Special Needs Financial Planning
Special needs financial plans (SNFP) serve as roadmaps for people with disabilities and their families. A SNFP can be established to span across multiple generations to help provide support for the lifelong needs of a person with a disability.
What is Special Needs Financial Planning?
Special Needs Financial Plans incorporate financial, estate, and tax planning considerations; as well as government benefit programs like SSI and SSDI, ABLE Accounts, employment, and supportive housing.
We understand that families face unique challenges when trying to provide care for their loved ones. Our team takes a person-centered planning approach, focusing around the person with a disability, their needs, and their family’s vision.
Who is Special Needs Financial Planning for?
Special needs financial planning is crucial for anyone responsible for the lifetime care and support of a loved one experiencing a developmental, intellectual, or physical disability.
The reality is, planning for a disabled family member is challenging. But, with a plan and adequate support system, it’s possible to achieve peace of mind knowing their future is well protected.
We create special needs financial plans that are unique to and created in collaboration with our clients, incorporating many or all of the services below.
Special Needs Trusts & Investment Advisory
Trustees of special needs trusts are obligated to manage funds under their supervision, but rarely are they experienced investors who are comfortable directly managing large sums of money. Trust fund assets must be grown and protected to the best of the trustee’s ability, keeping in mind the short and long term needs of the beneficiary. Not to mention, trustees of special needs trusts often have different needs than your typical investor.
It’s important to hire a professional investment adviser with a track record of investing funds within a special needs trust.
ABLE Accounts for Special Needs
An ABLE Account is core to many special needs plans. In addition to helping disabled individuals maintain eligibility for public benefits like SNAP, Medicaid, and SSI, this tax-advantaged savings account allows for qualified distributions to pay for everyday expenses that result when living a life experiencing disability without impacting eligibility for needs-based benefits.
Palladio consulting helps families establish and best utilize an ABLE Account to fit the needs of their loved one’s special needs life care plan.
Special Needs Estate & Tax Planning
When supporting a loved one experiencing disability, planning for their future is your highest priority and most daunting task. Creating a thorough and successful plan requires professionals who understand the various estate and tax planning vehicles, their nuances, and how they fit the unique needs of someone who is disabled.
We work with your estate planning professional to ensure the protection of government benefits, create tax efficiency, and develop a plan that spans generations.
Settlement Planning
Sudden wealth can pose unique problems for individuals experiencing disability, jeopardizing means tested government benefits like SSI, SSDI, and Medicaid. Even a large personal injury settlement can be quickly depleted without Medicaid assistance on large medical or nursing care expenses.
Palladio Consulting connects you with special needs trust attorneys who are experienced in drafting trust language that protects benefits and we’ll work hand-in-hand with these professionals to develop a plan for the lifetime support of the beneficiary.
Retirement Planning
Preparing for retirement is one of the most rewarding lifetime endeavors. However, providing for the ongoing accommodations of a disabled loved one can create uncertainty about your own retirement picture.
Palladio Consulting understands that when you’re the parent of a special needs child or adult, retiring in comfort means a strong retirement plan that incorporates an equally important special needs financial plan.
Not sure where to start?
Contact us for a complimentary consultation about your family’s unique needs and goals.