Financial planning for families with special needs
Meeting everyone’s needs.
When your family includes a child with special needs, teamwork and shared responsibility become a way of life for the whole family.
Caregivers, neighbors, and support organizations become “family” too.
So let’s work together to see that everyone’s expertise and expectations are considered. And then let’s make a plan that meets everyone’s needs.
Starting with yours.
You first.
It may feel counterintuitive to think about your needs first, but you’ll be in a better position to protect your child’s financial future if you’ve planned well for your own.
A solid plan begins with an honest evaluation of your current assets and investments, future needs (yours and theirs), and a full understanding of the many financial and legal tools you can access to accumulate, grow, protect, and transfer wealth.
Creating a plan to secure your own future is one of the most responsible and generous things you can do for those who depend on you now and in the future.
If you need to know how to get started, call us. (317) 574-2222.
Time for a family meeting?
Talking about who will care for your adult child physically and financially when you’re no longer able to can feel overwhelming, we know.
But experience tells us that the fear of the unknown is much scarier than the answers to the questions that are keeping you up at night.
Developing a plan as a family will help you all sleep better at night.
When you’re ready to have that family conversation here are some things to consider:
Don’t spring it on them. Prepare family members in advance and set aside a specific time and place to have conversations in person. Avoid large family gatherings or holidays, as emotions and distractions are already high.
Have patience. Don’t try to solve everything at once. Talk through what you know and what you need to know, then give family members time to process. Agree to a time to revisit unresolved topics in the future.
Give everyone a voice. Some decisions won’t directly impact everyone, but no one person has the corner on good ideas. Give everyone a voice before making final decisions. When possible, include your adult child in the conversation.
Define Roles. Make sure everyone clearly understands the responsibilities and commitments associated with guardianship, power of attorney, and trustee. Rarely are these the same people; rarely should they be.
Still feeling unprepared? Family Voices of Indiana offers a wealth of free online resources.
Check out their training series here.
Get ABLE Ready
Information courtesy of the ABLE National Resource Center, learn more at www.ablenrc.org
Similar to 529 savings accounts for higher education expenses, an ABLE account is a tax-advantaged savings account for individuals with disabilities and their families.
After-tax contributions can be used to pay expenses such as housing, transportation, assistive technology, and health care services not covered by insurance, Medicaid, or Medicare without affecting eligibility for public benefits.
Think your family may be eligible? Start here.
Identify your need for savings. Whether you are working and producing income or a Social Security beneficiary of SSI or Social Security Disability Insurance (SSDI) monthly income payments, make a list of short- and long-term needs to set aside for funds in an ABLE account.
Identify potential sources for income. Friends, family, and an employer can all be invited to contribute to your ABLE Account. Just remember that all contributions count toward the $15,000 per year limit.
Consider an ABLE account as part of long-term financial goals. An ABLE account could be established to complement an existing Special needs Trust. Discuss your long-term goals with your financial advisor or attorney.
Be aware of stipulations related to all ABLE accounts
Start saving now.
Compare state ABLE programs
Think again.
If you’re like most people, talking about life insurance ranks right up there with going to the dentist.
We get it. Who wants to think about all the things that could possibly go wrong?
That’s one way to look at it… here’s another.
You can use life insurance products as a strategic investment, not just to create a tax-friendly legacy for the people you leave behind, but to protect your own standard of living today.
Ready to talk to someone about your family’s needs?
DO THIS NOW.
If something were to happen to you, the last thing you want your family to have to worry about is accessing accounts or finding essential documents they may need to claim benefits or navigate the probate process.
Help them while you can by gathering and documenting all of your important information in one secure place.
Include copies of insurance policies, deeds, titles, trusts, and tax returns as well as information on credit cards, safe deposit boxes, retirement, and brokerage accounts. If you work with an attorney or financial advisor, you should also include their contact information so that your loved ones can access their guidance if necessary.
And don’t forget user names and passwords for online accounts, email, and social media accounts.
Special needs trusts…
A Special Needs Trust (SNT) is a critical safeguard for preventing the unintended loss of government benefits and preparing for your child’s current and future needs.
Talk to us about ways to fund a family trust and relieve financial burden on your designated trustee.
Click here to Find an attorney who specializes in Special Needs Trusts.