Financial Planning 101 for Your Special Needs Child - Arcadia’s Playlist

Special Needs Financial Planning

These are must-watch videos for parents who care about securing their financial future for their special needs child. Arcadia Berjonneau-Keane is a mother to a special needs child, and happens to be a Financial Life Advisor at California Retirement Advisors. We've created a series of videos to help you start planning finances for your child with special needs. Arcadia is here to assist with her expertise. 

Make sure you catch one of Arcadia’s most helpful money-saving tips about Harbor Regional Center, an invaluable resource for California special needs families.

Let’s go over the most important high-level information for parents with a special needs baby, child, or adult child: Jump to Playlist on YouTube. Or, watch the short videos below. 

What is the first step to take in financial planning when you have a special needs child?

Video 1: IRA and Life Insurance

Key Takeaways:

The first steps for financial planning for parents of a special needs child: 

1. Set up a Roth IRA
2. Get life insurance

Video 2: The Cost of Special Needs Children (and Must-Know California Parent Resource: Harbor Reginal Center)

Key takeaways:

• Regular childcare costs around $17,000 per year, varying by state.
• Caring for a special needs child, especially as they become adults, costs around $60,000 per year.
• Some special needs children require 24-hour care and cannot speak.
• Full-time working parents face challenges in providing care for their special needs children.
• Harbor Regional Center in California offers resources and support for families with special needs children, with locations in the South Bay, the valley, and Long Beach. Different states provide varying levels of resources for children with special needs. Follow @harborregional on Instagram.

Video 3: You Need a Password Vault to Secure Your Estate

Key Takeaways:

• Special needs parents should create a password vault to store all their usernames and passwords in one place.
• Access to the password vault is essential for the person in charge of the estate to ensure proper care for the special needs child.
• Special needs children are often unable to access or navigate investment accounts or computers. This is why there is a need for a password vault and instructions.
• The password vault should contain usernames and passwords for investment accounts such as Vanguard, American Funds, an Schwab.
• The password vault should be located near the Special Needs Trust, which is necessary to implement for the child's benefit.

Next Steps for Your Family Finances

Financial planning for a child with special needs can seem overwhelming, especially with the multitude of varying information out there. However, having a comprehensive plan can relieve a lot of stress and uncertainty about your child's future. IIn these videos, we have gathered advice from our advisor Arcadia, who is a parent of a child with special needs. 

These videos give you a brief introduction to the essentials of financial planning for a special needs child, using real life insights and practical advice. But it takes thoughtful planning with experienced advisors to ensure financial security for your family’s future. 

First, understanding your child's unique needs is the starting point for any financial planning:

• A financial advisor can help you understand costs associated with various special needs conditions, from immediate medical expenses to long-term care, education, therapy, and personal support. 
• Additionally, you can benefit from knowing about your local, state, and federal resources available to offset some of these costs.
• As you further venture into planning, setting up a special needs trust is an integral part of securing your child's future. 

If you’d like to discuss financial planning with Arcadia and the CRA team, book a no-commitment consultation here to get started.

By Arcadia Berjonneau-Keane, AIF®, RFC®
Financial Life Advisor
California Retirement Advisors

Investment advisory services offered through Mutual Advisors, LLC DBA California Retirement Advisors, a SEC registered investment adviser. Securities offered through Mutual Securities, Inc., member FINRA/SIPC. Mutual Securities, Inc. and Mutual Advisors, LLC are affiliated companies. CA Insurance license #0J2057. This content is developed from sources believed to be providing accurate information and provided by California Retirement Advisors. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. California Retirement Advisors, nor any of its members, are tax accountants or legal attorneys and do not provide tax or legal advice. For tax or legal advice, you should consult your tax or legal professional.

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