When you have a child, sibling, spouse
or other loved one living with a disability
or special need, planning for the future
can feel overwhelming. There are many
things to consider and often times,
people don’t know where to start. Even
with the best intentions, making the
wrong decision can have a profound
effect, such as losing important benefits
the individual is entitled to and needs.
Financial Planning, while important for
everyone to engage in, takes on an even
more critical role in the life of families
living with an individual with a disability
or special need.
The goals of special needs planning are to:
- Balance your present and future
needs with the present and future
needs of your loved one.
- Create and implement plans that
meet your loved one’s personal
care needs, as well as his or her
financial and legal needs.
- Communicate those plans to all
persons involved with the care of
your loved one.
- Review these plans on occasion
and revise them as circumstances
change.
- Assure family members that your
loved one’s needs have been
adequately addressed.
One of the first steps in getting organized
is to create a personal care plan that
involves thinking and making decisions
about the kind of personal care your loved
one needs. Some key considerations
might be: who will provide the care
your loved one needs or where will
your loved one live? It also needs to
include medical, daily living, and safety
considerations.
To ensure the plan is carried out, it
is important to execute specific legal
documents. These may include: medical
directives, durable powers of attorney,
a will, and naming a guardian who will
continue to care for your loved one
after you are gone. You may also want
to have a letter of intent or instruction,
in which you can express specific,
personal wishes regarding the ongoing
care of your loved one. Be aware,
however, that such a letter is not legally
binding, so be sure to include any
legally binding wishes in your will. This
can be accomplished by an experienced
Special Needs Planning attorney.
Finally, the last step in the process entails
creating and implementing a financial
plan tailored to help pay for your loved
one’s current and future needs. For most
people, planning ahead financially
includes saving for retirement, saving
for a child’s education, and providing
for a spouse or children in the event of a
parent’s untimely death. But when you
have a loved one with special needs,
you also have a number of additional
factors to consider. Preservation of
benefits is one of the most important
considerations. Fortunately, federal
and state laws permit certain planning
techniques that maximize the use of all
available resources, both private and
governmental, to provide fully for the
needs of the disabled. One of the most
important planning techniques involves
the use of a special needs trust, which
is sometimes called a Supplemental
Needs Trust.
If you have a loved one who is
disabled or has special needs and
you are concerned about their future
personal needs and security, our team
of Special Needs Planning specialists
would welcome the
opportunity to meet
and address any
specific questions or
concerns you may
have.
Please feel free to contact us with any questions you have at 941-366-7222.
This material is provided for general information purposes only. Canandaigua National Trust Company of Florida is an affiliate of Canandaigua National Bank & Trust. Investments are not FDIC insured, not bank deposits, not obligations of, or guaranteed by, Canandaigua National Bank & Trust or any of its affiliates, including Canandaigua National Trust Company of Florida. Investments are subject to investment risks, including possible loss of principal amount invested. Past performance is not indicative of future investment results. Before making any investment decision, please contact your legal, tax or financial advisor. Investments and services may be offered through affiliate companies.