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Special Needs Financial Services

At the crossroads – when fortune meets misfortune – everything can change. Sudden wealth can cause fear, guilt, depression, reckless behavior and more serious conditions. At STARCARE, we recognize and understand the symptoms that accompany unexpected wealth and have developed a disciplined framework to avoid the pitfalls that can undermine your success. Those most at risk are athletes, actors, divorcées and disabled individuals who have received personal injury awards.

What are Special Needs Financial Services?

Special needs financial services, generally, are programs that support clients with disabilities and their families. The term “special needs” is broad, and can include disabled individuals and families with disabled members; personal injury recipients; wrongful death claimants; and others.

Planning for a child or adult with special needs:

A family member’s special needs may place an enormous financial and emotional strain on the individual and his or her family. Making provisions for the long-term care of a disabled individual requires thoughtful and careful planning. A typical plan for an individual with a disabled family member might require a will and/or trust agreement, durable powers of attorney, living will and related documents and designations of conservator in the event of future incapacity.

Special Needs Trusts:

Special needs trusts are designed as a funding vehicle for resources that benefit a special needs person, while maintaining the individual’s eligibility for public assistance benefits. Because the benefits provided by the federal and state government agency are so limited, many families wish to supplement those funds with additional assets. In most cases, the only way to do this without jeopardizing a child’s eligibility for important health and welfare benefits is by establishing a Special Needs Trust.

While government agencies recognize Special Needs Trusts, they have imposed very stringent rules and requirements upon them. They must be administered by a trustee who should be mindful of government benefits, Social Security income and resource rules, including in-kind income that could severely impact eligibility. These trusts also require fiduciary accounting and separate income tax returns, as well.

Helping Special Needs Clients

The beneficiary of a Special Needs Trust is an individual who often cannot be an advocate for him/herself. STARCARE offers years of experience in this field and can help you determine the appropriateness of a Special Needs Trust and, if desired, help establish such a trust tailored to your financial needs and objectives. STARCARE assists families and their trusted advisors in evaluating various alternatives for funding a Special Needs Trust and helps select the investment management arrangements that best suit the particular circumstances. We also work with professionals nationwide that provide trust administration services for Special Needs Trusts.

Integrated Settlement Services

We offer specialized services to assist those who have received awards as a result of personal injury or other legal settlements. In our experience, money by itself doesn’t solve problems – and few are prepared to deal with its consequences. Working closely with other professionals, our integrated approach offers financial help early in the judicial process and continues indefinitely. We pay special attention to complex and interrelated issues such as benefits preservation, lien resolution and taxation, in seeking to deliver competent financial advice and to craft customized plans that address clients’ current and future needs. 

Special Needs Services Brochure

Neither STARCARE nor LPL Financial provide legal advice or services. Please consult your legal advisor regarding your specific situation.