Special Needs Financial Planning (S7E05)

Episode Summary:

In this captivating episode of the Autism Dad podcast, host Rob Gorski is joined by Britta Koepf, a distinguished special needs financial planner. Their conversation delves into the essential yet often overlooked realm of special needs financial planning, offering insight and guidance to families navigating the financial complexities associated with caring for individuals with disabilities.

This discussion breaks down the multi-faceted aspects of financial planning that go beyond the typical bounds of investments and retirement preparations. Britta emphasizes the significance of incorporating tax strategies, estate planning, understanding government benefits like SSI and Medicaid, and ensuring suitable insurance coverage, all whilst keeping the unique needs of disabled individuals in mind. She shares valuable advice on starting the financial planning process, no matter at what life stage one finds oneself, underscoring the philosophy that it's never too late to plan.

Key Takeaways:

• Financial planning for families with special needs members involves more than just investments and retirement; it includes estate planning, tax strategies, government benefits, and insurance considerations.
• It is crucial to work with financial advisors who understand and can navigate the complexities related to government benefits like SSI and Medicaid.
• Britta Koepf practices a fee-only financial planning approach, which aligns with her values of integrity and reducing conflicts of interest.
• Families should consider financial planning at all life stages, and it's never too late to start the process.
• Britta assists families by providing direction and connecting them with the appropriate resources, even if full financial planning isn't immediately feasible.

Notable Quotes:

• "We want to make sure that we're passing money to those heirs in a way that is tax-efficient."
• "I want to make sure that I'm doing a helping profession. I want to do good in the world. I don't just want to make rich people richer."
• "I'm a second set of ears with a lot of different specialists for my clients."
• "I know special needs trusts. I work with my clients' lawyers with my clients to make sure that their estate plan, their special needs legal plan, and their special needs financial plan work together."
• "Even if starting late means you still don't get to retire with your peers, that doesn't mean you never get to retire."

About the Guest(s):

Britta Koepf is a certified financial planner and the owner of Tranquil Path Financial Planning based in Cleveland, Ohio. She graduated with a degree in biomedical humanities before turning her sights to financial planning at the University of Akron, achieving her Certified Financial Planner designation. Since 2015, she has served as a fee-only financial advisor and, in 2020, secured her Chartered Special Needs Consultant designation, placing her focus on working with individuals with disabilities and their families. Britta's approach ensures integrity and reduces conflicts of interest by not depending on commissions from financial products. Her passion lies in making a genuine difference in people's lives by offering financial advice and assistance, especially within the disability community.

Tranquil Path Financial Planning website: tranquilfp.com

About Rob Gorski and The Autism Dad podcast:

Rob Gorski is a single Dad to three amazing autistic boys and the Founder and CEO of The Autism Dad, LLC. Multiple award-winning blogger, podcaster, content creator, social media influencer, and respected public figure for the last 15 years.

Connect with Rob: theautismdad.link

Mentioned in this episode:

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