This is the third in a four-part special report on special needs planning for advisors and their clients. In part three below, an example of how the calculator can help a family.
Merrill Lynch has introduced a tool to help families structure the finances of loved ones with special needs can be used in many ways.
Modesto, Calif.-based Scott MacDonald, a certified special needs advisor from Merrill Lynch, offers one way the special needs calculator can help.
A client with an 8-year-old girl who had been disabled in an accident came to MacDonald for help. The woman was a single mother, and had no money and no settlement from the accident to help; her daughter was a wheelchair-bound quadriplegic, but with no mental impairment from the accident.
“Her mother in frustration came to us looking for some help on what she could do, because she had no money for her daughter,” remembers MacDonald (left). “She needed the calculator to figure out how much to save out of her income to provide for her daughter’s needs as an adult.”