Theophrastus Bombastus
Dryer sheet wannabe
- Joined
- Jul 27, 2021
- Messages
- 22
Solo parent here: I have an adult child approaching 30 years of age with a severe disability who will never be capable of employment or living independently and functions (on good days) at the level of a 3-4 year old, but most days function's at the level of an energetic 2 year old.
Child was placed into a special needs group home several years ago but I discovered the group home staff abused, discriminated and neglected my child (FYI - the authorities were not interested in any real investigation of said group home or employees).
Child is on Social Security disability and is also Medicaid eligible (based on their own finances as an adult).
I am very leery of sending my child to another group home given my experience and have been primary caretaker/caregiver - but fully realize I don't have another 50 years left.
I hopefully have adequate financial resources to fund a special needs trust, but also have other children and don't want to discriminate against them or put so much into a special needs trust that my special child loses benefits or, conversely, the trust is taxed at onerous levels. Also have an ABLE trust.
I'm looking at having the SNT last 50 years, knowing all too well the inflationary and return risks, compounded by paying for administration of said trust and associated legal fees, taxes, etc.
Aside from current Social Security payment, the SNT should fund about $7000 to $8000 per month (in current dollars adjusted for inflation) to cover a decent and safe residential setting with a good quality of living for my special child hopefully until 2073, maybe beyond. After my death, child's benefit will increase based on my SS benefit (but am not counting that toward the monthly amount needed from the SNT.
Has anyone been in a similar situation? My experience with 'experts' in this field has regrettably been quite negative with avaricious charlatans out there preying on desperate parents in desperate situations. Hidden fee's encountered have been usurious.
Initially, when my spouse was alive, we had planned on 6 figures given our child's Medicaid and Social Security. After my spouse died and my child was mistreated, I realized that 7 figures is probably closer to adequate funding. Remember that I want to leave some for my other kids. My net worth is somewhere in the mid-7 figure range after my spouse and I worked hard for a full lifetime. My child's life expectancy is another 50 years, though maybe less due to limitations from their disability.
Any and all thoughts or experiences are welcome.
I might even consider relocation, either to another state or expatriation to another country, if needed (realizing any Medicaid benefits would disappear).
Child was placed into a special needs group home several years ago but I discovered the group home staff abused, discriminated and neglected my child (FYI - the authorities were not interested in any real investigation of said group home or employees).
Child is on Social Security disability and is also Medicaid eligible (based on their own finances as an adult).
I am very leery of sending my child to another group home given my experience and have been primary caretaker/caregiver - but fully realize I don't have another 50 years left.
I hopefully have adequate financial resources to fund a special needs trust, but also have other children and don't want to discriminate against them or put so much into a special needs trust that my special child loses benefits or, conversely, the trust is taxed at onerous levels. Also have an ABLE trust.
I'm looking at having the SNT last 50 years, knowing all too well the inflationary and return risks, compounded by paying for administration of said trust and associated legal fees, taxes, etc.
Aside from current Social Security payment, the SNT should fund about $7000 to $8000 per month (in current dollars adjusted for inflation) to cover a decent and safe residential setting with a good quality of living for my special child hopefully until 2073, maybe beyond. After my death, child's benefit will increase based on my SS benefit (but am not counting that toward the monthly amount needed from the SNT.
Has anyone been in a similar situation? My experience with 'experts' in this field has regrettably been quite negative with avaricious charlatans out there preying on desperate parents in desperate situations. Hidden fee's encountered have been usurious.
Initially, when my spouse was alive, we had planned on 6 figures given our child's Medicaid and Social Security. After my spouse died and my child was mistreated, I realized that 7 figures is probably closer to adequate funding. Remember that I want to leave some for my other kids. My net worth is somewhere in the mid-7 figure range after my spouse and I worked hard for a full lifetime. My child's life expectancy is another 50 years, though maybe less due to limitations from their disability.
Any and all thoughts or experiences are welcome.
I might even consider relocation, either to another state or expatriation to another country, if needed (realizing any Medicaid benefits would disappear).