The purpose of financial planning is to attain financial security, which everyone defines differently. In the ideal situation, we start early, establish goals, develop a plan, and consider as many contingencies as possible. For example, we just helped some twenty something’s with a retirement plan, permanent insurance, and emergency fund. Assuming they stay the course, they will never have a money care in the world. However, it does not always work out that way. One contingency that we do not plan for is disability. Disability can occur at birth or later in life through physical or psychiatric trauma. The personal care for a disabled person is the most important task. Financially, we want to make sure we can continue to provide for the disabled person and include protections against potential creditors and bad actors that may be trying to take advantage of the disabled person. Special needs trusts and supplemental needs trusts can provide the protections required. Trusts must be managed for preservation and income. They also outline specific uses or intent for the funds to help prioritize goals. In special needs trusts, the management of the trust asset is even more rigorous due to rules and regulations, and the specific needs of the disabled. We are very experienced at managing trusts of all kinds, as well as handling the financial planning needs of beneficiaries, including disabled beneficiaries.

According to Money magazine, October 2016, there is now an easy way to protect a disabled child’s future. ABLE accounts let you save up to $14,000 a year for anyone who became blind or disabled before age 26 without counting as an asset that would eliminate Medicaid and SSI benefits.

​