Join us: Affordable Housing Options Beyond Section 8

Posted by Patty Manko on Sat, Feb 18, 2017 @ 08:00 AM

The Special Needs Financial Planning Team  Cynthia Haddad, CFP® | John  Nadworny, CFP® | Alexandria Nadworny, CFP®  We are committed to offering educational workshops to organizations and parent  groups.  Please call Alex or click here to attend a workshop or discuss a presentation  to your group. Workshops Calendar

We have a housing afforability problem in Massachusetts because we have a housing supply problem. Learn how to navigate and evaluate the options available for affordable housing: JOIN US for affordable housing research and tips from Eric Shupin, Director of Public Policy for the Citizens Housing and Planning Associaiton (CHAPA).

 RSVP : Alex.nadworny@shepherdfinancialpartners.com 

 

Housing Flyer.png

Tags: Housing

Tips for Talking about Money and Future Roles with Your Family

Posted by Patty Manko on Sat, Feb 04, 2017 @ 07:57 AM

 

The Special Needs Financial Planning Team  Cynthia Haddad, CFP® | John  Nadworny, CFP® | Alexandria Nadworny, CFP®  We are committed to offering educational workshops to organizations and parent  groups.  Please call Alex or click here to attend a workshop or discuss a presentation  to your group. Workshops Calendar

There are many ways to present your vision and discuss your finances around the future care of your family member with special needs. Opening the lines of communication with members of your Team to Carry On is key.
Begin with one on one, low-key conversations.
 It is often easiest and best to approach this process in a gradual manner and in an informal environment. Although it is important to have all family members in agreement, scheduling initial discussions in a formal meeting or large family setting is not always the best.

Gather information. We recommend speaking to one child at a time, to get their feelings about their willingness to help. This will give them the opportunity to share ideas with you rather than you telling them what you hope will happen. Remember, caring for a family member with disabilities is a lifetime commitment that you do not want to force on anyone, yet it is important for them to know your intentions.

hands-people-woman-meeting.jpgAfter everyone has had an opportunity to discuss their feelings and ideas in an informal way, you may wish to plan a discussion with everyone at once.  Since every family’s dynamics are unique, you will find the best way to communicate with your family.

Questions to ask and information to share.  The following steps should help to move the communication process along smoothly.

  • Share your vision
  • Talk about the amount of money you plan to have available to support your vision. You do not have to reveal all of your financial matters. You can choose to only mention the financial aspects that pertain to the needs of the family member with a disability.
  • Determine the best person to take on each role. For example, who is the best with finances? That person may be a good trustee or trust advisor of a Special Needs Trust. Who is most involved in the day to day life of the child? That person may be a good guardian.
  • Ask family members if they feel able to perform their roles independently. If not,design your plan to give them resources to work with. For example, let them know that they could hire an investment advisor to help with the trust management or a social worker to help oversee supports.

Family Parity . Sometimes parents feel that they must treat all of their children equally. They feel that their children expect it. However, in many cases children without disabilities are more than willing to forego any type of inheritance to guarantee security for their brother or sister with  a disability. They understand the financial realities and would rather make sure their brother or sister is taken care of and would not expect that everything is shared equally. Here's an example of a parent putting a plan in place for his son, Charles:

Although Charles is receiving all the benefits that he is eligible for and living independently, we feel that it is not enough for him to simply have what the government provides. We supplement his expenses by about $1,000 a month. This gives him the sense of self-worth and control to be able to do what he likes rather than do what someone else wants him to do. He has schizophrenia and his sense of self-worth is most important to his ability to function in life. In working with our financial planner and our attorney, we made arrangements for our other son to provide this supplement to support Charles’ needs without jeopardizing his government benefits when we are no longer able to. 

How much will it cost? So how do we determine how much money is needed? And how much is too much? Just as the educational needs of every child are unique, so are the long-term planning needs of every individual with special needs. Even two individuals with a similar medical and/or cognitive diagnosis, can have significantly different support requirements. With these varying requirements, costs will also vary. There is no clear answer; the best we can do is to maximize all resources and coordinate all of the Five Factors.

Beginning the conversation is huge. In our decades of planning, one of the biggest obstacles that we have encountered is that people do not feel comfortable talking about how much money they have. Even professionals in the field of providing services to families, including government agency employees that serve families, do not feel comfortable talking about money or the specific costs of providing services to individuals with disabilities. 

One of the first steps that is required for you to be able to achieve financial security for your child is to overcome the reluctance to discuss the issues of money. We all know it takes money to provide services, staff, housing expenses, employment supports, transportation, education, health care services and the like. We also know that the government does not have an endless supply of money to fund these services. That is why it is so important to have a comprehensive plan and to reevaluate it periodically.

Questions? Talk with us.

This information is not intended to be a substitute for individualized legal advice. Experience provided is for illustrative purposes only, and is not intended to provide specific advice or recommendations for any individual. Your situation and circumstances may be different. To determine which strategy may be appropriate for you, consult your financial, tax, or legal advisor prior to making a decision.

 

Tags: A Team to Carry On

January To- Do: Check Your Retirement Account Beneficiaries

Posted by Patty Manko on Sat, Jan 28, 2017 @ 08:00 AM

The Special Needs Financial Planning Team  Cynthia Haddad, CFP® | John  Nadworny, CFP® | Alexandria Nadworny, CFP®  We are committed to offering educational workshops to organizations and parent  groups.  Please call Alex or click here to attend a workshop or discuss a presentation  to your group. Workshops Calendar

box_with_check.pngRetirement accounts like 401(k)s and IRAs represent a large portion of most people's savings. While these plans encourage saving by offering significant tax rewards, it is important to know and understand the possible consequences when a beneficiary or contingent beneficiary is a person with special needs and plan accordingly.

Most retirement plans require some form of distribution from the account once an account owner dies. Upon the account owner's death, the proceeds are distributed according to the beneficiaries listed on each retirement account and not your estate plan. Generally speaking, if you are married, your spouse is usually listed as the primary beneficiary. At the owner's death, the spouse will be able to transfer the assets into a spousal IRA rollover. This will enable the spouse to defer the taxes until the funds are withdrawn from the account.

If you are not married and your intent is for an individual with a disability to receive any portion of the IRA, you should consider having those proceeds paid to a trust that has special needs provisions. Please note that the language in the special needs trust must accommodate retirement plan distributions properly.  It is critical to work with a disability law attorney who can make sure your documents are up to date and protect your child’s eligibility for government benefits.

Planning tip: 

If a special needs trust is used as the beneficiary of a retirement plan account, the income earned in the trust will be taxed to the trust, usually at a higher tax bracket than an individual tax bracket. The proceeds from a Roth IRA are distributed tax free upon death of the owner. If an owner has a Roth IRA in addition to other retirement accounts, it may be advantageous to have the special needs trust named as beneficiary of the Roth IRA and the other children named as beneficiaries of the other IRA and retirement plan assets.

It is not recommended to have an individual with disabilities named individually as the beneficiary of the traditional IRA or Roth IRA*, because an account balance greater than or equal to $2,000 will disqualify him or her for government benefits. Instead, if the owner wants the value of all or a portion of the IRA to be received by a person with disabilities, that person's special needs trust should be named as one of the beneficiaries.

 
Here's an Example:

If you have more than one child and you intend to split your retirement account between all the children, including your child with special needs, you should direct his or her share in the beneficiary designation to the special needs trust. An example would be to have Adam Miller name his wife, Justine, as his primary beneficiary. He would then name two of his children, Kyle and Alyssa, as contingent beneficiaries, each to receive 33% of the retirement account; and he would name the special needs trust created for his third child, Alexia, as a third contingent beneficiary to receive the remaining 34% of the retirement account. Adam would list the special needs trust for Alexia on his beneficiary designation form by including the proper registration, "The Alexia Miller Special Needs Trust Dated January 1, 2007."

Questions? Talk with us.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual, nor intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. Tax laws and provisions are subject to change

* Roth RIA are distributed upon death of the owner tax free provided the account has been open for 5 years as of the date of death. Otherwise, taxes may apply to earnings distributed.

 

Tags: financial planning

January To- Do: Your Letter of Intent

Posted by Patty Manko on Sat, Jan 21, 2017 @ 08:00 AM

The Special Needs Financial Planning Team  Cynthia Haddad, CFP® | John  Nadworny, CFP® | Alexandria Nadworny, CFP®  We are committed to offering educational workshops to organizations and parent  groups.  Please call Alex or click here to attend a workshop or discuss a presentation  to your group.

Workshops Calendar

TTCO_hands_pexels-photo-233223.jpegJanuary To- Do: Your Letter of Intent

"Well, I've been afraid of changin'
'Cause I've built my life around you
But time makes you bolder
Even children get older
And I'm getting older, too"-

- Landslide, Lyrics by Stevie Nicks 

It is not surprising, with day to day life as busy as it is, time sneaks up on all of us, especially parents. All of a sudden, it is time to think about what will happen when you are unable to do all you do to care for your child. We call this planning A Team to Carry On

A Team to Carry On and the Letter of Intent

A Team To Carry On is a plan, encompassing both the people and the money needed, to carry forward your vision for the care and well-being of your family member with a disability as you age, and ultimately, when you are gone. While we often think of the legal documents assigning roles and responsibilities, but it is also important for parents to communicate their vision and the personal details that make a difference to their Team to Carry On.  The Letter of Intent is the document that gets this job done. 

 What exactly is a Letter of Intent?

Although not legally binding, a Letter of Intent communicates your desires and concerns to future caregivers.  It covers vital statistics, your child's financial picture, details about what works well or not so well for your child, suggestions about what changes might be needed for the future, a list of all pertinent documents and records, and individuals that are important in your child's life- your Team to Carry On.

You may download a free, fillable PDF version of the Letter of Intent by clicking on the Heart below.  And don't forget to share the Letter of Intent with the key members of your Team to Carry On!

 

The Letter of intent Click on the heart for your fillable Letter of Intent.

 

Tags: A Team to Carry On

This Week! Join Us January 11 to Begin the New Year with Focus

Posted by Patty Manko on Mon, Jan 09, 2017 @ 04:16 PM


 The Special Needs Financial Planning Team 

Cynthia Haddad, CFP® | John Nadworny, CFP® | Alexandria Nadworny, CFP®

 

We still have space available so come out and join us on January 11!  Begin the New Year by taking the first step in deepening your planning for the future; learn about a Team To Carry On.

hands 2 TTCO.pngWhat is a Team To Carry On?

A Team To Carry On is a plan encompassing both the people and the money needed to carry forward the care and well-being of your family member with a disability as you age, and ultimately, when you are gone. 

As we go through the cycle of life with our families, as well as many of our clients, we began to identify the need to formalize thinking about both the people and the money needed to plan into the next generation

in 2017 we will feature a Team To Carry On in our blog and workshops, with new information and resources centered around this next level of planning for the future of our families.  

A parent is irreplacable, but the team you build carries on. Circumstances may change and your thinking about your team may change but it is important to get startedJoin us January 11 to learn about a Team To Carry On and to hear about what others are doing!

Contact Alex for details and to RSVP. (email/781-756-1804)

Jan 11 _TTCO poster.jpg

 

Tags: A Team to Carry On

Join Us January 11; The Next Level of Planning for the Cycle of Life

Posted by Patty Manko on Thu, Jan 05, 2017 @ 03:02 PM


 The Special Needs Financial Planning Team 

Cynthia Haddad, CFP® | John Nadworny, CFP® | Alexandria Nadworny, CFP®

 

Join us on January 11!  Begin the New Year by taking the first step in deepening your planning for the future; learn about a Team To Carry On.

hands 2 TTCO.pngWhat is a Team To Carry On?

A Team To Carry On is a plan encompassing both the people and the money needed to carry forward the care and well-being of your family member with a disability as you age, and ultimately, when you are gone. 

As we go through the cycle of life with our families, as well as many of our clients, we began to identify the need to formalize thinking about both the people and the money needed to plan into the next generation

in 2017 we will feature a Team To Carry On in our blog and workshops, with new information and resources centered around this next level of planning for the future of our families.  

A parent is irreplacable, but the team you build carries on. Circumstances may change and your thinking about your team may change but it is important to get startedJoin us January 11 to learn about a Team To Carry On and to hear about what others are doing!

Contact Alex for details and to RSVP. (email/781-756-1804)

Jan 11 _TTCO poster.jpg

 

Tags: A Team to Carry On

Join Us January 11; a New Year and a New Planning Focus

Posted by Patty Manko on Sun, Jan 01, 2017 @ 08:10 AM

christmas-holly-clipart-holly3.pngSeason's Greetings from The Special Needs Financial Planning Team 

Cynthia Haddad, CFP® | John Nadworny, CFP® | Alexandria Nadworny, CFP®

 

Join us on January 11!  Begin the New Year by taking the first step in deepening your planning for the future; learn about a Team To Carry On.

hands 2 TTCO.pngWhat is a Team To Carry On?

A Team To Carry On is a plan encompassing both the people and the money needed to carry forward the care and well-being of your family member with a disability as you age, and ultimately, when you are gone. 

As we go through the cycle of life with our families, as well as many of our clients, we began to identify the need to formalize thinking about both the people and the money needed to plan into the next generation

in 2017 we will feature a Team To Carry On in our blog and workshops, with new information and resources centered around this next level of planning for the future of our families.  

A parent is irreplacable, but the team you build carries on. Circumstances may change and your thinking about your team may change but it is important to get startedJoin us January 11 to learn about a Team To Carry On and to hear about what others are doing!

Contact Alex for details and to RSVP. (email/781-756-1804)

Jan 11 _TTCO poster.jpg

 

Tags: A Team to Carry On

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