Specialized financial planning for families with loved ones who have disabilities is crucial yet often overlooked, as it involves navigating complex government programs and ensuring long-term care needs are met. Unlike general financial advisors, specialized special needs planners have the expertise to address these unique challenges. Their guidance can significantly improve a family’s financial security and overall quality of life.
Allison Schaberg is a nationally certified special needs financial planner who helps families with loved ones who have disabilities plan for their long-term care and financial security. As a member of the Special Needs Planning Academy, Schaberg is part of an elite group of just 125 advisors nationwide who specialize in this highly complex and underserved area. On this episode, Allison provides critical insights on the specialized expertise required for special needs financial planning to ensure lifelong care and support for individuals with disabilities, while cautioning against common mistakes and emphasizing the value of a second opinion from a qualified planner. Stay tuned!
Quotes:
- “We always think about our kids, our loved ones with a disability, and we put ourselves on the back burner. That’s when things start falling apart for mom and dad.” – Allison Schaberg
- “When you have a loved one with care needs for the rest of their life, it’s like a marathon, not a sprint. There has to be a lot of self-care for the caregivers and the parents.” – Allison Schaberg
- “Those second opinions and their thorough examinations have made a difference. We’ve seen differences ranging from hundreds of thousands of dollars to millions of dollars over a 25 to 30 year period. That is a big deal when it comes to funding a special needs trust.” – Allison Schaberg
Takeaways:
- Reach out to a specialized special needs financial planner for a consultation to review your existing planning and ensure your loved one’s long-term care needs and Medicaid eligibility are properly addressed.
- Consider adding a special needs planning expert to your existing financial team to provide a “look under the hood” review and identify potential gaps or opportunities to optimize your family’s financial security.
- Prioritize creating a comprehensive plan for your loved one’s care, including setting up a special needs trust and exploring Medicaid waivers, to prevent caregiver burnout and ensure their needs are met for decades to come.
- Don’t assume you’ll always be able to care for your special needs loved one – plan ahead for the possibility that your own health or circumstances may change in the future.
- Advocate for raising the outdated $2,000 Medicaid asset limit, which has remained stagnant for decades, to better support individuals with disabilities and their families.
Conclusion:
Special needs planning is a specialized field that ensures long-term financial security for individuals with disabilities by navigating complex government programs. Families should proactively establish legal and financial structures like special needs trusts and ABLE accounts to maintain Medicaid eligibility and fund lifelong care. Consulting a qualified special needs planner can make a significant financial difference, saving substantial amounts compared to using general financial advisors.
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