11 Essential Elements of a Successful Financial Plan

August 8, 2016

Center for Independent Futures Resource Partner Oak Wealth Advisors, LLC, shared a new special needs advisory featuring eleven steps toward creating a successful financial plan for a loved one with disabilities. Check out the first five items on the list below to get some ideas for how to get started:

  1. Prepare a guide for the care of your loved one with special needs. This non-legal document may be the most valuable thing you leave behind.
  2. Surround your family with advocates and fiduciaries. Working with professionals who will put your family’s interests first will greatly improve your success.
  3. Get registered for all the services and benefits you are entitled to receive. If you live in Illinois, be sure to register your child with special needs on the Prioritization of Urgency of Needs for Services (PUNS) list. PUNS is the Illinois waiting list for services.
  4. Use Supplemental Needs Trusts rather than disinheriting your special needs family member. Quality estate planning documents drafted by an expert in the area of special needs law are critical.
  5. Carefully choose the guardian, trustee, and future care giver for your special needs family member. Give strong consideration to the skills needed for each role and do not assume that the closest relative is the best choice.

To read the rest of the list and to see other resources from Oak Wealth Advisors, click here. Oak Wealth Advisors was founded to provide families with members with disabilities experienced financial advice and investment management services. To learn more about the services Oak Wealth provides, visit www.oakwealth.com.

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