Hi, this is Mike Walther with your special needs financial planning tip #10. This one may seem simple, but many people fail to do it well. We want to make you aware of it so you can have the most success possible with your family. And that is to simply coordinate your special needs planning with that of your relatives. It’s important that you let people know if you’re anticipating them being a role player in your loved one’s future, whether that’s as a trustee.

As a caregiver, or just playing some role in their future, let them know. Let them ask questions about what that role entails. If they have any concerns, you can address them. If they don’t want to play the role, it’s better that you find that out now than after you’re gone. And that can also help diffuse issues in the future. If people are wondering and not sure about what your plans are, they’ll know if you’re communicating well with them.

In addition, if they’re thinking about making a gift or making some kind of a donation to your loved one. That’s a wonderful gesture, but it may mess up the planning you’re doing. And if they understand that you’ve created a special needs trust and an ABLE account for your loved one, and you indicate what the best way to do that giving is, that’ll help them not jeopardize your loved one’s benefits. So again, communicate the planning with your extended family and you’ll have the greatest success possible for your loved one. If you have any questions about this tip or other tips you’ve heard from Oak Wealth Advisors, please reach out to your advisor. We’d love to help you and your family have the most success possible.