Funding Special Needs Plans with your Roth IRA
There are two factors currently raising the demand for special needs planning. The first factor is the increasing longevity of the special needs population, and the second being the challenge of families to save enough to fund the expenses of people with special needs over the long term. Few financial professionals have a comprehensive understanding of the unique requirements of special needs planning. While it is common to fund special needs plans with a permanent life insurance policy, not everyone can take advantage of such a policy. For those that do not have the option to enroll in a permanent life insurance policy, or are seeking other sources of special needs funding they can look to their retirements plans.
The benefit of using retirement plans such traditional or Roth IRAs to fund special needs planning is that, beneficiaries can enjoy a lower tax burden on distributions. Due to the tax-free nature of a Roth IRA, they also serve as an attractive source of funding for special needs trusts. When coordinated properly, the distributions from a Roth IRA can accumulate and be disbursed tax-free from a special needs trust. There are risks to combining IRAs with special needs trusts, one being the need to take the proper yearly distributions. If an IRA is not properly managed, there could be penalties placed on the distributions.
The best way to navigate special needs planning is to work with a financial professional with specific knowledge in the field. An experienced professional can evaluate the unique situation of a family and develop a long term plan that may include a combination of special needs trusts, life insurance policies, and IRA distributions. Knowledgeable planners can also allocate multiple sources of funding to reduce the overall tax burden felt by beneficiaries as the funds are disbursed. For anyone interested in putting together a financial plan that maximizes the efficiency of funds available to beneficiaries with special needs, Hope Trust offers expert service in the field.
Climbing Rates of Autism
A recent study, using research from Rutgers University, found that the rate of autism in New Jersey jumped 43% percent between the years 2010 and 2014. While the rise in autism rates in New Jersey is dramatic, it reflects a similar trend in the increase of autism rates across the country. Researchers went on to point out that the higher rates of autism in New Jersey may be attributed to the state’s robust network of clinical and educational services that help detect, report, and accurately record disorder rates.
Despite researchers ability to detect the increase of autism spectrum disorder in New Jersey and across the country, little is known about the causes precise genetic and environmental factors that cause the disorder. So far, research has not linked autism to a single leading cause. Experts believe there are many influences that increase risk of autism spectrum disorder, but more research is required to determine the non-genetic factors that heighten risk for autism. It is believed that a higher risk of autism in children is associated with premature birth, genetic mutation, and maternal illness during pregnancy.
Until more is known about the contributing factors that lead to autism, experts suggest that detection of the disorder is paramount. The one thing parents and health care practitioners can do is to have their children screened for autism early in their childhood. Experts suggest autism screening should start as early as 18 months and should be part of a child’s regular doctors visits. When autism is screened for and detected at an early age, children by and large respond better to treatment and can be enrolled in adapted services.
Celebrating Social Work Month
Holmdel, NJ – Hope Trust is helping celebrate Social Work Month in March by raising awareness about the meaningful and rewarding work done by our Hope Care Coordinators. Social workers are trained to holistically examine and improve the lives of the people they work with. Nationwide, social workers touch the lives of millions of people everyday by helping people solve problems, cope with personal issues, and gain access to the resources they need to succeed.
At Hope Trust our Care Coordinators, many of whom are social workers, comprise the backbone of our organization. They are a team of dedicated professionals building relationships, scheduling appointments, and ensuring our clients receive the high quality care they deserve.
“We are extremely excited to be honoring the social workers that serve as our Care Coordinators this month. They work around the clock to provide care and peace of mind to our clients, and we could not ask for a better team.” — Daria Placitella, Chief Executive Officer, Hope Trust
According to the Bureau of Labor Statistics social work continues to be one of the fastest growing careers in the nation, with more than 100,000 people expected to enter the field in just seven years. Our organization sees the need for an increasing number of social workers due to a growing demand for quality care services for people with special needs.
You can find social workers literally everywhere in our society. For example, they are in schools helping students overcome life challenges, so students can get the best possible education. They’re in clinics, hospitals and mental health centers helping people recover; and in federal, state and local government pushing for legislation and regulations to improve quality of life.
The Care Coordinators at Hope Trust work very closely with the families and individuals we service. They are on call 24/7/365 to handle the tasks of daily living and managing a household, handling paperwork, or even arranging tickets to a ballgame or a vacation. Our Care Coordinators are enthusiastic about providing a comprehensive “high-touch” approach to assisting our clients. It’s an area where our team stands above the field.
“The services provided by our Care Coordinators are a crucial building block to the driving vision at Hope Trust. Our mission is to provide comprehensive service to our clients and their families, and we commend our Care Coordinators for their high level of competence and the individualized attention they offer the families we work with.” — Cynthia Boyer, PhD Chief Clinical Officer, Hope Trust
Hope Trust serves clients throughout the United States.