A life stage approach to planning
A lifetime of loving support. Isn't that what we all want for our children? As our children move through life their needs and level of independence may change dramatically. At every step of the way you can count on us to support you with the planning that will turn your dreams for your child into a reality. Below we summarize the life stages that your child will go through, the different levels of care required and the financial and estate planning needed to provide the future that you want for your child.
Congratulations on your new baby!
You are the happy parents of a new baby! As the parents of a child with special needs in these first few years you will want to familiarize yourself with all the services available to you to give your child the best chance for a full life. Up until the age of three the state typically provides services. At three the school system will step in to assist, taking over from the state.
Planning in this stage will focus on laying the groundwork for the future. We will look at estate planning, establishing a special needs trust and assuring that you have a safety net in place. A safety net assessment will review coverage of life insurance, disability insurance and emergency funds.
School years - preteen
During the school years your child will continue their services: occupational, physical, speech and whatever other services they need within the context of the school. We encourage you to familiarize yourself with all the programs that might be available to your child on an after-school basis, many are free and staffed by wonderful volunteers.
Planning during this stage will continue to focus on the needs of the family and gaining understanding of your child's potential. We will want to make sure that your retirement plan is established, debt is being managed effectively, that other children's college plans are considered and that any additional services for your child are funded.
School years - preparing for a vocation
In the teen years and continuing through the end of their schooling your child will be preparing for a productive role in the community. Our hope is that your child will earn money toward meeting his or her own needs in this next stage.
Planning will be focused on identifying the resources that your child will need to attain the next step in their independence. We will include these factors in your child's plan and continue to save toward that goal. Retirement, debt management, and balancing the needs of the rest of the family continue to be important considerations.
As your child attains the status of legal emancipation (at age 18) the door opens to federal government benefits. We will need to address the issues around guardianship.
Entering a vocation
When your child graduates from school they may be able to take on a productive role in the community. During this time they will be earning money for their own interests and continue to develop their independence. Many parents opt for having their child live with them for the first few years during this stage.
Once your child graduates from school and begins a vocation we begin to plan for your child’s independent life. We are now planning for both you and your child. Our main concern will be to identify the resources and the costs needed to give your child the best possible life.
Planning in this stage will consist of making best use of the resources that are provided by the state, federal government and the community to build the best possible life for your child.
Independent or Semi-independent living
Ideally your child will be capable of independent or semi-independent living in their working years. At this point we will be managing your finances as well as the on-going needs of your child.
As your child transitions to an independent or semi-independent life there may be a number of scenarios that you would like to explore. In this phase we will be reaching milestones such as your retirement and the time when your child will be cared for by others.
The added complexity that we encounter at this time may require project work to make an informed decision. As an additional service, we model and discuss these options with you on a fixed-fee project basis.
Our fees align with the lifestage and complexity of your child's needs
We feel that our clients will get the most value by working with us on a subscription basis. In this way we build a custom plan for the family and the child and you get our coaching and ongoing support throughout the year. Additionally, we will monitor and, at your option, manage your investments to reach your goals. Here you can read more about how Financial Planning can improve the quality of your life.
We understand, however, that not everyone may be ready for an ongoing financial planning relationship. In that case we offer a one-time Jump Start engagement that focuses on one or two areas of concern. At the end of the engagement we meet to assure that you understand the plan and our recommendations.
We collaboratively create and monitor your financial plan online. Whether we enter into an ongoing relationship or a one-time Jump Start engagement you will continue to have access to your plan or an electronic copy.
* Subscriptions include investment management services for the first $100,000 of investments. After the first $100,000, additional fees of 0.90% of investments apply.
5.17.2019