008: Financial Planning for Families with Special Needs Individuals

In this episode of Absolute Trust Talk, Kirsten welcomes special needs financial planning expert Jon Elfin into the studio. Jon has over 35 years of experience in the financial services industry and focuses on processes and expertise to help clients understand their options and more importantly take action when it comes to building and preserving wealth for families with special needs dependents.

Jon and Kirsten break down what exactly special needs planning encompasses and discuss the processes that Jon goes through with each of his clients. More importantly, Jon discusses a few of the biggest mistakes he sees when clients come into his practice and also highlights effective strategies that a special needs family can take now in securing the future of their dependents. As Jon is also a parent of a special needs child, throughout the interview he weaves in topics of transitional life experience from his own personal perspective.

Big Three From Episode #008:

1. Start early
2. Don’t be overwhelmed
3. Utilize your resources!

 

Time-stamped Show Notes:

1:50 – What exactly is Special Needs Planning?

2:48 – How Jon got into Special Needs Planning

4:00 – The complexities of Special Needs Planning

7:00 – Jon highlights common mistakes he’s come across in his practice when working with clients

8:05 – Jon and Kirsten discuss a few of the biggest benefits/acronyms that people miss

10:42 – Kirsten discusses Special Needs Planning from the estate planning point of view and a special provision that should be put in all estate plans

11:37 – Jon addresses why ages 18 and 22 are important ages for special needs people

13:30 – Jon defines “transition class” and its extreme importance

15:35 – What a regional center is and how it helps special needs families plan the next step.

16:20 – Don’t leave all the money for a special needs family member to a sibling!

20:14 – A special needs person can save money in these accounts too – Big win for the disability community

25:15 – The other important strategy for special needs individuals according to Jon is life insurance 

Episode #008 Freebie:

No matter where you are in your journey as a special needs family know that there are things that can be done to help build and protect the future of your special needs dependent. During this episode, Jon mentioned a few of the common mistakes well-intentioned special needs families make. To help educate listeners on what to look for he outlined and is exclusively sharing with us a few more! In addition, Jon is also offering a FREE 90-minute consultation. So if you’re a special needs parent or caretaker who is worried or doesn’t know where to start, call Jon. He will cover all of the basics and see if he can be of further service in making your special needs life transitions go as smoothly as possible.

 

Resources/Tools/Links mentioned in this episode:

Special Olympics

Sunflower Hill

Disability benefits 101 - https://ca.db101.org/

Take the Next Step in Your Estate Planning Journey

If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll:

1. Learn about your unique situation and goals
2. Answer questions about our services
3. Determine if we're the right fit to work together

 Visit https://absolutetrustcounsel.com/scheduling/ or call 925-943-2740 to schedule your free discovery call today.

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