Pathway Session on Financial Safety Net for Loved Ones a Success

On Wednesday, May 15, 2024, we hosted Jim Funnell, a trust & estates attorney, for an in-person Pathway Session on financial planning for a loved one with a mental health or other disability. The meeting was well-attended, and Jim allocated some more of his time afterwards for individual Q&A.

Jim addressed some of the common entitlement programs that exist, including SSI, SSDI, Medicaid and Medicare, and how family members can get access to them both currently and upon the death of one or both parents.

During the session, Jim also addressed the need for special needs planning with supplemental needs trusts (SNTs). There are both “third-party” and “self-settled” SNTs. The SNT helps a child obtain eligibility for public benefits when he or she has assets which exceed the asset limits.

Jim talked about how the PLAN of CT uniquely in our state can exercise trust and administration powers. This is helpful when parents are looking for a Trustee, as PLAN of CT can accept Trusts of any size.

Jim also addressed delegated decision-making through Power of Attorney and Advanced Health Care Directives including Living Wills. While considering “what if” scenarios upon one’s own demise is not fun, it allows parents and guardians to rest easier knowing their loved one will be able to maintain a reasonable standard of living.

To access a Financial Safety Net handout that Jim used during the presentation, CLICK HERE.