Planning 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 It
Many 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 Know
Frances 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.
Many parents rush to create a trust but then don’t know what to put in it or how to manage it. That’s where working with a financial planner who understands special needs planning becomes critical.
Planning for Two Lifetimes: The Challenge of Caregiving and Aging
One of the most challenging aspects of financial planning for special needs families is that parents are essentially planning for two lifetimes: their own and their child’s. Mary emphasizes that many parents assume they’ll always be able to care for their child, but the reality is that no one can be a caregiver forever.
Parents must consider:
What will happen if they get sick or become unable to provide care?
Where will their child live as an adult?
How can they ensure long-term stability while still maintaining their own quality of life?
Mary encourages parents to start thinking about these questions early, even when their child is young. She stresses that moving a child into supported living while parents are still alive allows for a smoother transition and ensures that the child is in an environment that truly works for them.
Breaking the Cycle of Reactive Planning
Many parents are stuck in a reactive mode—constantly dealing with IEPs, medical emergencies, and daily caregiving demands. Mary understands that proactive financial planning feels like one more impossible task, but she reassures parents that even small steps make a big difference.
Her approach is to meet parents where they are. If you only have 10 minutes to start, that’s enough. The key is taking any action rather than waiting until it’s too late.
What to Expect When Working with a Financial Planner
If you’re feeling overwhelmed by the thought of financial planning, Mary breaks down what working with a planner looks like:
An Introductory Meeting – A no-pressure session to discuss your needs and goals.
A Draft Plan – A first look at what your financial picture might look like, which often leads to deeper conversations about care needs and expenses.
A Cost of Care Meeting – A detailed discussion about what your child will need throughout their lifetime.
An Action Plan – A step-by-step guide to getting everything in place, from trusts to insurance to legal documents.
After this, families can choose to continue working with Mary’s team on an ongoing basis or use the plan to take their own next steps.
Estate Planning: Protecting Your Child’s Future
Another critical piece of the puzzle is estate planning. Mary warns against simply leaving money to a neurotypical sibling and expecting them to care for their disabled sibling. Not only does this put a significant burden on the sibling, but it can also create financial risks and complications.
Instead, proper planning—including setting up a special needs trust, making sure assets are protected, and ensuring there are clear instructions—can provide financial security while reducing stress for the whole family.
Take Action Today: Small Steps Make a Big Difference
If you’ve been putting off financial planning, Mary’s message is clear: start now. Even if you don’t have all the answers or a lot of extra money, there are steps you can take today to secure your child’s future.
Some easy ways to get started:
✅ Open an ABLE account if your child is eligible.
✅ Speak to a financial planner who specializes in special needs planning.
✅ Educate family members about the right way to gift money.
✅ Begin thinking about long-term housing and care options.
You don’t have to do it all at once—but taking that first step can bring peace of mind and ensure that both you and your child are set up for success.
Connect with Mary McDirmid
Mary and her team at All Needs Planning work with families across the U.S. and offer virtual meetings to make the process accessible for busy parents and caregivers. You can find out more and book a consultation through their website.
Catch previous episodes of Stress-Free IEP® on YouTube, Apple Podcasts, Spotify, and more.
Disclosure – 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.
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.
The Importance of Financial Planning for Special Needs Families with Mary McDirmid
Stress-Free IEP® with Frances Shefter, Episode 89
Planning 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 It
Many 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 Know
Frances and Mary discuss some of the tools available to protect a child’s financial future. Two key ones are:
Many parents rush to create a trust but then don’t know what to put in it or how to manage it. That’s where working with a financial planner who understands special needs planning becomes critical.
Learn more about special needs trusts in this episode with Todd Boernstein here!
Planning for Two Lifetimes: The Challenge of Caregiving and Aging
One of the most challenging aspects of financial planning for special needs families is that parents are essentially planning for two lifetimes: their own and their child’s. Mary emphasizes that many parents assume they’ll always be able to care for their child, but the reality is that no one can be a caregiver forever.
Parents must consider:
Mary encourages parents to start thinking about these questions early, even when their child is young. She stresses that moving a child into supported living while parents are still alive allows for a smoother transition and ensures that the child is in an environment that truly works for them.
Breaking the Cycle of Reactive Planning
Many parents are stuck in a reactive mode—constantly dealing with IEPs, medical emergencies, and daily caregiving demands. Mary understands that proactive financial planning feels like one more impossible task, but she reassures parents that even small steps make a big difference.
Her approach is to meet parents where they are. If you only have 10 minutes to start, that’s enough. The key is taking any action rather than waiting until it’s too late.
What to Expect When Working with a Financial Planner
If you’re feeling overwhelmed by the thought of financial planning, Mary breaks down what working with a planner looks like:
After this, families can choose to continue working with Mary’s team on an ongoing basis or use the plan to take their own next steps.
Estate Planning: Protecting Your Child’s Future
Another critical piece of the puzzle is estate planning. Mary warns against simply leaving money to a neurotypical sibling and expecting them to care for their disabled sibling. Not only does this put a significant burden on the sibling, but it can also create financial risks and complications.
Instead, proper planning—including setting up a special needs trust, making sure assets are protected, and ensuring there are clear instructions—can provide financial security while reducing stress for the whole family.
Take Action Today: Small Steps Make a Big Difference
If you’ve been putting off financial planning, Mary’s message is clear: start now. Even if you don’t have all the answers or a lot of extra money, there are steps you can take today to secure your child’s future.
Some easy ways to get started:
✅ Open an ABLE account if your child is eligible.
✅ Speak to a financial planner who specializes in special needs planning.
✅ Educate family members about the right way to gift money.
✅ Begin thinking about long-term housing and care options.
You don’t have to do it all at once—but taking that first step can bring peace of mind and ensure that both you and your child are set up for success.
Connect with Mary McDirmid
Mary and her team at All Needs Planning work with families across the U.S. and offer virtual meetings to make the process accessible for busy parents and caregivers. You can find out more and book a consultation through their website.
Catch previous episodes of Stress-Free IEP® on YouTube, Apple Podcasts, Spotify, and more.
Learn more about Mary McDirmid:
Disclosure – 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.
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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®:
Connect and learn more from your host, Frances Shefter:
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