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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

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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

Cindy Clark prepared our estate planning documents and did a great job. Very thorough and organized. I’d highly recommend her and her firm for all areas of law she specializes in.

Chris B.

Very knowledgeable, easy to work with, and personable. Highly recommend!

Travis C.

Cynthia and Tim were absolutely terrific in guiding us through our Trust creation process, They responded quickly and comprehensively to all our questions. Very professional! Highly recommend!

Linda R.

Cindy is a customer-oriented professional who makes the law understandable. It was a real pleasure to work with her and her staff.

Janice B.

Tim and Cynthia provided us very professional guidance for our legal documents. Easy to communicate and answered the many questions we had. Thank you for all of your help.

Carl B.

Cindy is easy to talk to, she listens to me, answers all my questions, and is very smart. I would recommend her to anyone who needs an estate planning attorney.

Joan

Attorney Cynthia M. Clark and her staff provided excellent service in creating and preparing news will and associated documents for my wife and myself.

They carefully guided us through the process, clarified questions, and made us extremely comfortable with the process. We highly recommend them.

Fred

Cindy and her staff helped my husband and I with our wills…. making sure our affairs were in order, and giving us peace of mind, after our Ohio lawyer failed to complete the process and left us wIth no wills during the Covid virus.

Deb

Attorney Clark is exceptional! She has a financial background as well as legal which is a necessary combination when Estate planning. She is honest and truly cares about her clients. I’m grateful to have found her and wouldn’t hesitate to recommend her.

Elizabeth

Cindy is a customer-oriented professional who makes the law understandable. It was a real pleasure to work with her and her staff.

Chris

Manasota Elder [Law] just executed a trust for me. I’m very pleased by their professionalism and will next ask them to update my will. I highly recommend Cynthia and Tim Clark for your legal needs.

Julie

She is the best of the best! Not only highly intelligent but caring. That’s hard to find these days. She helped my 93 yr old family friend through everything and was so smart and kind. I give her 5 stars!

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