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Archive for the ‘Financial Planning’ Category

How Well Have You Progressed Through the Top Financial Steps of 2018?

With 2018 in full steam and the half-year mark approaching quickly, it’s time to look back at the top financial steps of 2018, and see how well you have progressed in these essential areas…

Contributions to Retirement Plan

Have you made adequate contributions to your 401(k)?

A review of your retirement plan will tell you if you’re missing out on opportunities to fully benefit from tax-deferred growth and see if you’re ahead or behind on your contributions.

Savings Through Technology

Are you making full use of technology to boost your savings?

From desktop programs to apps, there are countless new technological innovations that can help you to save money and automate spending plans. With more tech being brought-out continuously, it’s time to check your progress and see if there is a better piece of tech out there for you.

Beneficiary Changes

Does your will reflect any new additions or changes to your family situation?

A key financial step of 2018 is to review your will, life insurance, IRA’s, and bank accounts, to account for changes to your family and any new beneficiaries.

Strategies for Tax

Have you made full use of the tax opportunities and deductions available?

Using opportunities to accelerate tax deductions is a key financial step of 2018, helping you to save more on your tax bill by planning items that hold an influence over your tax for the right time. For all individuals expecting a change to their tax bracket, this is something that it can certainly pay to prioritize.

Fund Use

Are you using your flexible spending account?

Stay on track of the fund-use deadlines and make sure that you make full use of the funds you have in the current year to purchase the essentials.

Investment Combinations

Do your investments still reflect your primary goals and take into account current risks?

A good start to the year may have changed the value of bonds, holdings, or stocks that your own. If you haven’t checked your investment combinations already this year, there is no better time to check and rebalance if needed.

Budget Shape-Ups

Are you sticking to your budget for the year?

To plan for fixed expenditures and account for emergencies, having a set budget in place is an essential. If you’ve fallen behind on your new-year budget, then it might be time to reassess and design a new budget for the remainder of 2018.

Enrolment in Health Insurance

Does your health insurance meet your needs?

The right health insurance coverage for your needs is important, as is taking opportunities offered in open-enrollment periods. If you didn’t review your coverage plan at the start of the year, the time has come to save money and get better coverage, by reassessing your health insurance.

Goal Planning

Have you met your mid-year goals?

The setting of short and long-term goals was a major part of pre-2018 financial prep. These can help you to plan ahead and get a better understanding of where your finances should be at different stages of the year.

Insurance Coverage

Does your insurance still cover you for the essentials?

Reviewing your personal insurance coverage is vital in making sure that you’re getting the best back from your insurance, and importantly, that you’re fully covered for home insurance, auto insurance, liability insurance, and every other area that keeps you protected. If you have extra features you don’t need, or you think you’re paying more, it can pay to review, change, and shop around.

Need help with your insurance cover, changing your life insurance beneficiaries, or understanding how you can get the most back from your health or business insurance? Don’t delay in asking us for help with insurance today and get more from your personal insurance.

The Ultimate 2018 Money Strategy

When it comes to saving money, there is one word that pops into most people’s head ‘budget’. The word alone is enough to send a high percentage of people running for the hills, and with them, any hope of actually saving some money.

To accommodate those people that are in need of a bit of help with financial planning, but who can’t stand the constraints and all-round inflexibility of a budget, there’s a whole new concept drifting around – the spending plan.

A spending plan throws all negative connotations of a budget out the window. Unlike a budget, it caters to when things go a bit off track and when expenditures that you can’t avoid or can’t resist come popping up. Be it a shopping trip in the midst of the sales or a blown wheel on your car, with a spending plan, you regain that much needed flexibility in your financial planning.

While a spending plan might be flexible and accommodating, the literature on it is pretty comprehensive and quite rigid. However, if you just want a safe introduction to spending plans, and the ultimate money strategy, then our top tips are on hand to help.

Here are five of the tips you need, to conquer 2018’s ultimate money strategy:

1.) Plan for What You Love

We all have different vices, be it clothes, gadgets, or meals out. A spending plan focuses on what you love doing, so you can better reflect it in your overall money strategy. After all, going cold turkey on your favorite vice is no way to start financial planning on the best footing…

With a spending plan, you plan for what you want and ditch what you don’t. This means that you can spend more on what you enjoy, spend less on what you don’t (perhaps a hobby that you’ve stopped enjoying), and save more overall.

2.) List it Once and List it Again

With a spending plan, lists are going to be your best friend, and checking them is something that you’ll have to get used to quickly. Having lists that state why you’re saving money will give you that extra push of motivation when financial distractions start to crop up.

Separating your lists into short-term and long-term goals will help to give you better clarity over what you’re saving for and why it’s so important. This can develop an achievement and rewards system. When you save a particular amount of money, enjoy a reward from your short-term list and keep striving towards the long-term list.

3.) Don’t Fall into a Pattern

Getting into a bad financial position or finding yourself unable to save for the things you want, can very often be the result of following set patterns of behavior. A lot of people learn all about finances from an early age and follow the same patterns as their parents in later life.

Understanding why you’re spending and why you beat yourself up for buying certain things, can help to curve bad patterns once and for all.

4.) Change and Adjust

No longer enjoying the hobby or activity that you put extra money aside to partake in? Change it! The beauty of a spending plan is that you’re not tied down, in fact, when you feel like a change, the best thing you can normally do is to go for it.

Instead of feeling bad about bad expenditures, learn from them, adjust your spending, and move on from the experience.

5.) Don’t Avoid the Math

A good spending plan starts with fixed costs and grows from there. Ignoring the expenses that you must pay, like bills, rent, and insurance, will only lead to trouble in the long-run. The best thing you can do for a great spending plan is to do the math, put your fixed expenditures aside, and work your way outwards from there.

Worried about how much you’re spending, and want to make sure that the top priorities, like insurance, are costing you as little as possible? Get into contact with us today.

Essential Things to Know About Financial Planning

Financial planning is like dieting – you need to change your habits for life if you want to see consistent results and reach your goals. With that said, it can be very hard to know how to financially plan for your future. Here we offer you some tips for financial planning, allowing you to remain confident that your finances are (and will be) in order for the future.

Acquire an emergency fund

Before you do anything else financially, save up and make a rainy day fund. You should start by establishing an emergency fund, which should ideally be around 3-6 months’ worth of your pay. Medical emergencies and job losses are not uncommon, and it’s important to be prepared for the worst case scenario at all times. The goal is to ensure that you could continue your current lifestyle and spending patterns if a disaster struck you out of nowhere.

Develop good habits

Although people look for quick-fix solutions a lot of the time, people who are financially well-off simply tend to develop good everyday habits that save them small amounts of money on a daily basis. As you may have guessed, these small savings soon add up over time. An endowment plan is a good way to save up for short-term goals, as it encourages you to be disciplined and its compounding ROI helps your funds to increase over time.

When it comes to long-term goals, you need to think about things such as retirement planning. Pension funds are important, so take advantage if your company offers one. If you don’t have a retirement fund or pension plan in place, be sure to open one sooner rather than later. The sooner you open a fund, the bigger it will be when it comes time to cash it out in many years’ time.

Diversify your portfolio

Diversifying your portfolio allows you to minimize your risks in the event of an economic downturn. Asset allocation strategies (within your risk threshold) can also be incredibly useful too. When you diversify your portfolio, you protect yourself against certain market crashes. For example, you’ll be in a terrible situation if you invest in nothing but real estate and then we see another housing crash!

Look into professional help

A professional financial planner can help you to make sense of all the companies and financial products on the market; they can be very complex and hard to understand if you’re not experienced! A good planner can get you a plan that suits you, and should aim to tailor your plan as your circumstances change in life. If you get married or change jobs, for example, it can be useful to have your finances reexamined thoroughly by a professional.

Remain strict and disciplined

Stick to your financial plans or don’t bother with them at all – it’s that simple. Although there will be inevitable slip-ups in your plans (because life happens) you need to stick to your goals consistently if you want to see results. Assets need time in order to grow, so be patient! If it helps you to do so, ask your loved ones and friends to hold you accountable for your spending, forcing them to rein you in and make you be sensible with your money. Balancing the three financial pillars of earning, spending, and saving takes practice and discipline, but stick with them and don’t lose hope.

If you’re looking for more advice on financial planning and securing yourself a decent amount of savings and assets, get in touch with us today!

Top 7 Biggest Money Mistakes

There are many money mistakes which continue to plague Americans and see them sink into debt and poverty. To help you avoid them and live a prosperous life, we’ve compiled 7 of the biggest money mistakes that we regularly see Americans doing.

1. Failing to set goals

Whether you’re aiming to be mortgage-free or to be able to afford fancy vacations every year, you need to set financial goals and hold yourself accountable to them. Quantify your goals and set targets for your finances; it’s the best way to keep yourself on track.

2. Committing to a 30-Year Mortgage

Having a 15-year mortgage may seem daunting, but it will save you an awful lot of money on interest in the long run. For example, if you get a 30-year mortgage with a 3.5% interest rate attached, you may incur around $150,000 in interest over those 30 years. Paying for the same home with a 15-year mortgage, however, sees you paying around only $70,000 in interest.

3. Buying small, unnecessary purchases

So many Americans spend small sums of money regularly which they don’t need to, and then wonder where all their money seems to have gone. For example, do you buy your lunch from a café every day rather than taking a prepacked lunch to work? Even if you save yourself $3 or $4 per day on your lunch break, that’s over $1,000 over the course of the year. Stop buying things you don’t need if there’s a cheaper alternative!

4. Relinquishing your financial responsibilities

Giving control of your finance’s to your spouse can be very dangerous, especially if your spouse passes away, becomes very ill, or you get a divorce. It’s essential to remain up-to-date on your financial accounts, and if you turn your investments over to a financial consultant or a broker, be sure to keep an eye on what’s being done with your money.

5. Not saving for your retirement properly

Save around 10% to 15% of your income for your retirement, even if you’re younger. People in their 20s and 30s can inevitably delay their retirement payments, as it seems like it’s a very long time away, which it is! Nonetheless, saving for your retirement early allows you to rest assured that the money is there as you age.

6. Cashing out your retirement funds

50% of Americans will cash out their 401(k) balances upon changing a job. Some people may also take out loans against their 401(k) balances, which can ultimately reduce the amount of earnings they would have seen otherwise. Tax-deferred retirement plans, like a 401(k), are a good way to save money for your golden years. You should, however, avoid the temptation to cash them out before you’re grey and old.

7. Having too much credit card debt

Stay away from credit cards and pay for things in cash whenever you can. People who are rich and financially smart simply do not go around buying a bunch of things on credit – they don’t see why they should pay more over the long term. If you can’t buy something in full with cash, then don’t buy it. It’s really that simple – you can wait.

These 7 mistakes are just the tip of the iceberg! With over 81% of Americans reportedly being in debt, it appears that we have a lot of work to do in order to get more and more US bank accounts out of the red and into the black. If you’re looking for more advice and tips about saving money, feel free to get in touch with us today!

5 Tips to Prepare for an Unclear Future – Insurance Planning is Financial Planning

The rate at which the world is changing is faster than most people can process.  We find ourselves asking, what just happened and what does that mean? There is a constant ripple effect resulting from each change happening in the world. This affects you, your family, your close relations, the ones you love, your friends, your colleagues, etc.

In the midst of all these changes and challenges, many people sleep well at night while others are so stressed, they find it difficult to get a great night’s rest. So, what are some ways to achieve peace of mind?

  1. Start saving… today!

The amount saved is less relevant to building a habit of regularly saving. It’s this habit that will help you get ahead each month. Pay yourself first and then simply find a way to make up for it by more aggressively looking for bargains in your everyday spending. As for debt, you simply need a plan to help you manage it. Of course, if you have debt, protecting against a loss in income is super-important. Savings combined with insurance can help.

  1. Instead of thinking “what’s in it for me” think “what’s in it for us.”

When thinking about financial planning for your family, realize that it is a team effort. Learn to communicate things clearly, create a future plan together, and be clear about your mutual financial goals.

  1. In life, certain events will occur!

Life will throw many things at you. With a little planning they won’t overwhelm you. Sure there are the things you plan like buying houses and cars, or taking trips. However, there are other things that might be unexpected… You might discover you’re pregnant (surprise!). You might receive a pink slip and lose your primary source of income. As you develop a financial strategy, leverage the 3Ps – Plan, prepare, and protect to safeguard the assets you have.

  1. Think about insurance as part each major financial decision. Also, set a regular schedule to think about insurance.

Be aware that insurance will always part of the decisions you will have to make for every major life event. Having a regularly scheduled “insurance review” and revisiting all your insurance coverage for your major life events  helps ensure you have adequate protection. And when life changes occur, it’s best to include your financial planner and independent insurance agent in the discussions to get the best advice for your evolving situation.

  1. Have “go-to” people who can help you in difficult times.

Speaking of getting help… having people you trust that you can quickly reach out to in moments of uncertainty will ensure you make the best decisions and give you further peace of mind… (We’re here for you when you need us!!!)

Planning creates peace of mind!

People usually don’t like thinking about catastrophic events that could happen. People don’t like thinking about unforeseen dangers or risks to enable them to come up with a plan for each. Yet life becomes easier to manage when you consider these things and have a plan of action including insurance.

Did this article prompt a question? Reach out to us! We would love to hear from you…

Fortify a Financial Plan with Insurance

Comprehensive insurance is the cornerstone of a stable financial plan. Insurance acts as both preventative and planning measures, offering financial stability in case of tragedy. Disability, illness, accidents, and death are all unfortunate possibilities. Insurance can help alleviate costs and offer solutions for overcoming these setbacks. Insurance can also be a great retirement savings tool, invested properly.

Insurance policies are going to differ depending on the carrier, policy, and much more. Policies are as unique as the people protected. Some types of insurance are necessary or mandated by law. Others can offer more for those seeking additional protection. The following is a list of the most common types of insurance included in a policy. Are you adequately insured?

Health Insurance. For some, health insurance may be included along with an employment contract. Others may select private health insurance to cover medical expenses, prescription medication, and other associated costs. Private health insurance tends to have the highest costs for coverage. Carrier, location, and personal characteristics will all affect rates for health insurance.

Disability Insurance. For many people, the chances of becoming disabled outweigh those for death. Disability can happen in an instant and have long-term effects on income and quality of life. Disability insurance offers financial stability in case of disability. Disability insurance is often available through an employer-offered benefits program and can be purchased through a private carrier. For adequate coverage, look for policies offering at least 2/3 income replacement.

Long-Term Care Insurance. A large number of Americans rely on Medicare for long-term care options. While Medicare can offer some relief for long-term care costs, eligibility requirements make it qualifying a challenge. With the future of government assistance in a steady state of flux, obtaining additional long-term care insurance may be beneficial. Rather than exhaust personal retirement savings on nursing home, or in-home care, speak to an agent about long-term care insurance.

Life Insurance. Life insurance can help survivors cope with expenses following death. Depending on the individual or family requirements, life insurance policies can be adjusted to match. A financial advisor can help in calculating adequate coverage based on income and expenses. The right policy can pay expenses, eliminate family debts, and set tuition money away for children or family members. Whole, term, and universal life insurance policies are available depending on preference.

Auto Insurance. A must for driving legally, auto insurance policies range across the board. From policies sufficient to get behind the wheel to comprehensive auto insurance protection, auto insurance will vary by carrier. Driver history, deductible, insurance agency and more will all affect rates and coverage. Following a mishap, bare-bones coverage will leave you twisting in the wind. Obtaining adequate auto insurance can help get you back on the road following an auto mishap. Auto rates can be affordable and many discounts are available.

Homeowners Insurance. Homeowners insurance protects homes and contents from disasters both natural and caused by others. As with auto policies, home policies will vary significantly. The right policy ought to replace contents, repair damages, and shield from liability costs fast following a claim. Location, home size, property characteristics, personal possessions and more will all have bearing on the right level of home insurance protection. For those renting a home to renters, home insurance will be an important part of protecting the investment.

Additional Liability Insurance. It can happen where personal liability exceeds the amount covered in a auto, home, or other insurance policy. Ours is a litigious society; protect assets and wealth with sufficient liability insurance protection. Liability insurance may be more affordable than you think.

For an in-depth assessment regarding personal insurance requirements, speak to a financial professional. Financial professionals can make projections to ensure adequate insurance protection long into the future. The right combination of insurance policies will vary by individual. Polices and protection change depending on carrier, personal details, and much more. For more information speak to your financial professional today.

Reducing Financial Risks Through Insurance

For lively party conversation, death and disability are generally last on the list. Still, planning for potential disability and the death of a loved one can help overcome the financial challenges involved. It’s natural to want to talk about something else, yet topics related to investment risk-management are important and can have big impacts on financial plans and resources.

Planning ahead before confronting any obstacle can help with meeting it. The passing of a loved one, the need for long-term care, and disability can all take incredible tolls. Perhaps the simplest way to approach planning for them is through comprehensive disability, life, and long-term care insurance.

It’s natural to tiptoe around these topics, yet changes can happen in an instant. Rather than try and respond during the aftermath, a proactive approach can help create support for what will likely be a trying time. As part of your financial plan and risk management strategy, speak to a financial advisor about comprehensive insurance coverage.

Disability Insurance

People aged 25 to 65 are at a higher risk for disability than death, according to major studies. Lifestyles, genetics, random occurrences and much more can happen in an instant and leave people disabled temporarily, or for life. For many, disability coverage comes in the form of a company insurance policy. These policies can help with some in the case of disability, yet many lack the coverage available through privately-carried disability insurance. Income replacement and compensation for debilitating injuries are some of the advantages private insurance can offer.

According to Jack Riashi Jr. with Bloom Asset Management, disability insurance should be included as part of an insurance plan until retirement to ensure adequate resources should a disability occur. Riashi Jr, a certified financial planner, says “The number of people covered is really pretty low”. He also states more people lack coverage than carry it. For single-income homes, Riashi Jr. says preserving that income becomes exponentially important. Another important tool in preserving family income is life insurance.

Life Insurance

Life insurance is, for the majority of people speaking to an insurance agent, a difficult topic to approach. The subject is grim, and it’s an often overlooked addition to an insurance plan. For many, there will likely be loved ones left behind. Continuing financial support through life insurance can help carry them through.

Life insurance is obtainable as a term, universal, or whole-life insurance policy. To find the right life insurance policy speak to an agent. Income, age, health, and much more will steer the direction of your insurance needs. Life insurance may, in some cases, be utilized for emergency savings or as part of a retirement plan. Speak to a financial advisor before making significant changes to a life insurance policy. The right policy will vary by the person; an advisor can help find the right match for you.

Long-Term Care Insurance

Aging, injury and more can increase limits on physical capabilities. For an increasing number of Americans, long-term care is necessary some or all of the time. Medicare will likely cover a portion of expenses yet the remainder can be overwhelming. Long-term care insurance can help pay for assisted living, in-home care, and much more.

In-home care and nursing home coverage can cost tens of thousands per year, and upward. The costs can be high at any income level and for those on a fixed income, these costs can be especially challenging to meet. Speak to a financial advisor for more on the merits of a tailored long-term care insurance policy.

Approaching these topics early may increase access to insurance options and discounted rates. Speak to a financial advisor today for more on risk management through insurance for your financial plan. Come back often for more on this and other interesting topics.

Working with a Financial Planner

If you’re thinking about debt, you have company. According to the American Psychological Organization, nearly 3 out of 4 Americans think about getting out of debt on a regular basis. The number of Americans prepared for the future drops considerably, with less-than 20% of Americans feeling financially ready for retirement. With numbers like that it’s surprising only a fraction asked for help from a professional.

Financial Advisors vs Financial Planners

For professional financial advice, people often turn to financial advisors or financial planners. Often mistaken for each other, a financial planner and financial advisor have distinctly different roles. A financial advisor utilizes a broad set of financial skills offering surface-level guidance. They can help with portfolio management, estate planning, and tax preparation. A financial planner has a specific set of skills to offer targeted advice. A financial planner can help with retirement planning, smart investments, and creating personalized financial strategies.

This year, get out of the weeds. Take control of personal finances with the help of an experienced professional financial planner. If you answer yes to any of the following, you may want to think about calling a financial planner:

1. It’s challenging thinking about money

For many, just thinking about money is enough to become frustrated. Many people struggle with approaching finances at all. This is normal and happens to more people than you may think. A financial planner can step in and get things organized, and help keep things moving.

2. Managing money is mind-numbing

Effective money-management includes more than saving and spending. Each person has a different picture of the future yet one thing most will share in common is a financial vehicle for arriving there. There are a multitude of savings and investment strategies available. Find one that fits both budget and goals with the help of a financial planner.

3: It’s time for a second opinion.

People of all wealth and education levels lean on financial planners for advice and personalized guidance. From the first-time investor to the savvy business grad, a financial planner can help anyone interested in improving their financial footing. Get the most from investments. Contact a financial planner for help creating, diversifying, and utilizing savings vehicles.

Planning for the future is affordable. Financial planners utilize different pricing structures depending on the individual yet most employ a combination of three basic payment plans:

  • Flat-rate financial planning offers the advantage of flat-rate pricing for financial services.
  • Commission-based financial planning compensates planners from a percentage of investments.
  • Fee-based financial planners combine the previous payment structures to form a compensation plan.

To find the right a financial planner, start with selecting goals. Establishing an end-point gives financial planners something to help plan for. For those struggling to decide, a financial planner can help explain potential options and opportunities. It’s more than OK to ask for help planning for the future, it’s the smart thing to do. Contact a financial planner today and start working toward achievable goals today.

5 Steps for Getting out of Debt

Debt is a challenge any time of the year. Life changes, shifts in employment, and more both in and out of our control can affect our financial well-being. During the holiday season, Americans tend to pile on more debt. Travel, gifts, and more put extra strain on the bank account. Come January, many are faced with large debts and the New Year is already off to a rocky start. Stop the cycle. This year, take control and shake loose of your debt. Follow these 5 steps and eliminate debt once and for all:

1. Start Saving

It sounds simple and that’s the challenge. To start saving, create a savings goal. For most people, the best place to begin is an emergency savings fund. Most professionals recommend an account equal to a month’s income for responding to emergencies. Most Americans lack sufficient savings or any savings at all. Create a defined savings goal, and plan for making regular deposits to achieve it.

2. Stop Borrowing

It can be difficult to get out of debt if the debt continues to grow. Start getting out of debt by eliminating credit spending. During the holiday season, the urge to give can take over, leading to increased spending with credit cards and other borrowed funds. To help limit debt size, make purchases with available funds.

3. Get Organized

To pay off debt get a grasp on the number of personal debts, the debt size, and the interest rates for each. Most strategies suggest clearing debts with the highest interest rate first. The more paid toward the principal balance the faster a debt is paid. Another common strategy recommends paying off debts with the smallest balances first. As small debts are paid continue to budget for them, and roll the payments into the paying off the next debt. Becoming organized will alleviate debt-related stress and make it easier eliminate debts once and for all.

4. Get on a Budget

Will savings goals established, a limit placed on adding debt, and a clear picture of financial obligations, create a budget. A budget tracks income, obligations, and expenses. Many people are surprised to see where the money goes each month. Small amounts add up each month. Create a budget and pay off debt faster. With a budget in hand, set realistic financial goals and create a plan for achieving them.

5. Take Action

A budget will define the paths for getting out of debt. This may reveal a need for increased action. For some, debts may outweigh monthly or annual income. Others may want to get out of debt faster than the current budget schedule. With a plan for getting out of debt in-hand, take action. This can include finding additional employment, reducing the amount spent on entertainment, and much more.

Getting a firm grasp on finances, creating a plan for approaching them, and seeing that plan through can help eliminate debt. This year take control of monthly financial obligations and get out of debt.

Financial Care for Special Needs Adult Children

Caring for adult special-needs children requires constant research and attention. As parents age, continuing care for older children may be a challenge. As we age more focus on personal health takes precedence. Caring for adult special-needs children may become more challenging. Preparing for the future of care can help create a financial and family support system for your special-needs child. Create a plan with these 5 steps for ongoing special-needs care:

1: Make it a family decision.

For parents of adult special-needs children able to communicate, include them in the process. Each family will be different and finding strengths and areas where help is necessary can help. Their employment, personal financial responsibility, and a network of caregivers will all affect future planning. A clear understanding of capabilities and requirements can help in forming a plan.

2. Create a support system.

Establishing responsible legal guardianship creates support for medical and financial matters. This gives parents control over the designated party. Before appointing a guardian clearly define the role and responsibilities.

3. Plan your estate.

An estate plan will make sure special-needs children are properly cared for. A will legally ensure wishes are followed and children are cared for. Depending on the level of care required, provisions can be included to pay for caregivers and treatment. Other options including trusts can funnel inheritance while maintaining government or state benefits for your child.

4. Create a savings plan.

Save for the future with tax-advantageous savings plans for parents of special-needs children. The Achieving a Better Life Experience Act (ABLE) of 2014 established savings plans to help special needs children. Amounts withdrawn to pay healthcare, education, legal and other expenses are exempt from taxes. Anyone can deposit allowing family and friends to contribute.

5. Plan living arrangements.

For parents of adult special-needs children living at home, a plan for future living arrangements will be necessary. Planning ahead gives parents control over selecting appropriate and risk-free environments capable of supporting their special-needs child. Changes in employment, income, and relationships can affect future arrangements when left to chance. Establishing a legal plan will arrange for the right care in the right place.

Planning ahead gives peace of mind today and ensures ongoing care for the future for the whole family. For more on planning or for answers to questions call today.