At GrowStrong Wealth Strategies, LLC, we understand that every family has unique aspects to consider with their financial planning, especially when a loved one has special needs. For over fifteen years, we have specialized in working with such families, providing the expertise and personalized strategies required to secure their financial future.
Needs Assessment and Goal Setting
Understanding the Special Needs
We incorporate the development of a Letter of Intent, which includes understanding the medical condition, daily living requirements, and future care needs of your loved one.
Long-Term Goals
We discuss your family’s long-term goals related to the special needs individual, including housing options (such as group homes or independent living), education, and quality of life.
Government Benefits Optimization
Eligibility and Application
Our team guides families through the complex world of government benefit programs, exploring eligibility criteria and the application process for programs like Social Security Disability Insurance (SSDI), Medicaid, and Supplemental Security Income (SSI).
Maximizing Benefits
We strategize to maximize benefits without jeopardizing other resources, understanding income limits, asset thresholds, and how to maintain eligibility both today and in the future.
Financial Protection Strategies
Insurance Coverage
We review appropriate insurance coverage to protect your family’s financial stability, including life insurance (to provide for dependents), disability insurance (to replace lost income), and long-term care insurance (to cover caregiving costs).
Special Needs Trusts
Our team explores setting up special needs trusts, allowing families to provide for their loved one with special needs while preserving eligibility for government benefits.
Investment and Tax Strategies
Balancing Risk and Growth
We design an investment portfolio that balances risk and growth, considering your family’s risk tolerance, time horizon, and investment goals.
Tax-Efficient Investing
Our team chooses tax-efficient investment vehicles to minimize tax liabilities, using tax-advantaged accounts (like Able plans) and managing asset location, not just allocation.
Collaboration and Advocacy
Team Approach
We collaborate with legal professionals, therapists, and other experts to ensure a holistic plan that addresses legal, financial, and caregiving aspects.
Regular Reviews
Our team conducts regular reviews to adapt the plan as circumstances change, with a priority on advocacy for the special needs individual.
At GrowStrong Wealth Strategies, LLC, our role is to provide personalized guidance based on each family’s unique situation. Our dedicated team is committed to helping you navigate the complexities of special needs planning with confidence and peace of mind.