Getting To Know:
Achieva Family Trust
Concerns about the future are very real for families of loved ones with disabilities. Where will your child live after family caregivers are no longer alive? Who will care for them, and where will the money come from? Thinking about the future can be challenging and emotional.
When planning for the future, families have to consider, among other things, last will and testament, power of attorney, guardianship, government benefits, future living situations, special needs trusts, and ABLE Accounts. It is also very important at some point, to meet with an attorney who is knowledgeable in special needs planning and state disability laws.
At Achieva Family Trust (AFT), the core focus is working with people with disabilities and their families to help them plan for their futures and enhance their lives through special needs trusts. AFT currently provides trust administration to more than 2,400 beneficiaries with all kinds of backgrounds and financial situations. AFT strives to provide Special Needs Trust administration for a variety of families; the minimum to establish a trust is $500.
Special needs trusts enable an individual with a disability to save money and protect assets without compromising vital government benefits, such as Medicaid and Supplemental Security Income (SSI). Achieva Family Trust manages three kinds of special needs trusts: common law/third party, pooled, and payback, plus a unique and vital social service component added to the traditional role of the trustee. Staff work closely with individuals with disabilities and their families to ensure that proper government support and services are being provided, and that the trust funds are managed and distributed in a responsible manner.
The decision regarding when to establish a trust is based on several factors, but some of the most common reasons for establishing a trust are: when family members are developing their estate plans, when family members want to begin saving for future security, or when an individual with a disability has too many assets to remain eligible for certain government supports.