Careful financial planning is always a good idea — especially if you have a loved one with special needs.
After all, many people with special needs have low earning potential and rely on means-tested government benefits (Medicaid, SSI, housing vouchers, and SNAP), settlements, and/or support from family members. Understanding the roles of public benefits, taxes, living and healthcare expenses, and investment income, as well as regulations and rights pertaining to special needs, requires a professional hand.
Thankfully, there are people you can turn to for help. As a founding member and former president of the Special Needs Alliance, I’m a passionate advocate for special needs families and have seen firsthand their struggles and successes.
In this article, I’ll explain the importance of finding a quality, special needs-focused financial planner and special needs planning attorney, and the important tasks they can help you accomplish.
Everyone will have different needs depending on their situation — some may need to check in with their team quarterly, and others annually. Either way, it’s important to stay aware of any legal changes that may affect your plan. A good way to do this is to subscribe to newsletters put out by your team and follow them on social media. If you see something you have questions about, don’t be afraid to contact them.
Protecting and providing for your family member with special needs now and in the future is a unique and complicated process. Finding a team to help you set goals, manage your assets, navigate taxes, and monitor your plan is the key to your peace of mind.
If you’re ready to chat with a special needs planning attorney in your state, a list of SNA attorney members is available here.
