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CRESCENDO NOTES
Special Needs Financial Planning
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June has arrived in Wisconsin! The month when we know that it’s finally summer, and time for graduations!. From Kindergarten celebrations to College Commencement speeches, this is an exciting time of year. When the end is actually a new beginning to many. I had the opportunity to attend a very special graduation this year, one I will remember for years to come.
In the Fall of 2016, I was invited by Christine Schulz, Manager of Supported Employment and Community Access at Goodwill Industries of Southeastern Wisconsin, to tour the Project Search Program at the Milwaukee County Zoo. Project Search is an innovative, business driven transition program for young adults with disabilities between the ages of 18 and 24. The goal is to develop job and social skills through onsite internship experiences that lead to competitive employment within the community. The Zoo location is a partnership with Goodwill Industries, and CESA 1. During my Tour, I was able to hear directly from the participants to learn about the specific jobs they would hold during their 3 rotations over a 9-month period. There were 12 individuals participating in this internship.
Check out the video below to learn about
all aspects of this incredible program.
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The graduation ceremony was attended by Chris Abele Milwaukee County Executive, who started off his speech by saying that “we don’t do enough of celebrating what’s right and what works in government”, and after seeing all that Project Search has done for these individuals and their families, it exemplifies what is truly working. Georgia Maxwell, deputy secretary of the Department of Workforce Development whose role is to help remove barriers for individuals to work, shared that “Project Search not only benefits the lives of participants, but also the employers and the staff who are helping them within the setting”. 2016 was the first year of the partnership with Project Search, CESA 1 and the Zoo. There were 11 participants who graduated, and those 11 are still employed today within the community. 6 of the 12 participants in the 2016/2017 already have jobs.
The graduation ceremony was an emotional event for me as a parent, and a professional. I understand that not all individuals with disabilities will be able to seek and obtain employment, but those who are capable will be able to make an impact that improves our society as a whole. Having a reason to get out of bed, and make a positive impact on society is just as important to those with a disability. Four of the participants spoke at the graduation ceremony and they said things that anyone in the workforce can relate to. Project Search has taught me to “not sweat the small stuff, to pay attention to the details, and to work hard for your team”. Advice that I follow in my day to day professional life.
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Project Search is an unpaid 9-month internship, and the next step for these individuals is paid job. A paycheck is what they are all working for, which of course they should be. However, when you are an individual with a disability, and you receive public benefits in some capacity, earned income can be both a positive and a negative. Although we have come a long way with the opportunities for supported employment for individuals with disabilities, the government rules and regulations surrounding income, and benefits has not. When working with my clients who have children entering the workforce, our time together is spent figuring out: how much income they can earn to maintain their public benefits. Supplementary Security Income(SSI) and Social Security Income(SSDI) are impacted when an individual is earning income through employment, meaning the monthly benefit received may be reduced. Click here to access the 2017 Social Security RedBook.
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Terms like
Substantial Gainful Employment, Impairment Related Work Expenses, and Unincurred Business Expenses
are confusing to myself, let alone parents attempting to assist their children with obtaining, and maintaining employment, and public benefits. This is not your average content reviewed by a Financial Advisor. Although there are individuals who assist parents with this process, whether it’s the Case Managers through the Division of Vocational Rehab(DVR), or Employment Support offered by nonprofit organizations such as Goodwill Industries, parents are confused, and concerned about all that they need to manage to insure their child can participate in the workforce without jeopardizing the financial means they need to support themselves.
It’s a delicate balancing act to manage the number of hours someone is working, the compensation they receive and how this may or may not impact their public benefits. A
Benefits and Compensation Analysis
is something that I can provide to my clients to help determine the appropriate balance of earned income.
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Solutions like the new 529 ABLE Savings Accounts allow individuals who are employed to actually SAVE their money, and use it for qualified disability expenses that may improve their quality of life. They can take their paycheck, deposit it into their account and watch the balance GROW. Just like anyone who is in the workforce, this provides a means of motivation, and the desire to keep working and be successful on the job. One of the bills in the ABLE TO Work Act which is currently in Congress would allow for an increase in the maximum annual contributions ($14,000) if the ABLE Savings Account owner(disabled individual) is employed.
Currently, there is not the ability to contribute directly from their paycheck into an ABLE account, but it may be something available in the future. It’s imperative that parents work with professionals who understand the unique challenges employed individuals who happen to have a disability face in the workforce. There are many, and earning income is a big one!
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Substantial Gainful Activity in 2017 is $1,170.
This figure represents the amount of earnings that will have no effect
on eligibility of benefits for Supplemental Security Income.
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Employment supports were provisions provided by Congress to provide a disabled individual
with assistance to move from benefit dependency to independence.
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I enjoyed learning about the experiences and
successes of the 12 individuals who participated in Project Search this past 9 months at the
Milwaukee
County Zoo. It's a program that more high school and young adults should be participating in. My hope is
that these 12 have continued professional success
that will allow them as much
independence as they
want, including
financial independence too.
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When: Tuesday, July 19 - Noon
What:
Estate Planning and the New 529 ABLE
Savings Accounts
Who: Milwaukee Bar Association
(Estates and Trust Specialty Section)
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Securities and Advisory Services offered through JW Cole Financial , a registered investment advisor. Member FINRA/SIPC. The information contained in this email message is being transmitted to and is intended for the use of only the individual(s) to whom it is addressed. If the reader of this message is not the intended recipient, you are hereby advised that any dissemination, distribution or copying this message is strictly prohibited. If you have received this message in error, please immediately delete.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual, nor intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.
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