CMP Financial Planning

Special Needs/Disability Planning


Can Social Security Benefits Be Stopped?

- Oct 29, 2019

For millions of special needs families and individuals with disabilities, Social Security benefits provide a key pillar of regular income. I was recently made aware of a situation where, to the shock of the person in question, their Social Security benefits were suddenly discontinued even though the spouse had been receiving SSDI benefits for several years.   This…

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529 or STABLE account?

- Oct 29, 2019

I recently gave a presentation where many questions were asked about STABLE accounts and when they might be the most appropriate savings/investment vehicle for the individual with a disability. This article addresses one of those questions: whether it is preferable to use a 529 account or a STABLE account to save for a loved one’s future education…

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Creating a Special Needs Financial Plan

- Oct 29, 2018

Creating a special needs financial plan involves putting together two plans: one for the parent and one for the child with a disability. Because the combined financial plans take into account the needs and goals of both the parents and the adult child with a disability there is additional complexity in producing an overall projection…

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Do Roth Accounts Makes Sense for Special Needs Families?

- Aug 13, 2018

Barry Jamieson,  CFP®, MA Since their inception, Roth accounts have been a great saving vehicle for families planning for their retirement. This saving tool has also been a nice way for families to help their children get started with their own future planning. But do Roth accounts make any sense for families with children with…

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Should I Buy an Annuity?

- Jul 17, 2018

by Barry Jamieson, CFP®, MA Some of you may have been on the receiving end of a sales pitch to buy an annuity. The proposition that annuities defer taxes and guarantees growth on your investment is indeed enticing. What is not to like? Although these complex financial instruments may have a place in the financial…

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Creating a Letter of Intent

- May 14, 2018

By Barry Jamieson, CFP®, MA There are many dimensions to a family’s special needs plan. Past articles in the Disability Insights series have focused on estate and financial planning topics; however, as families well know, the daily considerations and routines of the child with a disability are also a key component of the special needs…

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Retirement Planning For Three

- Apr 16, 2018

The initial planning energies of special needs families are often on hiring an attorney to draft necessary estate planning documents (e.g., wills, trusts).  Developing a solid financial plan for such families is equally important.  A comprehensive financial plan takes into account both the needs of the individual and the goals of the family members. While…

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How ABLE Accounts and SNTs Can Work Together

- Feb 12, 2018

By Barry Jamieson In presentations I have recently given to special needs families about Special Needs Trusts (SNTS) it is apparent that there is still confusion about when to establish an SNT and when to start an ABLE account. Specifically people want to know: “Should I set up an SNT or an ABLE account?” The…

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How the Tax Overhaul Bill Affects People with Disabilities

- Jan 17, 2018

By Barry Jamieson.   The tax overhaul bill passed at the end of 2017 ushered in major changes for all taxpayers including people with disabilities.  Here are a few of the major changes that could impact individuals with disabilities depending on their tax situation. Standard Deduction Increase to $12K. Starting in 2018 the new threshold…

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Contributions from a Special Needs Trust to an ABLE Account

- Dec 24, 2017

Special Needs Trusts (SNTs) have their advantages and disadvantages to consider in the estate planning process. The recent CMS directive regarding ABLE contributions highlights how the two planning vehicles can work together for the benefit of the individual with disabilities and their families.   Before going into the details of the CMS directive, let’s first review…

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Choosing a Corporate Trustee

- Jul 06, 2017

  For many parents choosing someone to look after their child with a disability is the most difficult part of their estate planning process. The chosen person must not only be responsible and committed to your child’s emotional and physical wellbeing but must also have the technical expertise to manage the child’s financial affairs. (The…

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Purchasing a Home For Your Family Member with Special Needs

- Jul 06, 2017

  As their child with a disability reaches adulthood, families give increased thought to their child’s housing needs.   Many families want to promote the maximum independence of their child while others are concerned for their loved one’s living arrangements after their own death.  In either case, home ownership can be a great way to provide…

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Social Security and Disability Planning

- May 01, 2017

If you have a special needs child who has a permanent disability, it is likely that social security benefits will be an important component of their special needs plan. Although in most cases Social Security benefit payments will need to be supplemented to pay for your adult child’s living expenses, particularly if they are living…

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Should I Establish a Special Needs Trust?

- May 01, 2017

One of the most pressing questions special needs families face with their estate planning is whether to establish a Special Needs Trust (SNT). Because individuals with disabilities are living longer, there is a stronger likelihood that they will survive both of their parents, putting more emphasis on careful estate planning including the use of tools…

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Life Insurance and Special Needs Planning

- May 01, 2017

The previous Disability Insights article addressed the importance of developing a comprehensive financial plan. A key component of any comprehensive financial often involves insurance. Insurance protects assets in case of premature death. For the special needs family, insurance can provide funding for a special needs trust set up to provide for the child with a disability….

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How Do I Choose a Trustee for my Special Needs Trust?

- May 01, 2017

So you have decided to establish a Special Needs trust (SNT).  The previous Disability Insights article mentioned that the naming of a successor trustee of an SNT is a critical appointment, for that person will have full discretion in maintaining and distributing assets on behalf of the disabled individual. Because it is such an essential job,…

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Do You Have a Comprehensive Financial Plan? Comprehensive Financial Planning for Special Needs Families

- May 01, 2017

  What is a comprehensive financial plan, anyway? It is a plan that examines all financial aspects of a person’s life: savings, investments, retirement, taxes, public assistance, medical, insurance, etc., and organizes these aspects in such a way that best meets the person’s goals and objectives.  As challenging as it is for most Americans to…

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Trusts and STABLE Accounts: Which One Do I Use?

- Nov 03, 2016

  Now that STABLE accounts are available to individuals with disabilities, parents and guardians often ask   whether they should establish a trust for their loved one as a substitute or in addition to these accounts.   Before addressing this question it is important to review the benefits and limitations of both. STABLE accounts are a tax…

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Tax Help for Families with Disabilities

- Mar 15, 2016

Tax Help for Families with Disabilities Ohio families with individuals with disabilities will soon be able to experience tax relief for providing for their loved one. The federal Achieving a Better Life Experience (ABLE) Act, which allows a state to create tax-free savings accounts for individuals with disabilities, became law in December 2014. Subsequently, Ohio…

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