This blog was written by our community partner Michael Walther of Oak Wealth Advisors. As experts in special needs planning, the people at Oak Wealth Advisors can provide your family with the support you need to put your future in order.
Planning For The Future
Having a loved one in your family who has special needs can be a blessing, but it comes with the responsibility to complete additional planning. While the planning includes covering the financial needs of the individual with special needs, planning extends well beyond dollars and cents. Failure to address the individual’s various planning needs can have disastrous results.
When most young adults finish school, they will make decisions about where they want to live, with whom they want to live, and what career they want to pursue. When the individual has special needs, the decisions are more complicated and usually require significant input from parents and others. Typically, the development of life skills and the focus on a future lifestyle are also developed during high school years. Many times, individuals with special needs age out of the school system without their independent life skills fully developed and some of their lifestyle questions unanswered.
Families with loved ones who face significant challenges must focus their planning on their loved ones’ current and future needs. The issues of where they will live, with whom they will live, and what they will do cannot be ignored. While underemployment and living at home are the most common outcomes for individuals, they are usually not the ones desired by them or their families. Even for families who are satisfied with these arrangements, there needs to be planning for the day when both parents have passed away.
How Planning For The Future Leads To Success
Almost every family wishes they had more resources with which to support their loved one with special needs. Fortunately, a lack of family financial resources does not mean a situation is doomed. It is important to become knowledgeable about government resources at the local, state, and federal levels. It is imperative to create a network of trusted advisors, both professional and social, who will assist your family during you loved one’s journey. You must also try to stay current with regards to new legislation and planning opportunities. New developments will impact your family’s planning.
There are two primary obstacles to successful special needs planning. Time and money. You have to accept that you cannot do everything or buy everything you would like for your loved one. However, successful planning will help you achieve more of your planning goals by making more effective use of your time and helping you stretch your dollars. In addition, the planning will supplement what the family can provide with as many government resources as possible. Effective special needs planning results in greater peace of mind for all family members.