#108 - Finding Disability Financial Resources

The estimated lifelong cost of living with a disability is $3 - $4 million dollars. This episode uncovers 35 financial and caregiver support considerations .

About the Guest: Penny Canada, CFP

Penny is a certified financial planner specializing in helping families with special needs children prepare and plan for the future. She is also a rocket engineer! Penny’s work-life story started on an airplane, with flying lessons, ground school and plans to become a pilot. After becoming a licensed pilot, her interest in aviation, love of math and problem-solving skills landed her in engineering studies at Purdue University where she received a Bachelor of Science Degree in Aeronautical & Astronautical Engineering. As a Boeing 747-400 flight test engineer, the completion of the testing program meant searching for a new position. Her search led her back to her native Michigan, close to family, and into a Sales Engineering position in the automotive industry where she sharpened her skills in communication, hands on problem solving and customer service. Following a layover as a stay-at-home mom, Penny enrolled in an evening class on investments and soon after enrolled in Oakland University’s Personal Financial Planning Program where her dreams of helping other families like hers took flight! She was awarded her Certified Financial Planning (CFP®) after completing rigorous course work and three years of financial planning experience.

Throughout her journey she has learned many things, most importantly what truly matters in life and what doesn’t. Penny’s middle son, Drew, born with muscular dystrophy, has been instrumental in illuminating what’s important to her: faith, time with family and friends, good medical care, living a life of one’s choosing, hope, and the ability to fund current and future needs while enjoying life today.

Special Needs Planning, involving life planning, resource planning, legal planning and traditional and creative financial planning (such as blending and leveraging of funding sources and effective advocacy) is a specialty practice area for Penny. “Problem solving is in my DNA”, says Penny “It’s what drives me; helping others is what gives me joy and purpose – it’s my sweet spot. By combing both passions and my love of math and project-based work to help others is a dream come true. I feel so fortunate to be able to do what I love.”

35 Financial and Caregiver Support Considerations

1. Mentality of believe you deserve benefits

2. Mentality of assume it’s there you just have to find it

3. Be specific about  what you need

4. Endowments

5. Trust funds

6. Grants

7. Hospital funding sources

8. Info from other parents

9. Asking Social Worker, Nurses, Doctors, etc

10. Universities (especially with assistive technology resources)

11. Service Learning Projects

12. Tax credits and Tax Deductions (episode 106)

13. Flex Spending Account

14. Health Savings Account

15. Appeal denied insurance claims  (episode  107)

16. Local ARC charters

17. Advocacy Agencies

18. Centers for Independent Living

19. Developmental  Mental Disabilities Institut  in your state

20. Statewide Protection and Advocacy Law Groups

21. Local Parent Resource Centers

22. Friendship Circles and Best Buddies Programs

23. Church Respite Events

24. Young Life Capenaum

25. Special Needs Camps

26. Statewide government Waiver Programs

27. Adult Home Help Program

28. Food and cash subsidies 

29. Medicaid (episode 107)

30. Person within organization with a lot of experience

31. United Cerebral Palsy

32. Parent Universities such as Protected Tomorrows

33. Do homework bf “plan” meetings (IEP, IPP, etc) and know what you want before going in

34. Go up the chain of command

35. Pooled Account Trusts  (episode 102)

This episode is the 8th of a 12 part series focusing on special needs financial planning in season 4