A Financial Planning Guide for Parents of a Child with Special Needs

Raising a child with special needs can be one of the richest experiences life has to offer, but it is also one of the most costly. According to Autism Speaks, raising a child with autism costs on average $60,000 a year. Of course, this figure varies depending on the type and severity of your child’s condition. In some cases, it can cost even more. For new parents, such a drastic change in circumstances can be […]

Tax Planning for Families of Special Needs Children

The information in this article is educational in nature and is not to be considered tax advice. Please contact a qualified tax professional to discuss how these concepts may or may not apply to your personal situation. Summary of Tax Cuts and Jobs Act (TCJA) as it Relates to Families The Tax Cuts and Jobs Act of 2017 (TCJA) is the big tax reform bill that passed at the end of 2017.  In addition to […]

How to Receive Financial Compensation via Medicaid to Provide Care for a Loved One

It is very common for family, especially spouses and adult children, as well as close friends to serve as informal (unpaid) caregivers for loved ones who are frail and elderly, disabled, or suffer from dementia, such as Alzheimer’s disease. In fact, according to the Family Caregiver Alliance (FCA), nearly 80% of adults who live at home and receive long-term care assistance depend solely on relatives and friends. Unfortunately, the role of informal caregiver isn’t an […]

5 Reasons to Consider a Special Needs Trust

BY Dawn Doebler, MBA, CPA, CFP®, CDFA®, Senior Wealth Advisor Here are 5 common reasons for establishing a special needs trust that applies to your family member with a disability. In my last article, I outlined the benefits of ABLE accounts. For many families, ABLE accounts sufficiently meet their desire to provide assets for special needs family members. In higher net worth families, ABLE accounts are the first step in structuring a long-term financial plan […]

How ABLE Accounts Support Special-Needs Children and Their Families

BY Dawn Doebler, MBA, CPA, CFP®, CDFA®, Senior Wealth Advisor ABLE accounts are an important planning tool alongside more-traditional techniques such as special-needs trusts. One financial challenge that many families with special-needs children confront is funding the ever-growing expenses that their child may need over their lifetime. With additional costs of important medical and support care often reaching over $100,000 per year for a special-needs child, many families look to special government programs to fill […]