Hosts Meghan (Smallwood) and Patrick (Cadigan) are joined by Betsy Larson, a financial planner for families with special needs. Betsy emphasizes the importance of planning for a "three-person" retirement, considering the needs of both parents and their child with disabilities. Betsy talks about her "bucket plan," (categorizing funds into now, soon, and later) to manage finances effectively. Betsy highlights common mistakes, such as not planning at all or leaving assets directly to a child, and stresses the importance of tax-efficient strategies, like using life insurance and Able accounts. The trio also cover the necessity of family conversations and proper inheritance planning to ensure long-term financial stability. Join the conversation!

Episode Keywords:
Special needs planning, financial planner, three-person retirement, government benefits, bucket plan, now bucket, preservation bucket, distribution bucket, special needs trust, Able account, tax management, inheritance, guardianship, letter of intent, legacy planning.

Links:
Special Needs Advanced Planning (link)
YouTube Channel (link)
Podshare - Six Pillars of Financial Planning (link)
Ep. 70 ABLE Accounts vs Special Needs Trust (link)
Ep. 92 Interview: Kelly Nelson & Understanding ABLE Accounts (link)

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Transition music by Joseph McDade from Transistor.