Special Needs Financial Planning | Basic Steps of Special Needs Financial Planning
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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Basic Steps of Special Needs Financial Planning

Basic Steps of Special Needs Financial Planning

Recognizing that every family situation is unique, we have found through experience that this step-by-step approach works extremely well.

1. Identify and prioritize your goals.

 

Start with your vision for your family today, and when you are gone.

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2. List your resources and expenses, including personal net worth, income sources and earnings, and expenses.

 

Include both parent’s and child’s income sources when looking at resources and consider the supplemental cash flow needs of the child with disabilities when planning expenses.

3. Identify gaps between both personal and governmental benefit resources and desired goals.

Common gaps are often found in the event of a premature death and/or disability of a parent, or not having adequate savings to meet lifetime goals.

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4. Identify strategies to fill the gaps.

We define The Five Factors of Special Needs Financial Planning™ as Family and Support, Emotional, Financial, Legal and Government Benefits. These must all be considered to develop the most appropriate planning strategies.

5. Implement a coordinated plan of action based on priorities.

A plan is only as good as its implementation. There is a process for every family to follow; the key is to take action.

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6. Periodically review and monitor your plan.

It is important to periodically review your plan, especially in advance of the planning pressure points identified on the timeline.