Fun.4.PPT.17 - Michael A Dalton | James F Dalton | Joseph M...

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Michael A. Dalton | James F. Dalton | Joseph M. Gillice | Thomas P. Langdon
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Fundamentals of Financial Planning © 2014 Money Education Chapter CHAPTER 17: PLANNING FOR SPECIAL CIRCUMSTANCES
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Fundamentals of Financial Planning © 2014 Money Education Chapter SPECIAL FINANCIAL PLANNING SITUATIONS Persons with Special Needs Dependent Planning for Divorce Planning for Terminal Illness Planning for the Non-Traditional Household Planning for Job Loss or Job Change Planning for Monetary Windfalls 17
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Fundamentals of Financial Planning © 2014 Money Education Chapter PLANNING FOR SPECIAL NEEDS DEPENDENT Many families have one or more special needs dependent. It could be an infant, adolescent, or adult. The dependent could have a wide range of challenges from very mild physical, emotional, or psychological, to a situation where around the clock care is required. Consider: One out of nine children (11%) under the age of 18 in the U.S. receives special education services. Two out of seven families (29%) reported having at least one family member with a disability. One of every 26 (4%) families reported raising children with a disability. One of every three families (33%) with a female head of household and no husband present reported members with disabilities. An estimated 2.8 million families in the U.S. are raising at least one child aged 5-17 with a disability. 17
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Fundamentals of Financial Planning © 2014 Money Education Chapter IMMEDIATE CONCERN FOR THE PARENT / GUARDIAN OF A SPECIAL NEEDS DEPENDENT Of immediate concern to the parent / guardian is how: To provide a good quality of life for the child or dependent; To preserve government benefit eligibility for the child or dependent; To provide lifetime care for the child or dependent as needed; To have appropriate health insurance for the dependent; To have sufficient resources to supplement government benefits to provide a good quality of life for that dependent. 17
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Fundamentals of Financial Planning © 2014 Money Education Chapter ISSUES FOR THE PARENT / GUARDIAN OF A SPECIAL NEEDS DEPENDENT TO ADDRESS For each stage of a special needs dependent’s life, from birth to adult, parents will need comprehensive advice and strategies to address each of the following issues: Financial Issues – from budgeting to investments Legal Issues – estate planning, guardianship, and other arrangements such as trusts Government Benefits - knowing about and preserving government benefits Family and Support Factors – family values, careers, siblings, extended family, and community resources Emotional Factors – dealing with positive and negative emotions of the dependent, siblings, and parents 17
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Fundamentals of Financial Planning © 2014 Money Education Chapter TYPICAL GOVERNMENT BENEFITS Key Current Programs at the Federal and State Level: Federal Special Education Programs – supported by Individuals with Disability Education Improvement Act of 2004 Social Security Benefits – including disability, SSI, Medicaid. Social Security has a booklet on its
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