As we begin our work with your family, we'll encourage you to carefully think through the following and partner with you to:

1. Identify and prioritize your goals, including a vision for your family today and the legacy you want to leave for your future generations.

2. Develop your personal financial statement, including your income sources and your child's income sources, expenses, and supplemental cash flow needs for children with disabilities.

3. Identify gaps between personal and governmental benefit resources and desired goals and outline strategies to fill the gaps. Gaps are often found in the event of a parent's premature death and/or disability or in not having adequate savings to meet lifetime goals.

5. Develop and implement a coordinated financial plan that aligns with your goals and review and monitor your plan to support your evolving needs, especially before the planning pressure points identified on the Special Needs Planning timeline.

We are a team that is committed to understanding your unique situation. When recommending an investment strategy, as a fiduciary financial advisory team, you can be sure that we'll have your best interests in mind to help you achieve your financial goals.

Before we begin building your portfolio, we will talk about your plans for your money, include:

• Your specific goals for growing your wealth.
• Your cash flow and income needs.
• Your personal risk preferences and tolerance for market volatility.
• Your time frame (defined by all the above and your age).
• Additional objectives that are important to you. For example, you may wish to incorporate sustainable or ESG investing into your investment criteria.

At every step of the way, we will ensure your investment strategy aligns with the goals outlined in your financial plan.

It’s complicated to plan for two generations.

Typically, retirement planning involves establishing a regular savings plan to ensure sufficient money is available to maintain a lifestyle to which you and your spouse have grown accustomed. In special needs planning, parents may have to delay their retirement date or make adjustments in their lifestyle, including the ability to travel or relocate, due to the needs of their child or loved one. Saving enough money to achieve retirement planning goals may be more challenging for families with special needs because one parent may need to remain at home with their loved one and forego access to employer-sponsored retirement plans and benefits. We have a great depth of personal and professional experience to help you navigate the complexity of retirement planning when caring for a child with special needs.

There are many questions to answer during your child's transition to adulthood. Where will they live? What will they do during the day? The answers to these questions can significantly impact your financial plan. The team at Sequoia is prepared to help you navigate these decisions and their financial implications so you can keep your goals on track.

Visit the Planning Resources section of our website and download the Housing Checklist to read a summary of the considerations involved, including:

• Completing an assessment to determine what supports will be needed.
• Identifying support programs.
• Asking what your child prefers, if appropriate, and knowing your housing options. 
• Estimating expenses.

Insurance can safeguard from financial risks that cannot be managed by savings alone.

Life Insurance

It is critical to plan for the unlikely, but catastrophic, event of a parent’s death. Many families of people with special needs do not have two parents, both in the workforce. The stay-at-home parent is the primary caregiver and the glue needed to keep the family together. Ironically, the stay-at-home parent is needed so much that it is challenging to find another person to try to fill their shoes, which underscores the importance of life insurance for both parents of children with special needs.

A classic mistake we often see is a young couple who purchases second-to-die life insurance policies to fund a Special Needs Trust when both parents die. One of the main reasons it is attractive is that it is inexpensive to buy a large amount of insurance coverage.

Proper life insurance planning needs to evolve through the years. In the early years, it is essential to have insurance coverage for both parents, as the death or disability of either parent would have devastating consequences.

In a typical family's life cycle, the budget is tight when parents and children are young, and term insurance will cover the improbable event. However, as a financial base is built, a consideration may be to purchase a permanent form of insurance.

Health Insurance

Health insurance is a critical need for all families. Although an individual may be eligible for government-sponsored insurance such as Medicaid, it may be prudent to purchase insurance for an individual with disabilities. Whenever possible, a dependent child should be included in a parent's health insurance and dental coverage, making Medicaid the payer of last resort.