MYTH: Public benefits are sufficient.
Reality: Not if you want your boyfriend to have a cell phone or tablet or travel to the bowling alley or movie theater, especially if he needs an escort.
Myth: Siblings (or other family members) will do what is necessary.
Reality: That leaves a lot to chance. Even if the siblings accept responsibility, are they capable of execution? And what if they predecease the beneficiary?
MYTH: Designating the person with special needs as the beneficiary of a life insurance policy or 401(k) ensures their financial well-being.
Reality: Such action may jeopardize the beneficiary's eligibility for public services. Assume that you do not explicitly direct the income to their special needs trust. In that case, the money can go into the account holder's estate, which can then be distributed to children, including, with dire results, the beneficiary.
Myth: Counselors must have a family member with special needs to reliably provide special needs planning.
Reality: Having personal experience is never required to create professional expertise in a field.