantaged savings account to supplement federal benefits, rather than supplanting them. Continue reading »

My Health Care Wishes: New App

Misty A. Watson

Misty A. Watson




When you need access to your health care power of attorney and living will, it is often stored in your safe deposit box or safe at home. Personally, I keep my power of attorney on a USB drive on my key chain. This has come in quite handy a few times.

Recently, an app was released called “My Health Care Wishes” at www.myhealthcarewishes.org. The Lite version, called the Personal Advance Directive Manager, allows individuals the ability to store and share their advance care directive plus one additional document with health care providers. Personal & Family Advance Directive Manager is a more robust pro version available for a small fee. It allows “unlimited storage of people profiles and documents.” Continue reading »

Costs of Raising a Child with Special Needs: The Story of Finn

Misty A. Watson

Misty A. Watson




Meet Finn and his family. Finn is a real boy with autism.

Finn’s father, Jeff Howe, shared his family’s story in “Paying for Finn: A special-needs child” for CNN’s Money Magazine. According to Howe, Finn is representative of 8% of all U.S. children because he is a child with special needs: he is autistic. His household is one of 25% of all U.S. households with a family member with special needs.

As the Howe family has learned, raising a child with special needs comes at great cost, both financial and emotional. Howe goes into great detail explaining his family’s journey with Finn. He does not hold back from sharing the specifics of his family’s finances and the costs associated with Finn’s care.

The financial burden for raising a child with special needs is staggering, to say the least, even for a family with considerable means. For families with less financial resources available to them, the financial burden is even more overwhelming. Continue reading »