Building a Special Needs Planning Timeline

Posted by Patricia Manko on Thu, May 10, 2012 @ 02:42 PM

slide resized 600Just as when you plan a trip, you start with the destination first and explore ways to get there. Make it simple by prioritizing your financial concerns. Some common concerns that families identify include how to
  • Maintain their current lifestyle in the event of a premature death of a parent or primary caregiver
  • Provide the opportunity for all their children to achieve their maximum potential, including funding for college and postsecondary education programs
  • Maximize eligibility for any and all government benefits for their child with disabilities - both during their lifetime and upon their death
  • Explore options and alternatives for the most independent residential lifestyle possible for their child with disabilities
  • Have adequate savings for financial independence for their own retirement
  • Protect their income and assets in the event of the disability of a parent or primary caregiver
  • Minimize income and estate taxes within prescribed IRS legal limitations
  • Determine how to apportion their estate among their children in the most equitable manner

    Key Planning Point:  Establishment of a special needs trust can provide a false sense of security that you are all set.  The money that funds the trust is what guarantees the resources for your loved one to be cared for.

Often it is difficult to even define a goal. Sometimes simply by listening to others and discussing your concerns, it becomes easier to identify your goals. We then recommend prioritizing the goals as short term, intermediate, or long term. This will help to build your own special needs planning timeline.

Tags: Special Needs Financial Planning, Special Needs Trusts

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