Special Needs Financial Planning

Special Needs Financial Planning

We understand developing a strategy for a family member with disabilities can be daunting on your own. Castle Wealth Management specializes in providing financial planning for special needs children and adults and helps you manage your loved-one’s health and financial care.

Some estimates suggest that raising a child with disabilities can cost upwards of $500,000–and  more if lifetime care is needed. Similarly, the costs of care for adults with disabilities can be expensive, as the need for personal care assistants, adult day programs, and institutional care arises. In many cases, insurance doesn’t offset all of the expenses, and families have a hard time finding programs and benefits that can help.

That’s where we come in. At Castle Wealth Management, we help families navigate the complex world of special needs financial planning and put strategies in place to ensure your loved one gets the best possible care, even if you are no longer around to provide it.

Learn more about special needs planning, trust planning, guardianship and how Castle Wealth Management can help you build a team of special needs professionals to plan your family’s future.

Special Needs Financial Planning: First Steps

As with any other area of finance, it is recommended that you start the process as early as possible. We’ll start with conversations about your specific challenges, goals for your child or loved one, and goals for your personal financial planning.

During our financial planning analysis, we’ll introduce planning vehicles such as a letter of intent and instructions for future caregivers. We may also discuss ABLE accounts, tax-free investment accounts that can be used on qualified disability expenses like legal fees, education, housing, and of course, healthcare. We’ll go in-depth with special needs trusts and can help facilitate planning between tax and legal professionals.

Special Needs Trust Planning

When you want additional monies available where public benefits such as Medicaid and Supplemental Security Income don’t cover all your expenses, you may want to consider a special needs trust (also called supplemental needs trust). We’ll help you consider all your options based on the needs of your child or loved one, your family needs, the support system you have or need, and your loved one’s ability to work along with other variables.

Building Your Special Needs Planning Team

While the process of planning for your loved one’s future may seem daunting, we want you to know you are not alone. Castle Wealth Management will provide you guidance every step of the way and help facilitate your needs with the help of outside advisors, including disability law and estate planning attorneys, CPAs or tax advisors, and medical professionals who make up your team.

Fortify Your Future: Schedule Your Consultation Today

Our goal is to provide personal service coupled with current and extensive financial knowledge. We navigate the course for our clients to follow. A well diversified portfolio, a long-term investment horizon and a documented plan enables our clients to reach their goals.

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