The Importance of Financial Planning for Special Needs Families with Mary McDirmid

Stress-Free IEP® with Frances Shefter, Episode 89Planning for the future is something every parent thinks about, yet so many of us put it off. Whether it’s financial planning, setting up trusts, or considering what will happen if we’re no longer here, it can feel overwhelming. In this episode of Stress-Free IEP®, host Frances Shefter sits down with Mary McDirmid of All Needs Planning to discuss why financial planning is essential for parents of children with disabilities and how to get started—no matter your financial situation.Why Financial Planning Matters—Even If You Think You Don’t Need ItMany parents delay financial planning because they think they don’t have enough money to worry about it or that they’ll always be around to care for their child. But as Mary points out, parents of children with disabilities don’t have the option not to plan. If proper steps aren’t taken, children can lose critical benefits, and families may face unexpected financial struggles.One of the biggest misconceptions is that financial planning is only for the wealthy. Mary explains that there’s no threshold or minimum amount of money required to start planning. Every family, regardless of income, needs a plan—especially when government benefits like Medicaid and Supplemental Security Income (SSI) have strict asset limits (often as low as $2,000). Even well-meaning relatives who leave money to a child with disabilities could unintentionally disrupt their access to these essential benefits.Special Needs Trusts and ABLE Accounts: What Every Parent Should KnowFrances and Mary discuss some of the tools available to protect a child’s financial future. Two key ones are:Special Needs Trusts (SNTs) – A legal arrangement that holds assets for a person with disabilities without affecting their eligibility for benefits. However, simply setting up a trust isn’t enough—it needs to be properly funded and managed.ABLE Accounts – A savings account designed for individuals with disabilities that allows them to save money (up to certain limits) without jeopardizing government assistance.Read the entire episode summary here: https://shefterlaw.com/2025/03/the-importance-of-financial-planning-for-special-needs-familiesLearn more about Mary McDirmid: * Visit All Needs Planning’s website: https://allneedsplanning.com * Connect with Mary on LinkedIn: https://www.linkedin.com/in/marymcdirmid * Follow All Needs Planning on LinkedIn: https://www.linkedin.com/company/all-needs-planning * Visit All Needs Planning’s YouTube channel: https://www.youtube.com/@AllNeedsPlanning * Follow All Needs Planning on Facebook: https://www.facebook.com/AllNeedsPlanning * Follow All Needs Planning on Instagram: https://www.instagram.com/workingmommingitforward * Stay tuned for courses offered by All Needs Planning: https://allneedsplanning.com/courses * Stay tuned for All Needs Planning’s events: https://allneedsplanning.com/eventsDisclosure - Investment Advisory Services offered through Sound Income Strategies, LLC, an SEC Registered Investment Advisory Firm. All Needs Planning and Sound Income Strategies, LLC are not associated entities.***********************************Stress-Free IEP®: Frances Shefter is an Education Attorney and Advocate who is committed to helping her clients have a Stress-Free IEP® experience. In each podcast, Frances interviews inspiring people to share information, educate you, empower you and help you get the knowledge you need.Watch more episodes of Stress-Free IEP®: * On website: https://shefterlaw.com/blog * On YouTube: https://www.youtube.com/channel/UCff0foIeCETrWbtsQSDwckQConnect and learn more from your host, Frances Shefter: * https://shefterlaw.com/#contact-me * https://shefterlaw.com * https://www.linkedin.com/in/francesshefter * https://www.facebook.com/ShefterLawPA * https://twitter.com/shefterlawpa * https://www.instagram.com/shefterlawpa * https://www.tiktok.com/@shefterlawpa