Navigating Special Needs Planning in the Post-SECURE Act Landscape

Special Needs Alliance

Navigating Special Needs Planning in the Post-SECURE Act Landscape

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law in December 2019, brought significant changes to retirement planning. For special needs attorneys, these changes have profound implications on how we structure and manage trusts for beneficiaries with disabilities.

Key Changes Introduced by the SECURE Act

Prior to the SECURE Act, beneficiaries of inherited IRAs could stretch distributions over their life expectancy. This strategy allowed for extended tax-deferred growth and potentially lower tax brackets for distributions. The SECURE Act eliminated this option for most non-spouse beneficiaries, including many special needs trusts.

The Act introduced a new 10-year distribution rule for most non-spouse beneficiaries. Under this rule, the entire balance of an inherited IRA must be distributed by the end of the tenth calendar year following the year of the account owner’s death. This compressed timeframe can lead to larger distributions and potentially higher tax burdens.

As we navigate the new terrain of SECURE Act and regulations, it’s crucial to remember that the fundamental goals of special needs planning remain unchanged: to provide financial security, maintain eligibility for government benefits, and enhance the quality of life for individuals with disabilities. The SECURE Act has not altered these objectives but changed the tools and strategies we use to achieve them.

In this evolving legal and financial landscape, adaptability is key. Special needs attorneys must remain proactive, continuously educate themselves and their clients, and be willing to embrace new planning techniques. By doing so, we can ensure that we continue to serve our clients effectively, helping them secure a stable and fulfilling future for their loved ones with special needs.

Special Needs Alliance

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Among these challenges is the establishment of special needs trusts, specialized legal instruments designed to benefit individuals with disabilities while protecting their eligibility for crucial government assistance programs. How to Approach Special Needs PlanningOur approach to special needs planning goes beyond the legal aspects, recognizing the importance of holistic support and informed decision-making. We advise families on how to craft detailed “Letters of Intent” to guide trustees on their loved one’s preferences, capabilities, and needs, ensuring a personalized and comprehensive care plan. We provide strategic guidance to navigate these challenges, ensuring continued access to vital resources and protecting your loved one’s financial security. Whether you’re planning for the future or facing immediate needs, Hemness Faller Elder Law is here to provide compassionate support, expert guidance, and tailored solutions for individuals with special needs and their families.

Special Needs Planning: Ensuring a Smooth Transition

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The key is to be proactive and set aside time as early as possible to consider how you want the future to look for yourself and a loved one with special needs. Steps in the Planning Process Proactively approaching the planning process can ease potential burdens down the line. If you have a child or other family member with special needs, keep your own future health issues and care needs in mind and do not delay planning ahead for your own future as well as your child’s. By acting proactively, families can ensure a smooth transition for their loved ones with special needs, fostering independence and a fulfilling life. If you need help planning for the future for yourself or a loved one with special needs, please contact members of the Special Needs Alliance, who can help make the transition smoother.

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