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6 Steps to financial planning for an individual with special needs

Get a Start on Financial Planning For an Individual With Special Needs

Where Do You Start When Financial Planning for Individuals With Special Needs?

When caring for an adult or child with special needs, having a financial strategy might assist in their long-term care. The hardest part is knowing where to begin your strategy. It’s likely you have several competing objectives, such as saving for college or retirementGet started planning with these 6 steps.

1. Define Your Financial Planning Goals

Where do you see your family 5, 10, 15, even 20 years in the future? It can be hard to look ahead, but writing out your goals can help you, such as providing:

  • A clear vision for what you want to accomplish.
  • A set time to get it done.
  • Structured steps to take to achieve your goals.

2. Assemble Your Financial Team

Implementing a program for a special needs individual takes a team of professionals with specialized skills. A guardian to oversee the physical and emotional well-being of the individual, a trustee to manage funds, and a qualified special needs attorney to help navigate the process of collecting and filing vital documents. Your State Farm® agent can help build a program that works for you.

3. Find Available Resources for Individuals With Special Needs

Prioritize what services you think will be needed. Put those services in order from “immediately necessary” to “not necessary but desirable.' Keep in mind, there are a number of national and local programs that can help, and they may be available to you at a low cost or free. Once you have a solid list put together, determine how much money they will cost collectively. Try to set aside this amount monthly, or as frequently as necessary.

4. Talk It Out With Your Financial Team

Maintaining financial and emotional focus over long periods of time can be difficult. Be sure to keep talking through ideas, frustrations, hopes, and doubts with your team. Open lines of communication are imperative to keep your plan moving forward.

5. Review Your Financial Plan Regularly

Make time to review your program every few years, or whenever personal circumstances change. A guardian designated five years ago may no longer be able to take on future responsibilities. Laws may have changed that could affect your plan. Whatever happens, it’s important to make sure your legal, financial, and personal plans keep up with current and future circumstances.

6. Protect Your Legacy

Life and disability insurance can help protect your family in the event you cannot provide for them. Talk to your State Farm agent to ensure you are adequately protected.

For more information to help you plan, click on the articles listed below.

Contact a State Farm agent to get the conversation started about developing your financial strategy. Also, be sure to consult with your tax and legal advisor regarding your situation.


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