I recently received a call from a concerned parent of an adult special needs child. Her son was recently diagnosed with schizophrenia, refuses to take his medication and has been living on the street. Unable to physically care for her child and experiencing a health scare of her own, she decided it was time to get “her ducks in order” and contacted our office. Her main wish is to continue to provide financially for her son’s present and future care without disrupting his governmental disability benefits. My client’s situation is not unique. According to the CDC, a total of “61 million adults in the US live with a disability;” that’s 26 percent or one in four adults.
Life during a pandemic is difficult enough. It forces us to look at our mortality as well as the mortality of our loved ones. The good news is that for families who have a disabled child or loved one who is receiving or qualifies to receive governmental benefits, it is an opportune time to plan. The SECURE Act recently adopted considerable changes regarding Inherited Retirement Accounts or IRAs. Those who wish to leave their IRAs to a disabled family member or loved one may chose to preserve the IRA for their benefit and stretch its distributions throughout the disabled loved one’s life.
STEPHEN B. YIM, ATTORNEY AT LAW
2054 S. Beretania St., Honolulu, HI 96826
808-524-0251 | www.stephenyimestateplanning.com
For more information online about the CDC and disability, go to https://www.cdc.gov/ncbddd/disabilityandhealth/infographic-disability-impacts-all.html