Choose Positive Living with Sara Troy and her guest Monica Kaufman, on air from November 26th
Monica is supporting individuals with special needs requires thoughtful planning to ensure their long-term well-being and independence. Families of individuals with special needs can take several key steps to help ensure a stable future, including:
1. Financial Planning: Setting up a special needs trust or utilizing government benefits like Supplemental Security Income (SSI) and Medicaid can protect assets while maintaining eligibility for assistance programs. Families should consult with financial planners experienced in special needs planning to maximize resources.
2. Legal Considerations: Legal tools such as guardianship or power of attorney can ensure that someone trusted makes decisions for the individual if they are unable to do so themselves. It’s crucial to designate legal guardians or advocates and review documents periodically.
3. Educational and Vocational Support: Planning should also include identifying the best educational opportunities and vocational training for the individual, from early intervention to adult services, in order to promote development, independence, and employment.
4. Health Care Needs: Establishing a comprehensive health care plan, including access to specialists and therapies, is essential to address both current and future medical needs.
5. Community Resources: Many communities offer programs and support networks for families and individuals with special needs. Connecting with local support groups, services, and advocacy organizations can provide invaluable resources. Early and ongoing planning ensures that special needs individuals are supported, and their families have peace of mind regarding their future care and well-being.
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In Canada, families of individuals with special needs can access a variety of resources, programs, and financial supports to help plan for the future. Similar to other countries, early and ongoing planning is crucial to ensure individuals with special needs have access to education, healthcare, and financial security. Here are some key elements to consider when planning for individuals with special needs in Canada:
1. Financial Planning and Assistance Canada offers several financial supports for families with special needs. Key programs include: • Disability Tax Credit (DTC): This non-refundable tax credit helps reduce the amount of tax owed for individuals with disabilities. It is available to those with a significant impairment in physical or mental functions. • Registered Disability Savings Plan (RDSP): This is a government-registered savings plan designed to help individuals with disabilities and their families save for the future. Contributions are eligible for grants and bonds from the federal government, making it an effective long-term savings tool for disability-related expenses. • Ontario Disability Support Program (ODSP): Available in Ontario, this program provides financial assistance and employment supports to individuals with disabilities who are unable to work or need extra help finding work. • Other Provincial Programs: Each province offers varying levels of financial support. For example, in British Columbia, the Disability Assistance Program offers monthly payments to individuals with disabilities, while in Quebec, the Programme de soutien aux personnes handicapées helps fund various services.
2. Government Benefits and Social Services • Canada Pension Plan Disability (CPP-D): This program provides monthly benefits to individuals who have contributed to the Canadian Pension Plan and are unable to work due to a disability. It’s available to both the person with the disability and their family members if needed. • Specialized Support Programs: Each province and territory offers a range of services for children and adults with special needs, including educational support, job training, and community-based care. For example, Alberta has programs like the Persons with Developmental Disabilities (PDD) program, which helps provide services and supports to adults with developmental disabilities.
3. Educational and Vocational Support • Inclusive Education: Canada emphasizes inclusive education in public schools, meaning that students with special needs are integrated into the classroom environment as much as possible, with individualized support plans. • Autism Spectrum Disorder Programs: Several provinces, like British Columbia and Ontario, offer specific programs for individuals with Autism Spectrum Disorder (ASD), which focus on early intervention, behavior therapy, and specialized education.
At Harmony Wealth Academy, we’re not just about numbers; we’re about changing lives. With over 20 years of experience, we empower CPAs and Enrolled Agents to transform their clients’ financial futures. Our Behavioral Finance Program goes beyond the basics, teaching mastery over money and the financial system, from fundamentals to legacy planning. It’s your client’s path to financial freedom, guided by science and a passion for progress.
If they feel their goals are just out of reach, they are not alone.
Monica Kaufman is currently the director of Financial Planning at Harmony Asset Management as well as the creator of the Harmony Wealth Academy. She’s worked in Economic Research, Financial Advisory and Management Consulting for over 20 years. She is a CFP. She became involved in Special Needs financial advisory early in her Career while at Merrill Lynch with her deeper understanding because of her (brother in law). She is the mother of two adult sons (one a soldier in the US Army and the other a PhD candidate) and two rescued dogs.
https://harmonywealthacademy.com
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