Capital Wealth Advisory Group: Financial Planning for Special Needs |

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The Wealth Care Corner: Financial Planning for Special Needs

Caring for a loved one with special needs is a reality for many people. Whether you are caring for a child, a parent, a sibling, or someone outside of your immediate family, understanding the unique financial issues that come with this responsibility is integral to providing the best possible care. Here are some high-level concepts to consider if you are caring for a loved one with special needs.

Understanding Benefit Eligibility

The cost of caring for a person with special needs can be quite high, especially if the care is needed for their entire lifetime. In these circumstances, few families have the means to pay for the full cost of care solely through private means. There are a wide range of programs and benefits at the local, state, and federal levels to help cover the cost of care. Understand what benefits your loved one is entitled to and what factors could affect their eligibility.

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Coordinate estate planning with benefits

Certain programs and benefits require that an individual not own or have access to assets beyond certain limits. However, there are tools that save money for the support of a loved one with special needs. ABLE plans may be an option and are offered by many states. These plans allow investments to grow tax-deferred and be withdrawn to pay eligible disability-related expenses of the beneficiary without losing access to certain federal benefits. Wisconsin does not have a state-sponsored ABLE plan. However, Wisconsinites can open an ABLE account in other states that make their plan available to residents of other states. Working with an estate planning attorney and financial advisor can help ensure that your financial ecosystem is coordinated in a way that does not interfere with program or benefit eligibility.

Aaron Zimmer, CFP®, BFA™, APMA®, ChSNC® Private Wealth Advisor Capital Wealth Advisory Group

The death of a caregiver can be a very stressful and traumatic experience for a person with special needs. Taking the time to develop a life care plan can help ease this transition. A life care plan outlines the individual’s care options in areas such as living arrangements, education, mental health resources, employment, and social and recreational activities. Providing options in your life care plan and reviewing it regularly can help ensure that your plan remains flexible enough to meet your loved one’s needs and responsive to significant changes or life events.

The financial aspects of caring for someone with special needs can be complex and have many moving parts to consider and coordinate. The Capital Wealth Advisory Group team is here to help you navigate these complexities so you can focus on what matters most. Visit for more information or contact one of our experienced advisors to schedule a free initial consultation.

To contact a member of our team, please visit

Capital Wealth Advisory Group

A private wealth advisory practice of Ameriprise Financial Services, LLC

2912 Marketplace Drive, Suite 100

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The initial consultation provides an overview of financial planning concepts. You will not receive a written analysis and/or recommendations.

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