Alex Buellesbach
Alex Buellesbach, a member of the Gabriel Homes Board of Directors, is the founder and managing advisor of Cottage Hill Capital.
As a financial advisor, the idea of working as a fiduciary has been ingrained into my practice and decision making from the very beginning.
Acting in the best interest of clients and putting their interests ahead of my own when making financial recommendations comes second nature. This thoughtful way of helping others shouldn’t be limited to only financial services: It’s also an act we all can take on when helping others who may not have the capacity to help themselves.
Acting as a fiduciary plays a significant role in financial and future planning for adults with intellectual and developmental disabilities (IDD). Fiduciaries’ responsibilities include:
- Financial Management: Fiduciaries, such as trustees or financial guardians, manage assets to ensure the individual’s financial stability, including handling investments, budgeting, and bill payments.
- Special Needs Trusts: They administer special needs trusts, which protect eligibility for government benefits while providing additional financial support.
- Legal Representation: Fiduciaries can make legal decisions related to the individual’s finances, healthcare, and personal affairs, depending on the legal arrangement.
- Advocacy: They advocate for the individual’s best interests in financial, legal, and healthcare settings.
Fiduciaries can also help address obstacles including:
- Benefit Eligibility: Navigating complex rules to maintain eligibility for benefits like Medicaid and Supplemental Security Income (SSI).
- Financial Exploitation: Protecting against fraud and financial abuse.
- Long-Term Planning: Developing sustainable plans to cover lifelong care needs.
- Complex Legal Systems: Managing legal requirements around guardianship, trusts, and estate planning.
- Family Dynamics: Mediating family disagreements over care and financial decisions.
Fiduciaries provide support, ensuring adults with IDD receive appropriate care and financial security throughout their lives. Let’s bring more awareness of this essential need together!