EPISODE 54: Financial Planning for Your Special Needs Child
With Nick Wallace
Raising a child with special needs can be one of life’s most fulfilling experiences, but it can also be one of the most costly. According to Autism Speaks, raising a child with autism costs on average $60,000 a year, but let’s face it…it costs a lot more than that for a lot of us depending on the severity and insurance coverage. It can be scary looking at the financial numbers, and even scarier when you wonder what would happen if something happened to you. Long-term financial planning is daunting, but no matter your child’s age, it’s important for you to start as early as possible.
Today, I’m speaking with Nick Wallace, a financial planner that focuses on planning for families in the special-needs community. His passion for this type of planning is inspired by the feeling of relief that he experienced after working through a game plan for his brother’s future, who has special needs. Nick is going to share some insights from the daily conversations that he has with families and planning for their loved ones.
The process for financial planning for a special-needs loved one takes time, but you can start by laying out a timeline for what needs to be done.
Plan early, and revise as needed. It’s not easy or straightforward, and what makes sense for one family may not make sense for another. Get help. It’s doable.
Thanks so much for being a part of My Autism Tribe, and I’ll see ya next week!
TOOLS THAT ARE OFTEN USED:
- Various types of special needs trusts (with the help of a special needs attorney)
- ABLE accounts (when appropriate if allowed by the state)
- Various types of life insurance to answer the tomorrow questions or the 40 years from now questions
- Various types of investments for retirement and estate planning
QUESTIONS TO ASK YOUR FINANCIAL PLANNER:
- Did we take into consideration my loved one’s special needs when we established my insurance and investment game plan?
- Do I have enough life insurance to protect the care and income that I provide my family if something were to happen to me tomorrow? How did we arrive at this number?
- What steps can I take to make sure that I am on track for retirement? How did we come up with these numbers?
- Are my beneficiary designations on my life insurance and investment accounts set correctly so that my loved one with special needs’ benefits will not be in jeopardy?
- What is the long-term game plan on leaving behind money for my loved one if I live a long life of caring for them, but pass away before they do?
- A solid financial plan has answers for the “what-ifs” that life could throw at us tomorrow or 60 years from now. Nick recommends meeting with a financial advisor at least yearly to review plans and make changes if necessary.
NICK WALLACE CONTACT INFORMATION:
Facebook - @nickwallacefinance
Website – www.nickwallace.nm.com
Email – firstname.lastname@example.org