Special Needs Planning

At One Financial Services, we understand the challenges a family with special needs faces on a daily basis, which is why we provide a caring, personalized level of service and advice.

Personal Financial Advisor and One Financial Services Co-founder, Jack Morrone, has experienced the decisions a family needs to make each day through raising two children of his own with special needs. He knows firsthand the planning techniques necessary in these circumstances.

Special needs planning should begin early; insurance rates rise sharply as individuals age. If you have not already done so, we can assist in applying for Medicaid and related waiver services, along with supplemental Social Security income. For the longer term, One Financial Services will conduct a lifetime income needs assessment and develop a care plan to ensure proper care will be readily available at all times.

Once you have a plan in place you and your family will have the peace of mind of knowing that your loved one is provided for no matter what other circumstances may occur.

Special Needs FAQ's

What is the One Financial Services approach to special needs planning?

The One Financial Services approach to Special Needs Planning is personal because we know firsthand how challenging caring for a special needs family member can be.

Our emphasis is on the importance of protecting eligibility or access to public benefits. Cost of care for an individual with disabilities is significantly high, and if there are funding sources to pay for some or all of them, the preservation of those benefits is paramount.

However, public benefits pay for only some disabled individual’s needs. The extras in life, and more importantly, the advocacy needed after parents have died, will need a funding source.

We explore the financial estimates of what “extras” will be hoped for as a part of the disabled individual’s life after mom and dad have passed and provide calculations of what size endowment will be required to leave the special needs plan adequately funded.

When should special needs planning begin?

Special needs planning should begin immediately. You and your family will have the peace of mind of knowing that your family member with special needs is provided for no matter what other circumstances may occur. There is no reason to delay, especially when insurance rates skyrocket as individuals age.

How do I start special needs planning?

One Financial Services Co-founder, Jack Morrone, is an experienced special needs planner. Once Jack knows how you envision the life of your loved one, he will help you plan for that future. Within the process it will be important to consider the following: Where will your loved one live? Will they work? Will other family members be involved? Will they need outside help? Who will manage their medicines? Who will pay their bills?

What else do I need to consider when doing special needs planning?

Special needs planning should take into account all that your loved one may do or want to do in the future, as well as what you want for them. A special needs plan should be considered as an emergency plan in case of your prolonged or permanent absence. It should take into consideration what your loved one’s future might look like.

Emilio “Jack” Morrone, CPA, CFP®, PFS®, Co-founder of One Financial Services, joined a select group of LPL Financial advisors invited to present at LPL’s largest annual conference in 2019. During his presentation, he shared his personal story of his family and his experiences as a father of three children, two with intellectual disabilities and recounted firsthand the planning strategies that are vital for families with special needs.