Special Needs Financial Planning: 3 Essential Tools for Families

Planning for a child or dependent with special needs often involves two overlapping generations: funding your own future while planning for what may be many decades of care for someone you love. In this video, Colin Meeks, CFP® uses a lesson from The Shawshank Redemption, that geology is simply pressure and time, to show how families can chip away at lifetime planning one small step at a time.

Colin describes two common pitfalls: putting the work off, and well-intentioned do-it-yourself beneficiary designations. Leaving money directly to a person who receives benefits may affect eligibility for SSI and Medicaid. The SSI countable resource limit is $2,000 for an individual (as of November 11, 2026, per the Social Security Administration's SSI Spotlight on Resources, 2026 Edition).

The three tools he covers are a special needs trust, an ABLE account and a letter of intent. The trust and the ABLE account serve different purposes, and each carries trade-offs, including cost, attorney involvement and state rules. The letter of intent is not a legal document. It records daily routines, medical history and personal values so future caregivers know the person well. For how the first two compare, see ABLE account vs. special needs trust and our special needs planning hub.

Colin is not an attorney and does not draft legal documents. Trusts are drafted by a special needs attorney, and he coordinates with your family's own attorney and tax advisor. If you would like to talk it through, you can schedule a 15-minute call.