March
marks Developmental Disabilities Awareness Month, a time to
highlight the importance of understanding, accepting, and supporting individuals
with developmental disabilities. It’s an opportunity to raise awareness, reduce
stigma, and foster a more inclusive society for those with special needs. But
beyond awareness, one of the most significant ways to support a loved one with
a developmental disability is by ensuring that they are financially secure and
well-prepared for the future.
At Provident
Oak Financial, we understand that families of individuals with
developmental disabilities face unique challenges, especially when it comes to
long-term financial planning. Creating a comprehensive financial strategy is
essential in ensuring that your loved one is provided for, not just today, but
for many years to come.
The
Importance of Financial Planning for Loved Ones with Developmental Disabilities
1.
Establishing a Strong Foundation for Future Care Families often experience
concern over how to provide for their loved one’s needs once they are no longer
able to care for them. Having a financial plan in place ensures that your loved
one will continue to receive the care and support they need, whether it’s for
healthcare, daily living assistance, or education. This provides peace of mind
to family members, knowing that their loved one’s needs will be met even after
they are no longer around.
2.
Protecting Eligibility for Government Benefits For individuals with
developmental disabilities, government programs such as Supplemental
Security Income (SSI), Medicaid, and other support services are
often critical. However, receiving these benefits can be tricky if the
individual has assets or income that exceed certain thresholds. By working with
a financial advisor familiar with special needs planning, families can set
up Special Needs Trusts that ensure eligibility for benefits
without disqualifying their loved one from much-needed support.
3.
Creating Long-Term Savings and Investment Plans Financial security for a loved
one with developmental disabilities doesn’t happen overnight. Establishing a
strategy for long-term savings and investment can help fund everything from
housing and transportation to medical expenses and recreational activities.
Additionally, contributing to tax-advantaged accounts like a ABLE
account (Achieving a Better Life Experience) can help set aside funds
specifically for a loved one’s disability-related expenses, without affecting
eligibility for government benefits.
4.
Addressing Guardianship and Legal Concerns Financial planning for loved ones with
developmental disabilities also goes hand in hand with establishing
guardianship and legal considerations. If your child or loved one is unable to
make decisions on their own due to their disability, you may need to assume
legal guardianship. This can affect financial decisions, healthcare choices,
and other aspects of their life. It’s important to consult with a legal expert
to ensure that everything is in place for the future.
5.
Ensuring Your Loved One’s Future Independence A solid financial plan doesn’t just help ensure
a loved one’s care needs are met—it also creates an opportunity for them to
live as independently as possible. Financial planning allows for the creation
of a supportive network that provides both care and independence, with an eye
on employment, education, and other personal goals.
The Role
of Provident Oak Financial
At Provident
Oak Financial, we work closely with families of individuals with developmental
disabilities to create tailored financial plans that address both immediate and
long-term needs. Our experienced team provides guidance on establishing special
needs trusts, understanding eligibility for public assistance programs,
developing investment strategies, and ensuring that legal aspects of
guardianship are properly addressed. While we are neither attorneys nor provide legal advice, we work
closely with Special Needs Estate Planning Attorneys to help provide you with
the guidance your family needs.
We recognize
the sensitive and personal nature of planning for a loved one with a
disability, and we take pride in offering compassionate support every step of
the way. Our goal is to help families make informed decisions that will provide
financial security and peace of mind for both their loved one and the entire
family.
Conclusion:
Building a Secure Future Together
As we
celebrate Developmental Disabilities Awareness Month, it’s crucial
to reflect on the ways we can provide for individuals with developmental
disabilities in meaningful and lasting ways. Having a solid financial plan in
place is an essential part of that process. At Provident Oak Financial, we are
here to guide you through the complexities of planning for a future that
ensures your loved one will always be cared for, no matter the circumstances.
For more
information or to schedule a consultation, reach out to Provident Oak Financial
today. Let’s work together to build a secure and fulfilling future for your
loved one.
Investment
advice offered through OneAscent Financial Services LLC, d/b/a Provident Oak
Financial, a Registered Investment Adviser with the United States Securities
and Exchange Commission. Registration as an investment adviser does not imply
any certain degree of skill or training.
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