Every Person with a Disability is Unique
Updated: Mar 17, 2021
At ABW Wealth Advisors, we realize the weight your decisions carry for your entire family, especially your child with a disability. We understand that each family is unique, and your choices are based on your life and your circumstances. Financial planning with a family member with a disability brings a complexity most people don’t understand. But we know because we’ve walked that same path and know what every choice can mean for your family.
Taking Individuals into Account Each child and individual is different. Take, for example, an Individualized Education Program (IEP). Your child’s IEP details the specialized instruction they will receive, including services like speech or occupational therapy. There are many tools and resources that can capture and articulate your goals and aspirations for your children with a disability. Charting the LifeCourse is an example of a methodology that considers individual needs and abilities to chart a course for living an independent life.
Just as tools and plans such as IEPs and LifeCourse exist for your child’s education and goal setting, their financial future must have a plan that considers their unique challenges.
The Financial Considerations of Special Needs Lifetime costs for a disabled child can be daunting. According to Autism Speaks, behavioral therapy can cost up to $60,000 a year for a child on the spectrum. Caring for an individual with Cerebral Palsy can cost over $1 million over a lifetime, not including daily living expenses.
There are so many things you have to juggle while caring for your child with special needs. You have to coordinate home modifications, caregivers, and special education--add to that the financial weight of all these requirements.
We consider your child’s current and future needs as well as the needs of your entire family. We help you think holistically and walk you through every aspect of your financial life. From life insurance to retirement to special needs trusts, Medicaid, and ABLE savings plans, we help you navigate a complex and confusing financial landscape and what it means for your child and their care.
Are you saving enough for retirement? Is your child receiving all the government benefits they are entitled to? Do you have enough life insurance or disability insurance for yourself? Do you have a lifetime care plan for your child? Those are just some of the questions we ask, and we create a strategy based on your answers. We manage and carefully coordinate a well-executed financial plan with your other professionals.
We’re Here to Help At ABW Wealth Advisors, we believe that wise stewardship of money leads to a better quality of life for your family. We want to improve your life by managing your
finances related to your families’ goals and needs. We help special needs families, and the wider disability community prosper.
If you’d like to know more about our services and how we can help you and your family deal with the challenges of having a disability, schedule a Break the Ice introductory call https://calendly.com/abwadvisors/intro-call .