Financial Residency Financial Vitals: Special Needs Planning Basics
How can special needs planning positively change your family's life when you have a child or children with a disability? It really depends on their needs, so map out the plan for them.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the basics of special needs planning and available tools.
Topics Discussed: • Worst Case Scenario: Unexpected death or disability
• FAQs:
◦ Who is going to take care of my child or adult with a disability?
◦ How will they know how to take care of my child with a disability?
◦ Will my child have enough financial support for lifetime care?
◦ How do I save for my child with a disability?
• Tools:
◦ Will is a legal document that names a guardian and outlines care needs
◦ Letter of Intent (LOI): Document that outlines key components of care
◦ Special Needs Trust: Direct funds to child's care; get government benefits
◦ Change beneficiary designations to reflect the special needs plan
◦ Communicate plan with identified and designated beneficiaries
◦ Create ABLE account to save for qualified expenses for disabled children
LINKS: