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6.18.2023 I Families with Special Needs
Manage episode 366690232 series 2982853
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Today, we’re pleased to have a special guest, Charlie Massimo, to discuss the topic of how families can plan for children with special needs.
Introducing Charlie:
Charlie Massimo is a Senior Vice President and Financial Advisor at Wealth Enhancement Group
- For three decades, Charlie served at top financial firms Shearson Lehman, New York Life, Merrill Lynch, and Smith Barney. He works with affluent physicians, business owners, and families impacted by autism.
- Charlie joined WEG in 2020.
- He is also the founder of Autism Communities, a not-for-profit organization that helps provide homes to facilitate an independent, safe, and inclusive living environment for adults with autism.
- In 2017 he was appointed by Governor Cuomo to the Autism Spectrum Disorders Advisory Board, where he guides individuals with autism spectrum disorder, and families seeking reliable information regarding available services and support.
- Not only is Charlie a recognized expert in the field of special needs planning, but he’s also the father of three kids, two of whom are twins who are on the spectrum.
Elements of a special needs financial plan
- The difference is emphasis and empathy
- Main goal is to create a long-term vision for the future
Special-needs buckets often look very different given the uncertainty of the time horizon. Here are the most common approaches:
Government assistance: Easiest support may come from Social Security Disability Insurance (SSDI) and Social Security Insurance (SSI)
Life insurance: For families facing a funding gap, life insurance may be a good option
Special needs trust: Restricts beneficiary’s access to trust assets that are not considered legally available to the beneficiary
ABLE accounts: State-sponsored ABLE (Achieving a Better Life Experience) accounts allow disabled people to save and invest up to $100,000 without losing eligibility for governmental benefits
Parents need self-care too
- Consider selecting a fiduciary to help handle the child’s care over their lifetime.
- Parents gain great peace of mind knowing that their child’s daily living needs will be provided for long after they’re gone.
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