Skip to content

Southwest Florida

941.444.5958

  • Home
  • About Us
    • Meet Cindy
    • Tim Clark – Client Services Manager
  • Estate Planning
    • Asset Protection
    • FAQs
  • Elder Law
  • Probate
  • Specialty Trusts
    • Gun Trusts
    • IRA Trusts Page
    • Pet Trusts
    • Special Needs Trusts
  • Resources
    • Articles
    • Glossary
    • For Professional Advisors
    • Subscribe
  • Contact Us
    • Hours & Holiday Schedule 2022
Menu
  • Home
  • About Us
    • Meet Cindy
    • Tim Clark – Client Services Manager
  • Estate Planning
    • Asset Protection
    • FAQs
  • Elder Law
  • Probate
  • Specialty Trusts
    • Gun Trusts
    • IRA Trusts Page
    • Pet Trusts
    • Special Needs Trusts
  • Resources
    • Articles
    • Glossary
    • For Professional Advisors
    • Subscribe
  • Contact Us
    • Hours & Holiday Schedule 2022
Search
Close

Financial Planning when a Family Member has Special Needs

Financial planning when a family member has special needs requires additional attention.
Financial planning when a family member has special needs requires additional attention.

Financial planning is tricky enough, but planning when a family member has special needs requires even more attention. If you fail to provide any funds or support for a family member with special needs, his future may be left to a judge, and his well-being could suffer. If you leave too much, he could be ineligible for government services or be forced to pay back the state for some of his care.

SF Gate’s recent article, “Financial planning when a family member has special needs,” says the biggest mistake you can make is not planning at all. That frequently happens when caregivers become so overwhelmed that it prevents them from planning at all. However, it doesn’t have to be a major undertaking in every case. A young family may just need some life insurance and a basic estate plan, as needs can change over time.

The article says that if you do only one thing, you should write a letter of intent. This letter details a family’s hope for the individual. It tells of your vision for the child or family member’s life – who will be involved and how. This letter of intent can also include crucial information about medical and financial information, as well as other essential information, such as your loved one’s daily routine, and his likes and dislikes.

You should update this letter of intent annually. All the money in the world can’t provide the information parents may have in their hearts and minds for their children. Best of all, it’s free to create.

Every family’s circumstances are unique, so it can be very confusing to understand what’s needed for your particular situation. Seek help wherever you can. Ask other families with special needs for their input and consider taking any free training offered by advocacy or support groups.

Financial planning when a family member has special needs is a situation where a paid professional, such as an elder law attorney or a lawyer who specializes in disability law, can be critical.

Your elder law attorney and your financial advisor will be invaluable members of your advisory team. They can educate you about the finer points of the various financial tools available, like special needs trusts, ABLE accounts, and more. Commonly used financial tools, such as life insurance and Roth IRAs, take on new weight for families in this situation. And experienced attorney will have special knowledge on the implications the various tools will have on taxes, government benefits and more.

Finally, don’t forget to look after your own financial well-being. If you don’t take care of yourself, you won’t be able to provide for your family.

Reference: SF Gate (May 5, 2019) “Financial planning when a family member has special needs”

Other articles you may find interesting:

ABLE Accounts for Special Needs Planning

ABLE Accounts: No More Medicaid Recovery

Selling firearms in Florida
Retirement Trusts
Retirement Trusts
Pet Trusts
Pet Trusts

You wonder whether your granddaughter will think of you fondly when you’re not around anymore.

You want to make sure someone will love and care for your dog, horse, or parrot when you can’t.

Your spouse doesn’t share your love for guns, and you fear your collection could be sold for almost nothing – or even destroyed – instead of being passed on to your children or others who share your passion.

Click to Meet Cindy

Or find me on social media...

Facebook Twitter Linkedin Rss

Contact us today. We can help.

Name(Required)

What Our Clients Are Saying

I’ve been working with Cindy and her firm since 2019 (after being recommended by my attorney in Alaska) and have found her and her staff to be personable and professional. I have recommended her to several friends who need estate planning assistance more than they could possibly imagine.

Dale H.

You and your husband were a delight to work with. Easy, quick and pleasant. Will certainly call you for our future needs. Best wishes.

Martin C.

We Thank You Tim and Cindy for all your expert advice and professionalism! We will definitely refer your legal team to any of our friends and family. Thanks again!

Joey S.

Cindy, Just wanted to do a follow-up – I picked-up my first can last night from the dealer! It took about 6 months, but everything went smooth with the [Gun] Trust you did for me. Thanks again!

Mike S.

Cindy, thank you for your prompt attention and completion of my gun trust. I only wish I had come to you sooner and would have saved $189 for a standard trust package from another law firm in Tampa, which was utterly confusing. Thanks much and will be seeing you in the future for my legal needs.

Arthur G.

I am very happy with all the services that Cindy rendered. I couldn’t have asked for any better help than what she gave to me in setting up Medicare and Medicaid for my cousin, Ron. Cindy is very friendly & prompt with her help. I would highly recommend her to everyone. Thank you Cindy.

Bill G.

Cindy has done a professional service with my time and trustworthy explanation of her programs. Any questions were responded clear and concise. Thanks for fast and efficient service.

Mickey M.

Cindy helped us with our estate planning and she was great!! She is extremely knowledgeable and super fun to work with!! Thanks Cindy!!

Kyle S. & Wendy Y

CFP
Elder Counsel
DocuBank
NRA

Manasota Elder Law

677 N. Washington Blvd. | Sarasota, FL 34236 | 941.444.5958

Privacy Policy | Disclaimer

All content copyright © 2021 Manasota Elder Law. All rights reserved.