What is disability planning? It's financial planning, which is:
- Establishing goals
- Identifying resources
- Putting those resources to work
- Repeating that process over and over as life changes
How is the process different when there is a disability present?
- The timeline changes. While we're often are crafting financial security for one generation, disability planning will require us to think about the security of two or more generations of a family.
- Available resources are different. We examine what role government benefits such as SSI, SSDI, Medicaid, and OPWDD will play in financial security. We're extremely tuned into the ramifications of estate planning decisions including beneficiary designation.
- Coordination becomes even more important. While it's generally a good idea to bring family members, tax advisors, and attorneys into the loop with financial planning, this coordination is critical when there is a disability present. We will coordinate calls and meetings with the appropriate individuals so that everyone is working in tandem.