Financial Planning For Children With Special Needs
my529 met Neil Mahoney of Oak Wealth Advisors at a recent event where he presented on the topic of financial considerations for families with special needs. It sparked quite a few questions from advisors in the audience, so we interviewed him to share his expertise with our advisors.
How do you use your practice to better serve families with special needs?
Personal finances can be challenging and when you add the aspect of a loved one with a disability or special needs, it can make things overwhelming. If we can help people see their finances clearly, then it’ll hopefully make their lives easier and less stressful.
What additional financial considerations do your clients encounter?
We’re helping families plan for two generations and not just one. Rather than the more common work, retire, and sail off into the sunset, our families must be intentional about planning for that second generation of financial and other support for their loved one with the disability. The time span is longer and trying to peer out that far into the future can be a challenge, so we help people understand what they can do now to reduce the uncertainty of what life is going to be like for their loved one when they’re no longer able to care for them…
