Just like any other type of financial planning, it can be a bit stressful. However, when you have the right person handling your specific planning need, it has a higher chance of running smoothly.

Mike Walther, founder of Oak Wealth Advisors LLC, assists families in implementing comprehensive plans for their loved ones with special needs. The article in reference will help shed light on mistakes that have been made while financially planning for special needs families.

As mentioned in his article, Mike has a brother with Autism and other developmental challenges. Luckily, he knows how this process works. He’s a career financial advisor who focuses on families with special needs members. When planning for your disabled loved ones, there are a lot of things to consider and to be knowledgeable of such as laws pertaining to governmental benefits, guardianship, and so forth.

Here, at Rhodes Law Firm, PC, one of our services is Special Needs Planning. It is advised that, if this is a need of yours, attorneys and advisors have experience in assisting such families. We want to make sure your special needs family is set up for a successful future.

Below are Mike’s seven planning mistakes to avoid:

1. Beneficiary designations.
2. Funding A Special Needs Trust With Term Life Insurance.
3. Special Needs Trusts are drafted into the parents’ estate plans to be implemented upon the death of the second parent.
4. Parents or other family members fund 529 Plans or other college savings plans in the name of the child with special needs.
5. The same family member is chosen as the Executor/Trustee/Guardian in estate planning documents.
6. Not communicating your planning with your extended family.
7. Directions for a smooth transition in care giving are not explicitly documented.

For further reading, click this link to learn why you should avoid these mistakes.