Special Needs Financial Planning | Age 22 and Beyond
Shepherd Financial Partners is an independent, full-service financial and wealth management practice. Our goal is to provide you with superior, comprehensive financial and wealth management services in the context of a personal, long-term commitment.
Shepherd Financial Partners is an independent, full-service financial and wealth management practice. Our goal is to provide you with superior, comprehensive financial and wealth management services in the context of a personal, long-term commitment.
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Age 22 and Beyond

Age 22 and Beyond.

 

Planning a good and full life.

 

Adulthood and beyond.

 

Have you explored the various housing options? Who will provide continued supports? Where will the money come from?

One of the biggest obstacles we have encountered is that parents and even professionals in the field of providing services to families, are not comfortable talking about money.  It is important to discuss money for as we all know it takes money to provide for staff, housing expenses, employment supports, transportation, education, health care services to name a few. It is also a reality that the government does not have funding to provide for all of these services.

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View "Basic Steps of Special Needs Financial Planning"

Yes, Please!

UNIQUE PLANNING REQUIREMENTS

  •  At this point, since your child is now leaving the public school system and services, you should have already gone through the transition planning.  He/she should already have established a day program as well as residential eligibility.
  • If you have not yet identified local support agencies that specialize in providing information and services for your child’s specific needs, you need to so as soon as possible.
  • Do not assume that the Government will fully provide for your child’s lifetime needs. Maintain a balance in your overall planning to include the needs for other children as well as your own needs – both personal and financial.
  • Review life insurance needs and products.

Special Needs Planning Story

INDIVIDUAL CASE STUDY

Although Charles is receiving all the  benefits that he is eligible for and living independently, we feel that it is not enough for him to simply have what the government provides.  We supplement his expenses by approximately $1000 a month.  This gives him the sense of self- worth and control to be able to do what he likes rather than do what someone else wants him to do.  He has schizophrenia and his sense of self-worth is most important to his ability to function in life.  In working with our financial planner and our attorney, we made arrangements four other son to provide this supplement to support Charles’ needs without jeopardizing his government benefits when we are no longer able to. — Charles’ father

READING ROOM

Below are a few articles relating to planning for your child at this stage.  For more information visit  WHAT WE’RE SAYING.

  • Special Needs Trust Distributions and Trustee Fees

    Special Needs Trust Distributions and Trustee Fees

    VIEW MORE
  • Age 22 and Beyond: Transitioning from Home to Independence - Part 2

    Age 22 and Beyond: Transitioning from Home to Independence - Part 2

    VIEW MORE
  • Diary of a Dream III

    Diary of a Dream III

    VIEW MORE

1 There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

2   Investing involves risk including loss of principal. No strategy assures success or protects against loss.