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Special Needs Planning

Recall your last vacation? How much time did you spend planning where you were going, how were you going to get there, and what activities you would enjoy once you arrived? Sadly, most people spend more time vacation planning than they do financial planning.

A financial plan is the roadmap for your future and the strategy for your family’s security.
It is important for every adult, but it’s particularly important if you have dependents, and even more so if one or more of those dependents are disabled. When you are planning for a disabled dependant, you need to factor in the additional needs and time the financial resources must last for a disabled dependent, along with the healthcare needs and associated costs, managing support needs, dealing with government agencies, and a myriad of other concerns.

Most financial plans will recommend using Registered Retirement Savings Plans, Tax-Free Savings Accounts, Insurance, and Wills along with Powers of Attorney to help achieve goals and protect lifestyle. However, those requiring Special Needs Planning will likely benefit from having a LIFE PLAN GUIDE (see the branded guide attached), a special trust referred to as a Henson Trust (link https://www.planningnetwork.ca/resources/henson-trust), Registered Disability Savings Plans (link to branded info sheet), Ontario Disability Support Planning (insert link – https://www.ontario.ca/page/ontario-disability-support-program), along with other special investment and insurance options to protect and support loved ones.

In addition to the financial planning needs, there are also long-term care planning needs.

  • Who will look after my child when I die or if I become incapacitated?
  • Where will they live?
  • Who will take them to their doctor and therapy appointments?
  • How will they pay their bills?
  • My whole life has been about looking after my child, but I have other goals that I would like to achieve; how can I do both?

These questions can be overwhelming. Consider building a network of people to provide support for your disabled dependant while you are still healthy and involved is critical. Disabled dependents often rely heavily on their care providers. If their sole care provider is Mom or Dad and they are suddenly out of the picture, it can be devastating for them. Parents should consider aligning themselves with professionals who have experience in dealing with special needs planning, such as Accountants, Lawyers, Certified Financial Planners, Trust Officers, Counsellors, Support Workers, Caregivers and Doctors, as well as Associations, Support Groups and other related networks.

The best advice for families with special needs dependents is to choose a qualified, trusted team of professionals. Develop and implement a comprehensive financial plan and long-term care strategy without delay. Contact us today – we can help!

The financial planning process is similar regardless of whether you have disabled dependents or not;

  1. Establish your goals
  2. Determine your current financial position
  3. Analyze your information to determine any shortfalls
  4. Create solutions that will help you overcome the shortfalls and enable you to reach your goals
  5. Take action to implement your plan
  6. Review it on a regular basis to ensure you are still on track

Questions about Stark & Marsh Wealth Management Services? Reach out to Candace Gelleta our Wealth Management Advisor directly by completing the contact form below.

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Candace Gelleta CFP®, RRC®

Candace Gelleta CFP®, RRC®

WEALTH MANAGEMENT ADVISOR

Candace has been actively involved in financial planning since 2014 with IG Wealth Management. She has her MFDA license and Insurance license, has a designation as a Registered Retirement Consultant RRC®, a Financial Planning diploma from the Canadian Institute of Financial Planning, and her attained her Certified Financial Planner CFP® certification through FP Canada™. She also has an accounting diploma through the University of Athabasca and has past accounting experience with Stark & Marsh.

Candace works with Stark & Marsh clients to build a financial plan that considers Financial, Insurance, Retirement, and Estate needs. She works closely with the Stark & Marsh accounting and tax advisor to ensure the complete financial picture, including tax implications, are contemplated.

Wealth Services

Stark & Marsh offers a variety of comprehensive financial planning services to best serve your needs. Together with your Accountant, our Wealth Management team will work with you to ensure your short and long-term goals are at the forefront during the planning process.

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