WHAT IS SPECIAL NEEDS FINANCIAL PLANNING?
Financial Planning is the fourth step toward creating a comprehensive Special Needs Plan. The ENABLE Financial Plan analyzes your family’s current situation to determine where you’re doing well and where you need to become more efficient with your finances so that you can enable your entire family—including your child with special needs—to enjoy a wonderful life. What this is means is—your Financial Plan will educate, organize, and prepare you to meet all of your family’s current and future needs.
BENEFITS OF FINANCIAL PLANNING:
The true benefit of creating a Financial Plan is you will have the necessary strategies that, if applied appropriately today, will allow you to feel confident that you’re doing everything possible to enable your family to thrive now and in the future.
WHAT WILL MY FINANCIAL PLAN DO?
Your Financial Plan does three main things:
- It provides the means to pay for the goals you have created in your loved one’s Vision Plan, and
- It addresses the challenges of how to provide the resources needed, as determined by your Resource Plan.
- It answers the concern of how to provide for your child for his/her lifetime, when you are not here to provide for them.
In our experience, we have found that many families delay creating a Financial Plan—not because they view it as unimportant—but because they feel overwhelmed, frustrated, and confused by the process. When our team works with families on their Financial Planning, our intention is to make their the process as easy, efficient, and affordable as possible. We empower the families we serve to feel well-prepared for their futures.
HOW OFTEN SHOULD I UPDATE MY FINANCIAL PLAN?
We highly encourage families to update their loved one’s Financial Plan every year, as key details are likely to change over time.
HOW DOES THE ENABLE FINANCIAL PLAN TOOL WORK?
Creating a Financial Plan with ENABLE is a collaborative process! To get started, the ENABLE Financial Plan tool walks you through a series of key questions to evaluate your current level of financial preparedness. You will also need to share various key financial documents and details with the ENABLE team.
After completing the assessment and sharing your records, the ENABLE team analyzes your current financial situation and develops recommendations for how to improve your current situation and plan. You and one of the ENABLE financial advisors will schedule a series of phone and/or video calls to discuss your family’s current financial situation and strategies for improving it and reaching your goals.
Then, after you and your advisor have developed a thorough and effective plan, the ENABLE team will implement the strategies necessary to allow both your family’s financial situation and your loved one with special needs’ financial situation to thrive simultaneously.
After creating your initial financial plan, comprehensive financial planning clients will continue to meet with an ENABLE advisor at least once per year, to review and adjust their plan as life events occur and key details change.
In our experience, we have found that many families delay creating a Financial Plan—not because they view it as unimportant—but because they feel overwhelmed, frustrated, and confused by the process. When ENABLE team works with families on their Financial Planning, our intention is to make their process as easy, efficient, and affordable as possible. We empower the families we serve to feel well-prepared for their futures.