Special Needs Planning
For Jason Welch, partner of WWK, it’s much more than business, it’s personal. As a parent of a child with special needs, he began researching many planning strategies and decided to undertake the rigorous courses designed for the Chartered Special Needs Consultant (ChSNC) designation, offered by the American College. In 2020, Mr. Welch completed his studies and earned the ChSNC designation. While his decision to learn this information was originally for his own personal needs, he quickly realized the importance of sharing achievable strategies. Mr. Welch intends to devote the majority of his time throughout the remainder of his career to this worthy cause.
Most people planning for retirement are building a nest egg for one or two people to live on for 25-30 years. However, families with a loved one with special needs may also want to provide supplemental income over a much longer time frame. Rather than planning for the care and expense of children until they are old enough or educated enough to support themselves, families that have loved ones with special needs very often focus on the more difficult problem of how to meet the child’s needs throughout his or her lifetime.
The cost of lifetime care for a person with a disability is high and can vary dramatically according to the condition of the individual. Additionally, planning and establishing the structure of accounts are critical to remain eligible for qualified government benefits. As you establish a plan, you have to build in an additional reserve to pay for things that you currently do for free including emergency expenses for medical needs, purchasing capital items, as well as advocacy and guardianship costs.
ChSNC professionals are equipped with the knowledge and expertise to address the unique financial challenges that families with special needs individuals often face. They are trained to offer comprehensive financial planning advice that takes into account government benefits, legal considerations, tax implications, and various financial strategies to ensure the long-term well-being and financial security of individuals with special needs. Offered through The American College, the ChSNC® is the only credential primarily focused on providing financial services for this expanding, under-served population.
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