[USER]

We have a Son that has some special needs. He’s high functioning, has a full time but entry level job, but probably is at his limit with earnings and ability.

He is eligible for state services as far as health insurance and gets 10-15 hours a month of help by a state subsidized “personal support worker.”

They help him with some cooking instruction, go on outdoor outings with other young men and women in similar or worse situations ability wise.

He falls into the “can’t have too much money in the bank or assets etc” to maintain these services.

He works hard, and isn’t milking anything.

He lives at home and probably always will.

Does anyone know of anything beyond an ABLE account that someone in his situation can use for preparing for long term retirement? He’s 25.

A couple other kids of ours have worked for our business and put those funds into a Roth to get a jump on things.

He’d like to have something similar but at some point it would push him off the services that get him socially stimulated.

When we pass on our Trust will be set up to find an ABLE account to the 100k max.

Beyond earmarking a non retirement taxable brokerage account w him as a beneficiary I’m not coming up with much.

[Jessica]

Unfortunately the “system” is not in our kids’ favor. The hoops we have to jump through are ridiculous.

I am not aware of any way to have assets greater than $2000 unless one has an ABLE account or special needs trust.

You can contact your local ARC chapter to see if there is any new legislation regarding asset limits or a workaround.

The “problem” with ABLE account is the Medicaid payback clause.

[Stephanie]

If you “hire” him can you pay him more monthly than the state provides?
Maybe the person that helps him will still work with him.

[Barbara]

Any money that you would leave to him must go into a Special Needs Trust.

He can not be the beneficiary.

The trust must be the beneficiary.

The only money that goes into the ABLE account would be extra Social Security money.

Any money left in the ABLE account upon his death will go back to the government so make sure any money you would leave for him would go into his Special Needs Trust.

[Nicole]

Potentially a Special Needs Trust might be a potential vehicle.

[Brad]

I’m not a tax professional but the gift exemption may allow him to put a little more away each year for the future.

[Author]

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