FINANCIAL PLANNING
ilies must understand the economic landscape of their child ’ s entire life , knowledge of the adjusting government plans , and an individual strategy that provides for their child ’ s support needs regardless of government policy . This may feel like an overwhelming or daunting task , or many families feel they have simply started too late , but neither of those items are true .
Due to the complexities of this type of planning , families can start by taking a simple step : complete your child ’ s Letter of Intent .
A Letter of Intent is a document written about your child ’ s current needs ( medical , therapy , education , employment , behavioral , daily routines , and structure ), as well as your future goals for them . This document is an instruction manual for your child that will provide guidance to your child ’ s next caregiver if you are no longer able to care for them or if you pass away . ( You can find a Letter of Intent at www . HowtoSecuretheFuture . com ).
The second step is to find a special needs planning professional who can guide you in the process of this type of planning so that you do it correctly . Finding a specialized planning professional in this arena can be challenging because there are very few that focus their time specifically working with families like yours . We have included some tips below that can help :
� Ask organizations you trust for guidance . � Reach out to other families for advice . � Interview planning professionals :
o Do they know the differences between Supplemental Security Income ( SSI ) and Social Security Disability Income ( SSDI ), as well as Medicaid vs . Medicare ?
o Do they know the qualification requirements of SSI and Medicaid ?
o What special needs planning certifications do they hold ?
o What continuing education do they complete in this area of planning ? How often ?
o Can they explain the advantages , as well as the drawbacks , to an ABLE Account ?
o Can they describe the different types of special needs trusts and when each type is used ?
o Do they know how taxes work within a special needs trust ?
o Do they know what IEP means ?
o How are they involved in the special needs community ( other than professionally )?
o Will they share the planning process to use in creating a special needs plan ?
o Would they let you speak with two or three families they have helped in developing a special needs plan ?
o What is the professional ’ s business continuity plan , so that someone with your knowledge is still able to help if you are no longer here ?
Your plan spans two generations , so it is critical you begin to build a team that can support your family today , as well as into the future .
For more information on how to prepare for the future , be sure to contact a financial advisor who specializes in serving families with special needs . A Special Needs Plan is driven by what they call Unleash L . I . F . E . ™ — L . I . F . E . meaning Lasting Independence For Everyone™ . This is accomplished with education , action , and support in the creation , implementation , and continued monitoring of a specifically designed lifelong and integrated plan for your family of parents , caregivers , your loved one with special needs , and their siblings .
101 N . McDowell Street , Suite 120 Charlotte , NC 28204 704-326-7910 www . aspecialneedsplan . com
Ryan F . Platt is a registered representative of and offers securities , investment advisory , and financial planning through MML Investors Services , LLC , member SIPC ( www . sipc . org ). A Special Needs Plan is not subsidiary or affiliate of MML Investors Services , LLC or it affiliated companies . This article is not a recommendation or endorsement of any products .
66 | Autism Parenting Magazine | Issue 65