Special Needs Planning Basics

<p>How can special needs planning positively change your family&rsquo;s life when you have a child or children with a disability? It really depends on their needs, so map out the plan for them.</p> <p>In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about the basics of special needs planning and available tools.</p> <h3><strong>Topics Discussed:</strong></h3> <ul> <li>Worst Case Scenario: Unexpected death or disability</li> <li>FAQs: <ul> <li>Who is going to take care of my child or adult with a disability?</li> <li>How will they know how to take care of my child with a disability?</li> <li>Will my child have enough financial support for lifetime care?</li> <li>How do I save for my child with a disability?</li> </ul> </li> <li>Tools: <ul> <li>Will is a legal document that names a guardian and outlines care needs</li> <li>Letter of Intent (LOI): Document that outlines key components of care</li> <li>Special Needs Trust: Direct funds to child&rsquo;s care; get government benefits</li> <li>Change beneficiary designations to reflect the special needs plan</li> <li>Communicate plan with identified and designated beneficiaries</li> <li>Create ABLE account to save for qualified expenses for disabled children</li> </ul> </li> </ul> <h3><strong>Links:</strong></h3> <p><a href="https://www.voya.com/sites/voya.com/files/2020-11/LetterofIntent.pdf">Letter of Intent (LOI) Template</a></p> <p><a href="https://financeforphysicians.co/contact/">Contact Finance for Physicians</a></p> <p><a href="http://financeforphysicians.co">Finance for Physicians</a></p>