Financial Planning for an Individual With Special Needs

Financial Planning for an Individual with Special Needs

Knowing where to start can be the most difficult part of developing a financial strategy, and it’s likely you have several competing objectives, like saving for college and retirement. This may seem like a daunting task, but taking the first step is always the hardest.

We totally get it. So, we’ve created this guide to help you out.

If you want to have a deeper conversation to get started, or if you just have a bunch of questions – don’t hesitate to contact a State Farm® agent.

Define Your 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 get a clearer vision of what you want to accomplish, the time you’ll need, and the steps you’ll need to take to get there.

Putting Your Team Together

Implementing a program for an individual with special needs takes a team of professionals with specialized skills. A qualified special needs attorney to help you navigate through the process of putting together the proper documents. Naming a guardian to oversee the physical and emotional wellbeing of the individual, a trustee to manage the funds, and your State Farm agent, who can help you figure out what needs to be addressed first, and help build a program that works for you.  

Find Available Resources

More often than not, this will be your employment income, but it can include local, state, and federal resources as well.

Prioritization is key. Crunch the numbers and figure out how much you’ll need to put aside on a regular basis to reach your goals. Remember, planning is all about making sure what is truly important is taken care of first.

Talk It Out

Maintaining your financial and emotional focus over long periods of time is difficult. Be sure to keep talking through any ideas, frustrations, hopes, and doubts with your loved ones. Communication is so important to keep your plan moving forward.

Review Your Program

Make time to review your program every few years or whenever personal circumstances change. A guardian who you designated five years ago may no longer be able to take on the future responsibility, or laws may change that also have an effect on your plan. Whatever may happen, it is important to make sure your legal, financial and personal plans keep up with current and future circumstances.

Protect Your Legacy

Life and disability insurance can help protect your family in the event you cannot provide for them, whether it is dying too young, or loss of income due to disability. These products are the foundation of any sound program. A State Farm agent can recommend various policies to fit your needs and budget.

More information to help you plan:


The information in this article is for informational purposes only and is not legal advice.