Special Needs Planning Webinars 🎧: Look, Listen and Learn🤓

Posted by Haddad Nadworny on Wed, May 27, 2020 @ 07:39 AM

The Special Needs Financial Planning Team John Nadworny, CFP, CTFA | Cynthia Haddad, CFP | Alexandria Nadworny, CFP,  CTFAOur educational outreach continues via webinar throughout the time of the  pandemic. Please contact Alex Nadworny via email -  anadworny@affiniafg.com - to discuss an online presentation to your group.

 

Upcoming Webinars

THIS Thursday, May 28@4PM - Financial Planning with ABLE Accounts 

ABLEThis webinar will give an overview of ABLE accounts and their benefits in financial planning for individuals with disabilities. 

To RSVP, click here.

To learn more about the ABLE account, click here.

 

Wednesday, June 3@4PM- Life Insurance: Basics & Big Changes

BeneficiariesTune in on Wednesday, June 3@ 4PM for our webinar, Life Insurance: Basics & Big Changes.  This 30-minute webinar will include:

  1. Basics of life insurance, who needs it and how to get it.
  2. Trends in the Life Insurance industry.
  3. Planning strategies with life insurance.

We are pleased to welcome Joseph Sullivan, CFP®, CLU®, ChFC®, a Senior Advanced Insurance Consultant at LPL Financial, who will bring us up to date on underwriting changes that impact inforce as well as new policies and the substantial impact current ultra-low interest rates have had on premiums and pricing.

We will also share scenarios where life insurance may be used in planning for both individuals and special needs trusts.

RSVP

Tuesday, June 16@4PM-  Social Security Programs Relevant to Parents of Children with Special Needs

Social Security-1We are excited to present this webinar, given by subject matter expert and guest speaker Mark Bronstein, giving an overview of the programs offered by Social Security and where they might fit into a life plan at different stages of your child’s life.

Attorney Mark Bronstein has been representing individuals in disability benefit claims since 1980. He is a nationally recognized leader in his field and frequently writes and speaks on disability law-related topics for attorney and health professional groups, community organizations and chronic illness support groups.  RSVP

 

Tags: Special Needs Financial Planning

People + Money = Options

Posted by Haddad Nadworny on Fri, May 01, 2020 @ 02:59 PM

The Special Needs Financial Planning Team John Nadworny, CFP, CTFA | Cynthia Haddad, CFP | Alexandria Nadworny, CFP,  CTFA

Who are Your People? Please join us 🎧to find out!

your team

Tune in on Friday, May 8 @ noon for our mini-webinar, The People.  In this webinar we will lay out a step-by-step approach to identify and empower the people who will care for your child when you are no longer able to do so. Topics will include:

  • Where to begin
  • Formal and Informal roles
  • Who is on your team: Family, Community, Professionals

Join us! RSVP to Alex Nadworny @ ANadworny@AffiniaFG.com

People + Money = Options 

While physical distancing at home, focused upon keeping ourselves and our families safe and healthy, it is easy to feel vulnerable. Although the vast majority of us will come through this pandemic without damage to our health, it is time to pause, think about what is important to us and take action. 

What are the options you would want your family to have if something were to happen to you?

What decisions would provide the best situation for each family member, including your child with special needs, and for your whole family collectively?

Many times, these complicated questions do not have clear-cut answers but that should not deter you from getting started. Along the same lines, here are two tips to keep in mind as you begin to think about your plans for the future:

  • Accept the assumption that nothing, including your planning, is ever perfect and should be etched in stone.

  • Know that revisions to your planning can be made, and in fact should be made, over time.

While personal circumstances are likely to change, it is important to get started; a primary reason families fail to have a plan in place is procrastination.

A To- Do List to get started.

For many parents, their first priority is to be sure their child will be cared for when they are no longer able to do so themselves. There is no question that a comprehensive estate plan, drafted by an attorney specializing in estate planning, is the best way to ensure your wishes are completed.  However, there can be no effective estate plan without two critical pieces in place: the people and the money. 

Here’s your to-do list to get started or if you have completed your estate planning, to review. Download a copy of this list here

To do list

 

Please call us to review your options for life insurance or to discuss your beneficiary designations; we can help. We offer a complimentary phone consultation to discuss your circumstances and planning needs. 

And don't forget to tune in for Friday's webinar! RSVP to Alex

This information is not 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.

Financial planning and investment advice offered through Affinia Financial Group, LLC, a registered investment advisor. Securities offered through LPL Financial, member FINRA/SIPC. Special Needs Financial Planning LLC, Affinia Financial Group, LLC and LPL Financial are separate entities.

 

 

Tags: Special Needs Financial Planning, Life Insurance, special needs Letter of Intent, planning for a future after parents are gone

News: Webinar this Friday 🎧& New DDS Update on Covid 19

Posted by Haddad Nadworny on Tue, Apr 14, 2020 @ 04:03 PM

The Special Needs Financial Planning Team John Nadworny, CFP, CTFA | Cynthia Haddad, CFP | Alexandria Nadworny, CFP,  CTFA

Please Join Us 🎧!

SNFP webinarsA little knowledge is a good thing! Sign up for our 15 minute Friday webinars. This week's talk will be all about The Five Factors of Special Needs Planning. To find out more/ RSVP, please email Alex Nadworny .  

To download our flyer with additional details, click here.

 

From DDS today:

Massachusetts DDSFor the newly released COVID-19 guidance and information for DDS individuals and families,  please click here . 

 

 

 

Financial planning and investment advice offered through Affinia Financial Group, LLC, a registered investment advisor. Securities offered through LPL Financial, member FINRA/SIPC. Special Needs Financial Planning LLC, Affinia Financial Group, LLC and LPL Financial are separate entities.

 

 

Tags: Special Needs Financial Planning

SSI,SSDI & More- Your Social Security Questions

Posted by Haddad Nadworny on Sat, Apr 14, 2018 @ 07:30 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.
Social Security Benefits for People with Disabilities- April 26, 2018

 

JOIN US! - Click below to view flyer
 Social security
Some Facts and Figures:
 
56 million Americans, or 1-in-5, live with disabilities.
38 million disabled Americans, or 1-in-10, live with severe disabilities.
 
Payments are modest: 

As of December 2016, Social Security paid an average monthly disability benefit of $1,171.15. That’s barely enough to keep a beneficiary above the poverty level ($12,060 annually).

What is Social Security Disability Income (SSDI)?

Social Security disability is a social insurance program under which workers earn coverage for benefits, by working and paying Social Security taxes on their earnings. The program provides benefits to disabled workers and to their dependents. For those who can no longer work due to a disability, our disability program is there to replace some of their lost income.

What is Supplemental Security Income (SSI)?

Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes) to help aged, blind, and disabled people, who have little or no income; and provide cash to meet basic needs for food, clothing, and shelter.

SSDI vs. SSI

Social Security Disability Insurance

Supplemental Security Income

Payments come from the Social Security trust funds and are based on a person’s earnings.

Payments come from the general treasury fund, NOT the Social Security trust funds. SSI payments are not based on a person’s earnings.

An insurance that workers earn by paying Social Security taxes on their wages.

A needs-based public assistance program that does not require a person to have work history.

Pays benefits to disabled individuals who are unable to work, regardless of their income and resources.

Pays disabled individuals who are unable to work AND have limited income and resources.

Benefits for workers and for adults disabled since childhood. Must meet insured status requirements.

Benefits for children and adults in financial need. Must have limited income and limited resources.

 
Contact Alex to learn more.
 
 

Tags: Special Needs Financial Planning

For Grandparents: Save for Retirement and Grandchildren’s Education

Posted by Haddad Nadworny on Sat, Jan 13, 2018 @ 07:36 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.


pexels-photo-355948.jpegA Roth IRA may be an option for grandparents to consider when saving for retirement and while also saving for their grandchildren’s education. The Roth IRA allows account owners to save with tax-free growth* and with the added flexibility to allocate and use the funds when they choose and for any purpose.

What is a Roth IRA:

 A Roth IRA is a retirement account funded with after-tax dollars. The contributions generally are not tax deductible but when you start withdrawing funds, qualified distributions are tax-free.

 Defining characteristics of a Roth IRA:

  • The money invested in a Roth grows tax-free*.
  • Contributions can continue to be made once the taxpayer is past the age of 70½, as long as he or she has earned income, which may be basically defined as W2 income.
  • Eligibility for a Roth account depends on taxable income.       Generally, in 2018 you are eligible if :
  • you are a couple filing jointly and your MAGI (modified adjusted gross income) is less than $189,000.
  • you file as an individual and your MAGI is $133,000.
  • Contribution amounts: In 2018 an individual may make an annual contribution of up to $5,500 to a Roth IRA. Individuals who are age 50 and older by the end of the year for which the contribution applies can make additional catch-up contributions (up to $1,000 in 2018). An individual may also establish a Roth IRA for their spouse with little or no income.
  • The taxpayer can maintain the Roth IRA indefinitely; there is no required minimum distribution (RMD) during the account holder's lifetime.

* Withdrawals from the account may be tax-free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax.

Case Study

John and Alice (fictional names) are grandparents of 2 grandchildren, one of whom has special needs.  John and Alice have $10, 000/year to contribute toward their retirement savings should an emergency or unforeseen need arise. They also want the opportunity to put these funds toward the goal of funding their grandchildren’s educational expenses and don’t want to miss this opportunity to save for them should the unforeseen or emergency never happen.

 Their first thought was to establish a 529 plan & ABLE account for each of their grandchildren. However, while John and Alice feel saving for college is an important goal toward which they want to contribute, they need and want flexibility and control over these funds. Their grandchildren may opt not go to college or John and Alice may have an unforeseen need come along for which they would use this savings. 

In meeting with John and Alice and discussing this goal, we suggested another alternative: establishing and funding a Roth IRA. This alternative is open to John and Alice as they both have earned income, file taxes jointly and do not exceed the $189,000 combined household maximum income threshold for Roth IRA contributions. There is no age limitation on opening or contributing to a Roth IRA.

The benefits of saving the $10,000/year in a Roth IRA are tax-free growth, with no limitations on use of funds or withdrawal rules( with exceptions noted above- see *).  John and Alice may each contribute up to $5500/ year to a Roth IRA. Today they feel as though they can afford to give their grandchildren money for their futures, but ideally John and Alice would like the option to have the money available to them if there was an unforeseen need. Should they have additional grandchildren, having the money in the Roth IRA can make it easier to distribute the money amongst all grandchildren.

 Potential drawbacks to using this approach might occur if the funds were left in the account and John and Alice required nursing care. This savings would be considered in their assets and also, should they pass away, this account would be included as a part of their estate assets. To control disposition of the assets upon their death, they may designate their children or grandchildren as beneficiaries of the account.

When making the decision of how best to save for your grandchild’s future, recognize that every family’s situation is different and that will have an impact on the final decision regarding the best savings option to consider.    

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual, nor intended to be a substitute for individualized tax advice. There is no assurance that the techniques and strategies discussed are suitable for all individuals or will yield positive outcomes. Please consult tax advisor regarding your specific situation.The Roth IRA offers tax deferral on any earnings in the account. Future tax law can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change. The experiences described here may not be representative of any future experience of our clients, nor considered a recommendation of the advisor’s services or abilities or indicate a favorable client experience. Individual results will vary.

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Tags: Special Needs Financial Planning, Retirement Planning, financial planning, planning for college

Sharing Our Moment in the Spotlight

Posted by Haddad Nadworny on Sat, Oct 21, 2017 @ 07:07 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.Our Next Workshop: Wednesday, October 25- Having the Talk- click here for the flyer.

Investment-NEws.jpg

Cover_James &John_nadworny_0148.jpeg

 

Investment News, a widely read and long-standing premiere publication of the financial advisory profession, devoted their September 18, 2017 issue to planning for people with disabilities.

While doing their research, the editors of Investment News found us, chose to feature us on the cover of their publication and made a video of our personal and professional stories for their website.

 We are proud to share the video with you today. The 6-minute video may show you a side of us you do not know!

Click here or on the photo above to view our video and please share it with others!

 

 

Tags: Special Needs Financial Planning

Shepherd Financial’s John Nadworny quoted in the New York Times

Posted by Patty Manko on Tue, Mar 31, 2015 @ 03:04 PM

NYT_Calls_John_Nadworny

We congratulate our colleague John Nadworny for being a resource for and quoted in an article about financial planning for people with special needs in Saturday’s New York Times (March 28, 2015).  To read the article, click here

 

We include the following disclosure as we do not control the information in this article. The opinions voiced in this material are for general information only and not intended to provide specific advice or recommendations for any individual, nor intended as tax or legal advice. There is no assurance that the techniques and strategies discussed are suitable for all individuals or will yield positive outcomes. Investing involves risk including loss of principal. 

Prior to investing in an ABLE account investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's ABLE program. Please consult with your tax advisor before investing.

Note that when distributing for non-qualified expenses, the pro-rata portion of the earnings attributable to the non-qualified expenses are subject to tax plus a 10 percent penalty.

Insurance guarantees are based on the claims paying ability of the issuing company. Individual results will vary.

 

Tags: Special Needs Financial Planning