WHAT IS A SPECIAL NEEDS PLANNER?
When a professional is a specialist, they become a generalist first. A comprehensive financial planner is educated and trained in all segments of planning, including investment management, tax and retirement planning, tax planning, and estate planning. Many financial planners focus only on one or two of these planning areas, such as insurance or investments, which may not always provide a comprehensive approach.
Planning for families caring for those with special needs requires specific knowledge of all areas of planning, but additionally, government benefits, various disabilities and diagnoses, estate planning laws specific to special needs, and strategies to fund special needs trusts. Some financial planners are inspired to focus on special needs planning due to a personal experience in having a family member or a friend with disabilities. Some see the great need for this service and have decided to pursue helping this population. Dealing with such emotional and life-altering topics related to special needs care requires that your planner be patient, compassionate, and dedicated to always working with you and your family’s best interest.
SOUND ADVICE: Your planner must be patient, compassionate, and dedicated to always working with you and your family's best interest.
WHAT ARE SOME QUESTIONS TO ASK?
If you are a family searching for a financial planner, here are some questions to ask:
- To reiterate, experience matters. How long has the advisor worked in the financial industry and special needs planning?
- Does the advisor have a ChSNC® and training in special needs planning?
- Does the advisor work alone, or do they have access to other professionals to complement the special needs planning process?
- Is the planner affiliated with that company required to sell proprietary products?
- Does the advisor use a holistic, comprehensive approach, and can they address all areas of your planning?
- Is the advisor knowledgeable on state Medicaid issues, government benefits, various disabilities, as well as possible changes in the laws that would affect special needs planning?
THE TOUCHSTONE FOR SPECIAL NEEDS FAMILIES
A financial planner specializing in special needs planning will be a "touchstone" of sorts for the family, assisting them through the various stages of life. When selecting a planner, make sure to select someone you feel your family has a rapport with and with whom you can have an ongoing relationship.
GETTNG ANSWERS : A FAMILY TOUCHSTOME
You may have questions about the following topics, and a ChSNC® has successfully demonstrated mastery of a curriculum that should equip them with the answers.
- What is meant by the term special education and the special needs community?
- Family dynamics of caring for a child/adult with special needs
- The emotional and language considerations when working in the special needs community
- The nature of transitional planning as the child with special needs approaches adulthood
- Disability considerations from an ecological perspective
- The tax benefits available to families caring for those with special needs
- The role of life insurance in the special needs engagement
- The role and usage of special needs trusts: comparing selfsettled and third-party special needs trusts
- The role of ABLE accounts in the special needs planning engagement
- How to administer the special needs trust and ABLE Account
- The role of government benefits: SSI, SSDI, Medicare, and Medicaid
- The development of a comprehensive lifetime and estate plan
To learn more about becoming a Chartered Special Needs Consultant, visit TheAmericanCollege.edu/ChSNC To find a special needs planner in your area, visit youradvisorguide.com/find-a-professional
ABOUT THE AUTHOR:
Thomas M. Brinker, Jr. is Adjunct Professor of Taxation and Special Needs Planning at The American College of Financial Services. He is responsible for teaching and course development in The College's Irwin Graduate School and Huebner School programs, and is director of the American College Center for Special Needs. He is also Professor of Accounting at Arcadia University in Glenside, PA, and is the executive director of the MBA program and for the School of Global Business.
ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES:
The American College of Financial Services is a nonprofit educational institution with the highest level of academic accreditation, dedicated to creating leaders within the financial services profession through superior instruction. The College is distinguished by resources of the highest quality, innovation in program delivery and design, and proven results that create sustainable advantages for our students. Serving as a valued business partner to banks, brokerage firms, insurance companies and others since 1927, The American College of Financial Services has assembled a faculty of the foremost thought leaders in financial services to help advisors and their clients succeed. The College is the place to turn for solutions to complex financial issues.