what are you doing to secure your Sp Kid Future .. Once you are gone forever (mental, Medicaid)

[rukku335]

My 5yr old son is diagnosed with CP and CVI and few other items.
He needs a full time care giver as he needs assistance for mobility and communication.

We have 2.5yrs old normal daughter.
Til date, we are not doing any specific savings for his future. But recently this topic surfaced couple of times, how he will be without mom (100% looking after him) and me (dad - sole bread winner).

Any first hand experiences, Resources will be helpful.

[nana053]

There is a new trust that you can use.

We have not set one up yet, but here is the information:

Meet the 529 ABLE account: A new way to save for disabled beneficiaries

One of the biggest benefits of the ABLE account is that the money held there is exempt from the $2,000 limit on personal assets for individuals who wish to qualify for public benefits. Generally, a disabled person with more than that amount is ineligible for Medicaid and Supplemental Security Income benefits.

Though the accounts are now allowed, they're not here yet. “The government has authorized the creation of ABLE accounts, but you can't open one today,” said Tim Steffen, director of financial planning at Robert W. Baird & Co. “The individual states will have to come up with their plans and they'll have to market them to individuals in their states.” He predicted it would be at least a year before these 529 ABLE vehicles become a realit

[rukku335]

Originally Posted by nana053

There is a new trust that you can use.

Thanks for this info. I will sure look into this.

I found another thread, somewhat similar to this.

Scared of what happens next year when my son turns 18! SSI, guardianship, etc..