Planning for a Loved One with Special Needs

A Special Needs Financial Planner is a financial professional who specializes in helping families with individuals who have disabilities to create and implement financial strategies tailored to their unique needs. These planners understand the complexities involved in managing finances for people with disabilities, including the impact of government benefits, legal considerations, and long-term care planning.

When caring for a loved one with special needs, you’re planning for two generations, and additional considerations should be taken while planning. You’re planning for their present and future care as you plan your own retirement and legacy.

Key services provided by special needs financial planners are not limited to, but can include:

• Special Needs Trusts: Helping families understand the role and management of trusts in special needs planning and how to protect assets without jeopardizing government benefits.
• Government Benefits Navigation: Assisting families in understanding and applying for government benefits.
• Estate Planning: Developing comprehensive estate plans to ensure the long-term financial security of individuals with disabilities. Ensuring beneficiaries are updated as laws and family dynamics change to avoid reducing government benefits and helping assets last longer.
• Investment Management: Creating investment strategies that align with the financial goals and needs of the individual with disabilities and their family through ABLE accounts and other investments. It is important to note that funds in an ABLE account may not count towards Medicaid and SSI eligibility.
• Long-Term Care Planning: Assisting families in planning for future care needs for the entire family.
• Life Insurance Analysis
• Budgeting and Cash Flow Management

Look for professionals who are members of special needs planning organizations such as the Academy of Special Needs Planners®. You could also consider looking for planners with specialized designations, such as the Chartered Special Needs Consultant® (ChSNC®), which indicates expertise in this field.

*Representatives of Royal Alliance do not provide tax and legal advice.  Please consult your tax advisor or attorney for such guidance.