Patty Manko Thu, Jan 24, 2013 @ 02:53 PM 6 min read

The Five Factors of Special Needs Financial Planning

five actors of special needs planningOne of the major obstacles that can prevent  families from planning is that they are frequently consumed by daily crises. The thought of planning ahead can simply be overwhelming. Realizing that each family situation is unique, we have identified the Five Factors that must be considered in conjunction with special needs planning.

These core planning points are by no means an exhaustive list of planning points. They will provide a baseline of what should be considered in special needs planning for every stage. Think of them as the basics you need to consider regardless of the age of your family member. They should, of course, be reexamined from time to time to be certain the recommendations stay current with your own family's needs.


  • Ask the people whom you want involved with your family member's life whether or not they want to be involved before you just name them in your plan. 
  • Help prepare future guardians, caretakers, trustees and successors for their roles.
  • Complete a Letter of Intent -click here to download a sample letter of intent.
  • When grandparents or other friends or relatives offer to help by including your child in their gift or estate plans, say THANK YOU. 
  • Encourage them to have their advisors speak with your advisors who specialize in disability planning. 
  • Be connected with family support agencies in your area.


  • Help your other children to meet and talk with children similar in age who also have a sibling with disabilities.
  • Seek professional help when you need it.
  • Be patient with yourself, your spouse and your family.
  • Learn as much as you can about your child's diagnosis and abilities.


  • Review your current financial plan -as often as possible.
  • Work with a professional who is knowledgeable in disability planning. Click here to view our checklist for interviewing a financial planner. 
  • Protect your family with adequate life insurance, long-term disability insurance, and long-term care insurance coverage for primary caregivers.
  • Identify all employee benefits for which you are eligible.
  • Do not establish a savings or investment account in your child's name.


  • Review your current estate plan -at least every five years. 
  • Create a Special Needs Trust
  • Name a guardian for your child or children in the event of your premature death or disability.
  • Check beneficiary designations on all life insurance, retirement plan accounts and annuities. These include employer benefit plans too.


  • Advocate for your child. Join forces with your state & local advocacy agencies.
  • Know and pursue your child's legal rights and entitlements.
  • Maintain eligibility for your child's government benefits at all times, even if they are not currently receiving them.
  • Apply for Social Security Survivor's benefits promptly when a parent of a child with a disability dies.
special_ needs_financial_ planningFor further information about the Five Factors of Special Needs Financial Planning, click here to contact us.