Special Needs Planning Part 2

Previously, we covered why special needs planning is so important. Now let's take a look at the process we use.

First, we must develop a clear vision not just of your dreams and goals for your family and loved one with special needs, but also when and how you plan to achieve them.

Secondly, think holistically, by assessing your current situation and determine the feasibility of your goals. Setting priorities and then creating a integrated plan to achieve them is vital.

Third, plan with intention by creating a strategy that takes into account the financial, legal and logistical concerns that may impact your dependent's quality of life over time.

Fourth, for the plan to succeed, it has to be implemented. The sooner you get started, the better.

Finally, keep your plan current. Laws change and so do the needs of a person with disabilities. Your financial plan is a work in progress. Make sure to review and update it regularly.

As someone once said, "Love your children for who they are. Do not let their disabilities determine their fate."

Special Needs Planning Part 1

As a parent or guardian of a person with special needs, your knowledge can make a world of difference as you plan for the future of your loved one. You don't have to go through this process alone. By building a team of special-needs professionals, you can benefit from their expertise as they guide you through the process of creating an action plan.

Special needs require special planning. To obtain a complete picture of the critical pieces involved in special needs planning, a family should work with an experienced team of professionals, generally consisting of a medical, legal, financial and social service professional.

An attorney will help you prepare what's called a "special needs trust". Not all attorneys (even those working in "estate planning") are familiar with these highly specialized types of trusts. For example, I contacted several attorneys in my area and asked if they had any experience with special needs trusts. Responses ran the gamut from "never did one" to "I think I can do one". One attorney finally said, "Thinking and doing are two different things. Don't let anyone learn on one of your clients. After a few months of looking, I found an attorney who actually has had several of these trusts approved by the courts.

A financial professional can help you find ways to fund the trust. In the next blog, we'll discuss the planning process we use. As a client once said to me while working with her autistic son, "He's an autistic child, and soon he'll be an autistic adult. We won't always be here to help, so we need to do our best to plan for him from now." I couldn't say it better myself.