Bay Area Estate And Tax Planning Law Firm

Securing the financial future of a loved one with disabilities

On Behalf of | Oct 21, 2022 | Blog, Estate Planning |

When you’re caring for someone who has special needs in California, it’s rarely easy to form a financial plan that extends too far into the future. Most of the time, just keeping up with the day-to-day expenses is a significant accomplishment. But if you’re able to take the extra steps and create a care plan, it can improve your loved one’s financial future considerably. And this type of planning may be more manageable than it seems.

A care plan is a great place to start

If you’re feeling overwhelmed, it helps to know where to start. A care plan helps you form your goals and set the financial parameters of your loved one’s care.

A care plan is officially known as a letter of intent. This stage is very open-ended and there’s no set of standard rules that you have to follow.

If you create an ABLE account, it comes with certain tax advantages that help you save money. Check to see what kinds of benefits your loved one qualifies for locally and federally.

Trying to deal with the entire future of your loved one all at once is an exercise in futility. One way you can break it down is by looking at the various life stages that your loved one will go through. This will help you determine the financial parameters of your loved one’s care.

Where to start with a letter of intent

You can start off with the basics. This gives you something you can build off of and expand on later. It’s an idea-generating springboard to help get the ball rolling and solidify what you can.

Some of the factors that make each family’s letter of intent unique include what your loved one’s daily life is like, the type of care they require and what their plans and hopes are for the future.