10 Basic Financial Steps for Special Needs Caregivers

As a caregiver, it is completely understandable to feel overwhelmed when developing a future financial plan for your loved one living with Fragile X. The first thing to know is that making a plan takes time and it’s okay to feel unsure sometimes. If you’re feeling overwhelmed, don’t hesitate to ask for help or take breaks when you need them. Making a plan is a proactive and loving step towards securing the best possible life for your loved one with Fragile X, both now and in the years to come.

Kelly Piacenti, MA, CHSNC®, provides aan overview of the various components that might be included in a financial plan for individuals with special needs. She emphasizes the importance of assembling a team to help develop a tailored financial plan suited to the needs of your loved one, and involving professionals with expertise in special needs planning.

Each individual and family circumstance is unique and caregivers should consider their own situation when creating their plans. Breaking the process down and taking one step at a time can help with navigating the process with greater ease and confidence.

The webinar includes a Q&A session. Kelly provides an overview of the various steps families and caregivers may consider and include in their financial plans. The worksheet linked below is a resource to assist with taking notes on each of the steps.

10 Basic Financial Steps for Special Needs Caregivers – Worksheet

When seeking a financial planner, Kelly recommends considering someone with specialized credentials such as a “Special Care Planner” or “Chartered Special Needs Consultant® (CHSNC®)” designation. She suggests that families consult with special needs attorneys or CPAs who specialize in special needs planning and management to ensure comprehensive and informed decision-making.

Kelly’s top recommendation is to prioritize completing a “Letter of Intent.” While not legally binding, a letter of intent serves as a roadmap for your loved one’s future, providing invaluable guidance for future caregivers and members of their support network. By outlining preferences, aspirations, and important considerations, the letter ensures that your loved one’s needs and desires are understood and respected, even in your absence. She provided an example for caregivers to follow with the following link:

MassMutual Letter of Intent

Having a comprehensive financial plan in place can provide peace of mind for a caregiver and their family, knowing that your loved one will be taken care of even when you’re not able to be directly involved.