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Caregivers for loved ones with special needs know that providing support is a lifelong commitment. Having financial safety nets in place is critical, and often complicated.

You might think that naming a special needs loved one as a beneficiary to your IRA or life insurance policy is a smart strategy. While this may seem like a good move, you could unintentionally disqualify them from receiving valuable governmental benefits like Supplemental Security Income (SSI), Medicaid, Housing Assistance, Supplemental Nutrition Assistance Program (SNAP) and other types of needs-based assistance.

If you wish to leave an inheritance for a loved one with special needs without jeopardizing their government benefits, consider a Special Needs Trust (SNT). The SNT can be named as the beneficiary to receive account proceeds and funds can be used for expenses not covered by government benefits, such as school or tuition costs, a home purchase, or for recreational activities.

Voya Cares helps guide your planning

As professionals in Retirement, Investment Management, Annuities, Individual Life and Employee Benefits, Voya is uniquely positioned to make a positive impact in the lives of people with special needs. The Voya Cares initiative provides the support and guidance caregivers need.

Grounded in the belief that people are defined by what they can do—not by what they cannot—Voya Cares offers holistic financial wellness and retirement planning solutions for your special planning needs.  The Voya Cares online Resource Center includes access to educational materials, in-depth planning guides and case studies to help you gain insights and make smarter decisions.

Visit Voya Cares to learn more about how we help caregivers with their special needs planning. You can rest a bit easier knowing you have taken the steps to ensure your loved one will receive a lifetime of support and care.

You can also log into your ABA Retirement Funds account at and visit the Personal Financial Dashboard. This free online planning tool will help you organize your finances and assist you in making more educated money decisions.

Speak with your accountant or lawyer to implement strategies that apply to your situation.