Special Needs Financial Planning The Key to Creating and Sustaining an Enviable Life 2014 John W....
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Special Needs Financial Planning The Key to Creating and Sustaining an Enviable Life 2014 John W. Nadworny, CFP®, Alexandria Nadworny, CFP® Special Needs Financial Planning Securities and Financial Planning offered through LPL financial, member FINRA/SIPC
Transcript of Special Needs Financial Planning The Key to Creating and Sustaining an Enviable Life 2014 John W....
Special Needs Financial Planning
The Key to Creating and Sustaining an Enviable Life
2014
John W. Nadworny, CFP®, Alexandria Nadworny, CFP® Special Needs Financial Planning
Securities and Financial Planning offered through LPL financial, member FINRA/SIPC
The Special Needs Planning TimelineThe Special Needs Planning TimelineTMTM
Planning for Planning for TwoTwo Generations Generations
EarlyEarlyInterventionIntervention
BirthBirth
IEPIEP
Age 3Age 3
TransitionTransitionPlanningPlanning
Age 15Age 15
GuardianshipGuardianshipSSISSI
CollegeCollege
Age 18Age 18
ResidentialResidentialEmploymentEmployment
ISPISP
Age 22Age 22
RetirementRetirementSSDISSDI
ParentParent’’ssAge 65Age 65
EstateEstateDistributionDistribution
ParentParent’’ssDeathDeath ChildChild’’ss
DeathDeath
Reprinted by permission from The Special Needs Planning Guide: How to Prepare for Every Stage of Your Child’s Life,by John W. Nadworny, CFP®, ChFC, MBA and Cynthia R. Haddad, CFP®
Copyright © 2007 by Paul H. Brookes Publishing Co., IncSecurities offered through LPL Financial: Winchester, MA, Member FINRA/SIPC
www.specialneedsplanning.com
Special Needs Planning Time LineSpecial Needs Planning Time Line
Traditional Planning Time LineTraditional Planning Time Line
Planning For The FuturePlanning For The FutureThe Five FactorsThe Five Factors™ of Special Needs of Special Needs
PlanningPlanning
Special NeedsSpecial NeedsFinancialFinancialPlanningPlanning
Family & Support
Family & Support
LegalLegal
Financial
Financial
Government Benefits
Government BenefitsEm
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Em
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Reprinted by permission from The Special Needs Planning Guide: How to Prepare for Every Stage of Your Child ’s Life, by John W. NadwornyCFP®, ChFC, MBA and Cynthia R Haddad, CFP®Copyright © 2007 by Paul H. Brookes Publishing Co., Inc. (www.brookespublishing.com or 1-800-638-3775) Securities and financial planning offered through LPL Financial: Winchester MA, Member FINRA/SIPC
www.specialneedsplanning.com
Siblings & Future
Advocates
Family & Support
Public Resources/ Agencies
Public Funded Housing Options
Private Provider Agency
Personal Financial
Resources
Legal and Estate
Planning
The Keys to Creating and Sustaining an Enviable Life
Special Needs Financial PlanningSpecial Needs Financial Planning
FAMILY & SUPPORT FACTORS:FAMILY & SUPPORT FACTORS:
How involved will you be?How involved will you be?
Who else will be involved?Who else will be involved?
What can others help with?What can others help with?
Roles of extended family members?Roles of extended family members?
Who will help to pay?Who will help to pay?
What Family Support Services?What Family Support Services?
EMOTIONAL FACTORS:EMOTIONAL FACTORS:
What is the vision you have for your child?What is the vision you have for your child?
What is your childWhat is your child’’s vision of his or her life?s vision of his or her life?
Special Needs Financial PlanningSpecial Needs Financial Planning
Are you ready to let go? When will you be?Are you ready to let go? When will you be?
Is your child ready to leave home? When will he/she be?Is your child ready to leave home? When will he/she be?
How do the brothers and sisters feel?How do the brothers and sisters feel?
GOVERNMENT BENEFITS FACTORS:GOVERNMENT BENEFITS FACTORS:
Identifying, Maximizing, Protecting BenefitsIdentifying, Maximizing, Protecting Benefits
Social Security Income Benefits:Social Security Income Benefits:SSI vs. SSDISSI vs. SSDI
MassHealth and MedicaidMassHealth and Medicaid
Special Needs Financial PlanningSpecial Needs Financial Planning
LEGAL & ESTATE PLANNING FACTORS:LEGAL & ESTATE PLANNING FACTORS:
Special Needs Trusts:Special Needs Trusts:Trustees, Beneficiaries, Trust AdvisorsTrustees, Beneficiaries, Trust Advisors
Guardianship vs. AlternativesGuardianship vs. Alternatives
Estate Equalization and DistributionEstate Equalization and Distribution
Special Needs Financial PlanningSpecial Needs Financial Planning
Estate Planning and GiftingEstate Planning and Gifting
Ownership of ResidenceOwnership of Residence
Longevity of the PlanLongevity of the Plan
Eligibility
Accessing Applications
Housing Search
Residential Options:Residential Options:Section 8Section 8
No Interest Loan ProgramsNo Interest Loan ProgramsRental SubsidiesRental Subsidies
Group Adult Foster CareGroup Adult Foster Care
Shared LivingShared Living
PCAPCA’’ss
Special Needs Financial PlanningSpecial Needs Financial Planning
PUBLICLY FUNDED HOUSING OPTIONSPUBLICLY FUNDED HOUSING OPTIONS::
What Government Agency(s) will provide services?
Intake and Eligibility
Individual Service Plan (ISP)
Getting Funded For Supports
Special Needs Financial PlanningSpecial Needs Financial Planning
PUBLIC RESOURCES AGENCIESPUBLIC RESOURCES AGENCIES::
FINANCIAL FACTORS:FINANCIAL FACTORS:
Identifying & Prioritizing CostsIdentifying & Prioritizing Costs
Parents Needs:Parents Needs:Retirement SecurityRetirement Security
Insurance Protection Needs:Insurance Protection Needs:Life, Disability, Long-Term Care, Medical, P&CLife, Disability, Long-Term Care, Medical, P&C
Special Needs Financial PlanningSpecial Needs Financial Planning
Balancing All ChildrenBalancing All Children’’s Needs:s Needs:College PlanningCollege Planning
Residential Needs:Residential Needs:Purchase and Ongoing Support CostsPurchase and Ongoing Support Costs
InflationInflationIncreasing Needs & Decreasing Government BenefitsIncreasing Needs & Decreasing Government Benefits
Understanding the Role
Assessment
The Educated Consumer
The Match
Developing a Plan
Special Needs Financial PlanningSpecial Needs Financial Planning
PRIVATE PROVIDER AGENCYPRIVATE PROVIDER AGENCY::
Overall Residential Planning NeedsOverall Residential Planning Needs
PhysicalResidence Options
OngoingResidential
Support Needs
OngoingDay
Services
Apartment
House
Condominium inLarge Home
Apartment inMulti Family
Addition to PersonalResidence
$$
One on One
Overnight Awake
Overnight Asleep
Staffing Ratio
Staffing Qualifications
$$$ to $$$$
Program Type
Transportation
Week DaySchedule
WeekendSchedule
Independence
$$$ to $$$$
SupplementalNeeds
Care Assistance
Special Food
Personal Care
Recreation
Hobbies
Holidays
Vacations$
Overall Residential Funding OptionsOverall Residential Funding Options
FundingPurchase of Residence Ongoing
DayServices
Mortgage vs. Rent Tax Planning
Rental Subsidy Section 8
SSI/SSDI
EmploymentEarnings
Public Agency
Family’s Resources
Public Agency
Medicaid/PCA’S
Group Adult Foster Care
Food Stamps
Family’s Resources
Public Agency
MBTA Pass
ADA
Family’s Resources
SupplementalNeeds
Family’s Resources
SNT
Gifting
Thank You!Contact us for a complimentary
consultation 781-756-1804
www.shepherdfinancialpartners.comwww.specialneedsplanning.com
Alexandria Nadworny, John W. Nadworny, CFP®
Securities and Financial Planning offered through LPL financial, member FINRA/SIPC
