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When it comes to managing a special needs trust, families and caregivers often seek solutions that ensure the well-being of their loved one with disabilities while also maintaining the flexibility to adapt to changing needs. One innovative and increasingly popular approach is the use of Micro Boards. This concept can play a vital role in the administration of special needs trusts, providing a personalized, community-centered model for support and decision-making.
What is a Micro Board?
A Micro Board is a small, self-managed team of individuals—often family members, close friends, and professionals—who come together to assist with the planning and management of care, support, and finances for a person with disabilities. The board operates on the principle of person-centered planning, ensuring that the individual’s unique needs, preferences, and goals are at the forefront of all decisions.
Typically, a Micro Board is made up of no more than 5 to 7 people who collaborate to manage various aspects of a person’s life, such as health care, employment, education, and financial planning. The group works together to create and maintain a long-term plan, with each member bringing their expertise and perspective to the table.
While Micro Boards are not a legal entity or an official structure in the same way a trustee or conservator might be, they serve as a support network that can help families make informed decisions, advocate for the individual, and manage the person’s special needs trust effectively.
How Do Micro Boards Work in Managing Special Needs Trusts?
Managing a special needs trust (SNT) is a complex task. These trusts are set up to ensure that the beneficiary with disabilities has access to funds for services and support that do not interfere with their eligibility for government benefits like Supplemental Security Income (SSI) and Medicaid. A trustee, often a family member, attorney, or professional fiduciary, is typically responsible for overseeing the trust. However, the trustee alone may not have the time, expertise, or resources to make the best decisions for the beneficiary in all areas.
Here’s where a Micro Board can play a crucial role. The board can assist the trustee by:
1. Providing a Personal Support Network
Micro Boards focus on the individual’s needs and preferences, ensuring that all decisions align with their goals and desires. This approach is particularly beneficial in cases where the beneficiary may not be able to advocate for themselves, ensuring their voice is heard in critical decisions.
2. Offering Specialized Knowledge
Each member of a Micro Board often brings a different area of expertise—whether it’s health care, education, legal matters, or financial planning. This specialized knowledge can help the trustee make informed decisions about the trust’s distribution, ensuring that funds are used effectively and in the beneficiary’s best interest.
3. Helping Monitor and Adjust the Plan
The needs of individuals with disabilities can change over time. A Micro Board allows for regular meetings and updates to adapt the plan as the person’s life evolves. Whether it’s adjusting to new healthcare needs, pursuing employment opportunities, or accommodating changes in living arrangements, a Micro Board can ensure the plan remains flexible and relevant.
4. Providing Advocacy
The Micro Board can act as advocates, ensuring that the individual’s rights are upheld and that they have access to appropriate services, including those that may be funded through the special needs trust. They can also help ensure that the individual receives the correct level of government benefits and services.
5. Helps Support Decision-Making
Some special needs trusts require input from a diverse group of individuals to ensure that decisions are made in the best interest of the beneficiary. A Micro Board can help manage this process by meeting regularly to discuss options, review the effectiveness of the trust, and address any new challenges or opportunities.
How to Create a Micro Board for Your Special Needs Trust
Establishing a Micro Board requires careful thought and planning. Here are the steps to take:
1. Identify Key Members
Select 5 to 7 individuals who are familiar with the person’s needs and who are committed to supporting them in the long term. This group could include close family members, trusted friends, caregivers, or professionals such as financial advisors or healthcare providers.
2. Define Roles and Responsibilities
Clarify each member’s role on the board, outlining the specific areas they will focus on. For example, one member might be responsible for healthcare decisions, while another oversees financial matters related to the trust.
3. Formalize the Structure
While a Micro Board doesn’t have to be a formal, legal entity, it can be beneficial to outline expectations and responsibilities in writing. A legal agreement can help ensure that all members are aligned and committed to the individual’s care and the effective management of the special needs trust.
4. Meet Regularly
A key aspect of a Micro Board’s success is its ability to communicate and collaborate regularly. Schedule quarterly or bi-annual meetings to assess the person’s needs, discuss the trust’s financial status, and make any necessary adjustments to the plan.
5. Collaborate with the Trustee
The trustee and the Micro Board should work closely together to ensure that trust funds are being managed appropriately. The board can provide valuable insights to help the trustee make the best possible decisions for the individual.
Micro Boards offer a unique and effective way to manage special needs trusts by bringing together a small group of committed individuals who prioritize the well-being and goals of the person with disabilities. By offering a person-centered approach, specialized knowledge, and ongoing advocacy, a Micro Board can help ensure that your loved one’s financial and personal needs are met—both now and in the future.
If you’re interested in learning more about how to incorporate a Micro Board into your special needs planning or would like guidance on managing a special needs trust, feel free to reach out. I can help you navigate these important decisions to ensure the best outcomes for your family.
*The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.
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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and
produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite
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