Over the years, we've encountered a more than average number of individuals and families that require careful financial planning and advice specifically design for those living with Special Needs. I've talked to several advisors and agents in conferences and meetings throughout the year and have discovered that they encounter situations like this seldomly. However, in the U.S., 1 in 4 adults (27%) live with some type of disability.¹ This astounding number matters. Here is why.

Americans with disabilities tend to earn less than those who do not have a disability. ²

       According to the PEW Research Center, in 2021 disabled individuals had a median annual income of $28,438, which is $12,510 per year less than the median income of individual workers that are not living with a disability.

       As an example, let’s assume you have a child with special needs in the workforce. Let’s also assume the above referenced numbers depict a true scenario for your child. If your child is 40 years old and continues to work, 15 years from now he or she potentially earned $187,650 less than a child without a disability. Over a 20-year period, this amounts to $250,200 less in pay, and over 25 years they potentially missed out on a total of $312,750 of income.

      While it is true that certain government assistance and benefits programs restrict an individual’s earning potential, it is also true that there are many tools available both at the estate (legal) and financial planning levels that parents can utilize to both protect the wealth transfer and maximize financial resources for their children with special needs, while minimizing (or avoiding) loss of existing and future benefits.

      Our firm strives to bring awareness about these diverse issues through different initiatives. And while we can’t change the reality of every individual with special needs, we’ve been able to assist parents of children of all ages with strategizing and planning for the financial needs of their offspring living with various forms of disability. We do this through a unique process of understanding the situation and needs, as well as understanding the dynamic of the family.

       It takes an empathetic team of legal and tax advisors, who can develop a strong relationship with you, to design a plan aimed at providing financial confidence for you and your loved ones and support the designated guardian. 

Do you have a Special Needs case you’d like us to review?

Please, reach out immediately.

¹. Disability Impacts All of Us Infographic | CDC

². For Disability Pride Month, 8 facts about Americans with disabilities | Pew Research Center