When it comes to special needs financial planning, the stakes are high, and the conversations are often emotional. Whether planning for an elderly parent, an adult with disabilities, or a child with special needs, families face complex and delicate decisions about long-term care, financial security, and the future well-being of their loved ones. Navigating these challenges without expert guidance can be overwhelming, which is why working with a financial advisor can provide invaluable support and clarity.
We spoke with Faisal Al Hashim, Managing Director of Maxiam Capital, about the critical role financial advisors play in special needs financial planning. “These situations are incredibly personal and emotional,” Faisal explains. “Families want to do the right thing for their loved ones, but it can be difficult to know where to start. Our job is to help them create a plan that provides security and peace of mind.”
The Emotional Challenges of Special Needs Financial Planning
Planning for a family member with special needs—whether it’s an aging parent or a child with disabilities—brings a host of emotional challenges. Family members may struggle with feelings of guilt, worry about the future, and concerns over who will be responsible for long-term care. These emotions can make it difficult to approach financial planning with clarity, especially when it comes to making important decisions about trusts, legal guardianship, and government benefits.
“One of the biggest hurdles is getting everyone on the same page,” Faisal notes. “Often, different family members have different ideas about what’s best, and emotions can run high. An objective third party like a financial advisor can step in to help align everyone’s goals and provide expert guidance to navigate the complexity.”
Why Objectivity Matters
When family members disagree on the best course of action for a loved one, having an objective third party in the room can make all the difference. A financial advisor brings professional expertise and an impartial perspective, helping families focus on what matters most: the financial well-being of the family member in need.
“Some families have asked for our help because they can’t agree on how to move forward,” Faisal shares. “It’s not uncommon for siblings to have different opinions on how to provide care for an elderly parent or how to manage a special needs trust for a disabled family member. We help facilitate these discussions and guide the family toward a solution that works for everyone.”
Advisors help take the emotional weight off the decision-making process by providing practical, actionable plans based on financial realities. For example, they can help families understand how to leverage government benefits, create trusts to protect assets or establish a plan for ongoing care.
Key Components of Special Needs Financial Planning
There are several key components that go into special needs financial planning. These areas can be complex and are often best handled with the help of a professional:
Special Needs Trusts: A special needs trust allows families to set aside money for the care of a disabled family member without jeopardizing their eligibility for government benefits such as Supplemental Security Income (SSI) or Medicaid. “Special needs trusts can be a game changer for families,” says Faisal. “But setting them up correctly is essential to ensure that the funds are protected and available when needed.”
Government Benefits: Understanding and navigating the various government benefits available to individuals with disabilities is critical. A financial advisor can help families understand how these programs work and how to make sure their family members remain eligible. “The rules surrounding government benefits can be tricky, especially when it comes to income and asset limits,” Faisal explains. “We work to ensure that families make the most of these benefits without unintentionally disqualifying their loved one.”
Long-Term Care Planning: Planning for long-term care is another essential piece of the puzzle. Families need to consider how to provide care as their loved one ages and whether they’ll need professional assistance at some point. “Families often underestimate the cost of long-term care,” Faisal warns. “We help them plan ahead to ensure their loved one is financially secure throughout their life.”
Guardianship and Legal Considerations: For disabled children transitioning into adulthood or elderly family members with cognitive decline, guardianship becomes an important legal issue. Financial advisors work closely with estate planning attorneys to ensure that legal documents are in place, designating who will be responsible for managing care and finances.
Financial Security for the Whole Family
Another critical aspect of special needs financial planning is ensuring the financial security of the entire family. “Caring for a family member with special needs can place a financial strain on the rest of the family if not properly planned,” Faisal explains. “We help families balance the financial needs of their loved one with the broader financial goals of the family as a whole.”
This includes creating a plan that considers not just the immediate needs of the person with special needs, but also retirement planning, college savings, and other long-term financial goals for the rest of the family. “We want families to feel confident that they can provide for their loved one without sacrificing their own financial future,” Faisal adds.
The Importance of Trust and Long-Term Relationships
When dealing with such personal and sensitive issues, trust is paramount. Families need to know that their financial advisor understands their situation and has their best interests at heart. This is particularly important when planning for long-term care or creating special needs trusts, as these arrangements often last for decades.
“For many of the families we work with, it’s not just about numbers or strategies—it’s about building a relationship based on trust,” Faisal says. “We take the time to get to know each family, understand their unique challenges, and create a plan that fits their specific needs.”
In some cases, families approach Maxiam Capital after a life event, such as the death of a spouse or the diagnosis of a child’s disability, and are seeking help during one of the most vulnerable times in their lives. “We’ve had families come to us in crisis, unsure of what to do next,” Faisal recalls. “We understand the gravity of guiding families through difficult times and are committed to providing the financial clarity they need to move forward.”
Conclusion
Special needs financial planning is complex, emotional, and essential for families who want to ensure the long-term well-being of their loved ones. Working with a financial advisor provides the expertise, objectivity, and support needed to navigate these challenges, especially when family members may not be aligned on the best course of action.
At Maxiam Capital, the focus is on building long-term relationships that provide peace of mind. “Families trust us to help them protect their loved ones and secure their financial future,” Faisal says. “That’s a responsibility we take very seriously, and it’s why we put so much emphasis on transparent, personalized financial planning. At Maxiam Capital, Special Needs Financial Planning is at the heart of what we do. Our team understands the complexities and emotional challenges that come with planning for a loved one with special needs.”
By partnering with a trusted financial advisor, families can feel assured that their financial plan is thoughtfully designed to meet the unique needs of their loved ones, while also providing long-term security and stability for generations to come.
Disclosure:
The views expressed in this article are those of the author and do not necessarily reflect the views or opinions of Maxiam Capital. This content is for informational purposes only and does not constitute financial, investment, or professional advice. All investments carry risks, and past performance is not indicative of future results. Maxiam Capital does not endorse or guarantee any third-party content’s accuracy, completeness, or reliability. The reader is solely responsible for any actions taken based on the information in this article and is strongly advised to seek financial advice from a qualified professional before making any investment decisions.
Claire Marshall is the dedicated Editor-in-Chief of NewNoted, with a lifelong passion for journalism and a commitment to transparent and responsible reporting. Hailing from Charleston, South Carolina, she brings a love for storytelling, a devotion to ethics, and a deep appreciation for diverse perspectives to her role at the helm of NewNoted.
