Your clients’ children — whether young or grown — will have their individual financial needs sooner than later. For some families, you can be the professional who leads financial literacy conversations and cement multi-generational relationships. For others, you can lead the important, complex planning conversations to the lifetime benefit of a child with special needs.
June’s new checklists can support your efforts to accomplish both missions.
Children entering adulthood should have a financial literacy foundation because it will help them understand the work you do to create, manage, and transfer wealth. Over time, it’s inevitable that you will learn more about the next generation’s outlook, capabilities, and needs. You’ll be in an ideal position to reinforce their skills as a result.
Use this checklist to guide your discussions on the following topics:
- Goal setting
- Cash flow management
- Saving strategies
- Credit and debt management
- Risk management
Review the checklist with your clients and encourage them to take it home to review with their children. In fact, you’ll find it’s a powerful tool for a family meeting that can reinforce your relationship and your work.
When your client tells you their child has special needs, you can stand out as a trusted advisor. Your empathy and understanding will rule the day. The financial issues are complex, however, and require a direct but delicate approach.
This checklist will help you familiarize yourself with the following vital considerations:
- Qualification for needs-based public benefits
- ABLE accounts and special needs trusts
- Tax planning opportunities
- Estate planning challenges
- Lifelong support considerations
Special needs require specialized financial strategies. Your knowledge and coordination will benefit your client and their child in measurable ways for years to come.
Members have access to every checklist, flowchart, and summary guide in our library. If you’d like to have access, too, become a member today.