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 Important Annual $17/$20 Custodial Fee

MainStay Shareholders with the Individual Retirement Account (IRA), 403(b)(7) and Coverdell Educational Savings Account (CESA) are required to pay an annual custodial cost of $17 before the beginning of December. Shareholders who's only custodial account is one that is a SIMPLE IRA are required to pay an annual custodial charge of $20. Be aware that this charge only applies to accounts held with New York Life Trust Company as custodian, and is not applicable to custodial accounts with an aggregate balance greater than $50,000. Make your check payable to "New York Life Trust Co" and mail it to.

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Small Account Fee Notification

MainStay Funds charges the fee of a small account for each account held by an investor who has an amount of below $1,000. Exemptions are available. Please call 800-624-6782 to determine whether your account is affected. The annual cost of $20 is calculated as $10 every two years in the months of March and September. To avoid the small-account cost, you should consider setting up an AutoInvest feature for your account, or to exchange small balances from several funds into one fund.

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Planning for an assured financial future

As per the World Health Organization (WHO) More than one billion people are living with one form or another of disability. The number of people who suffer from a disability has significantly increased. 1

Many people with disabilities are living longer. For instance the life expectancy of people who has Down syndrome was 25 years when it was 1983, but nowadays, it's sixty years of age. 2

But, many parents of children suffering from an intellectual or developmental handicap believe that they aren't taking enough steps to prepare their children for the world without them. Insufficient information or time to do it might be the reason they feel as they do.

We're here for you.

Here's how you can set your child on a track that will lead to a secure futurewhether or not you are as a participant.

Five action steps you can begin taking today

As an adult, you can prepare your child's future by implementing the following five actions:

• 1. Select your team comprised of committed family members and professionals. Your lawyer or social worker as well as your financial advisor should be aware of the requirements of fiduciary duty, benefits provided by government as well as tax laws as well as any other specific concerns your family might have.
• Step 2: Evaluate your requirements. Create long- and short-term goals. Find out how much money you'll need and the amount your loved ones will require.
• Step 3: Create and implement your plan. Consider the kind of life you'd like to provide for your loved ones What it will cost, as well as the resources you'll require to get it done.
• Step 4: Record your dream. Create a letter of intent for your future trustees and caregivers to tell them about your desires.
• 5. Review the steps every year to evaluate any eligibility for health benefits or changes, a change in financial situation, your present financial staff, special needs trust, and any other changes required to achieve your objectives.

Create a custom estate plan

Your child could be eligible for federal programs like Medicaid as well as Supplemental Security Income (SSI) that can amount to as much as $841 per monthly for an adult, and $1,261 for couples who are eligible (in the year 2021). 3 The money is utilized for housing or food as well as other needs.

But, there are some strict asset and income limits. For instance the child should not have more than $2,000 worth of assets to be eligible to receive SSI. 2

It's essential to properly plan an appropriate financial plan so that benefits from government programs don't decrease or even stoppedor even stopped if they're supplemented by personal funds or an insurance policy. It's best to speak with an expert in financial planning to know more.

Life insurance benefits

When it comes to Life insurance is able to offer a smart solution for families with children with special needs.

In this case, for instance the death benefit can provide an income tax-free financial aid that can assist your family maintain your present lifestyle. The cash value of a policy can aid in the future and present expenses associated with caring for your child who has special needs. It can also increase tax-free.

Additional agreements can be arranged to enhance your insurance and help you achieve your goals like providing for your own health care. (You do not want to neglect your financial requirements as you age.)

Take into consideration a special trust for people with special needs

If an excessive quantity of resources that count (such like Supplemental Security Income (SSI) or Medicaid) will prevent your child from being eligible for SSI benefits, consider establishing the first-party special trust for special needs (SNT). These financial vehicles take note of these things: 2.:

• There is no limit to the size of your home.
• Create the SNT prior to your child turning 18 if they are able to. It will be there in case your child is eligible for benefits from the government.
• If your child gets SSI benefits, don't spend the money from the SNT to pay for housing or food.
• Choose the trustee.
• Combine together with an ABLE account (much similar to a 529 account that is used for college). (See below.)

Make sure you consult an experienced financial advisor

To understand and satisfy your financial needs and goals, think about working with an estate-planning attorney and financial expert who will be able to discuss with you these tools for estate planning:

• The power of Attorney (POA) will be the one with the legal authority to oversee your financial affairs when you're in a position to do it yourself.
• Living will is an official document that gives instructions regarding your health care if you are unable to function or become critically sick.
• Trust is an legal document that regulates the distribution and management of assets.
• Letter of Intent provides specific instructions for future caregivers and trustees in the event of your death. The instructions must provide an outline of your child's benefits and medical needs daily routines, education and much many more. 4
• Special-needs (first-party as well as third party) trusts safeguard the assets of your child while allowing them to retain the right to receive federal or state benefits. Third-party trusts are the most sought-after, and are supported by the family members that are the beneficiaries. First-party trusts, on contrary, are established using the person's wealth. 5
• Affordable Accounts 6 are savings accounts with tax advantages that allow you to accumulate up to 15,000 per calendar year 7. for the tax year 2021 year, without forfeiting government benefits. The account also grants your child some freedom by allowing them to access a certain amount of money to cover qualified costs. 2

Education and employment resources

Every parent hopes that their child -- whether with or not having special requirementsis able to reach the fullest potential. This includes education as well as the pursuit of a rewarding career or job.

The 529 College Savings Plan allows families to put aside funds to cover a variety of educational expenses. (Note that money from the account (up to $15,000 per year until 2021) can be transferred to an ABLE account up to January 1st of 2026. 7 The account grows tax-free. To ensure that you're child's SSI benefits aren't affected you should only make use of funds from 529 plans to pay for eligible costs, like tuition fees, school items.

Social Security Administration's (SSA) Ticket to Work program allows SSI beneficiaries to search for the employment opportunities available for them at no cost. Additionally the The Plan to Attain Self-Support (PASS) permits SSI recipients to reserve funds to help with costs that are related to the job hunt. 

Don't forget to take pleasure in the present and future.

Making the effort to put budgets in place will reduce your anxiety about the future of your child who has special needs. Also, it will allow you to enjoy the daily moments with your family right now.

There are ways you can get started -and you don't need to take it on your own. There are resources that you can seek out, such as a financial advisor and advisors for ensuring the financial security of your child in the future.