Blogs by Cascade Investment Group

By Rob Wrubel, CFP^®

Family members living with special needs people look for inspiration each day. We look to stay motivated to encourage reading, walking or speech. We need to stay motivated to help family members regain motor skills and teach learning patterns. We need to stay motivated to experience each moment as one on a fulfilling journey rather than a setback to pain and suffering.

We must remember to  celebrate the victories and achievements in our life and the life of our special needs family member. We can use those moments of excellence to keep us inspired to learn more, focus on our dreams and live the life we want to live.

By Rob Wrubel, CFP^®

Once again, the health facility where I work out has been busier than usual the last few weeks. The holidays have passed and many people look to get the extra cake and cookies out of the diet and the extra pounds off of their bodies.

Financially, many people looked to tie up loose ends as the year came to a close and promised to do better in the new one. Resolutions included saving more, spending less or just plain taking a look at the checking account every so often. Budgeting resolutions are part of the New Year’s rituals—easy to promise and so often hard to keep.

As a financial planner, I have seen many people with different levels of budgeting desire and skill. One family I know has the envelope system down and tracks every penny through this manual process. Another family has a monthly summit where the husband and wife get together and review the past month, the coming month and the values of their savings and investment accounts.

By Rob Wrubel, CFP^®

Life with special needs family members takes extra time, patience and money. There are trips to therapies, doctors and schools that typical families do not have. Taking someone out for a trip to the supermarket who cannot walk or has difficulties moving takes twice the time for another person.

Do not let the additional pressures and challenges stop you from making some critical decisions. This is the beginning of a new year. If you have not already, take 15 minutes to right out a few goals for the year.

By Rob Wrubel, CFP^®

Many of us have been touched by not-for-profit organizations that serve our family members with disabilities. These organizations include medical and rehabilitation services, job-placement agencies and certain employers, groups that provide food, shelter and clothing, schools, advocacy groups and more. What most of us do not recognize is that the funding for these organizations is usually limited and that they depend on donations of all sizes to keep the doors open and the services plentiful.

 If we step back and review the life of our family member or friend with a disability, there are usually several prominent organizations that jump out, and countless other ones that we never see. My family has been served by at least a half a dozen directly, and my daughter is only three and a half years old.

By Rob Wrubel, CFP^®

“The key to realizing a dream is to focus not on its success but on its significance—and then even the small steps and little victories along your path will take on greater meaning.” - Oprah Winfrey

Planning for a life with a special needs family member usually means taking a moment to understand that the life you will live will be different from the life you expected. We are not usually prepared to live with a special needs person. That person comes into our lives due to a birth, the onset of a condition, an accident or through the gradual awareness of developmental delays as a child advances through school.

The first few months and years of living with a special needs person involves a rush of new activities. These activities may cause stress, confusion and anguish as we try to make the world the best place possible today for our special needs family member.

Special needs planning can be complex. There are legal, financial, tax, medical, therapeutic, governmental and other issues to navigate.

The primary caregiver, whether mother, father, spouse, family member or guardian, has a lot to juggle. The caregiver acts as driver—taking the special needs family member to school, recreational activities and other appointments.

The caregiver fills the roles of chef, clothier, psychologist, benefits expert, bookkeeper and interpreter. Being a caregiver takes courage, patience, empathy, love and time.

Clearly, one person cannot do it all well without help. Some parts of the job can be outsourced if you can find the right partners.

Do you have a vision of what you want in your financial life? Does that vision include the safety, well-being and a supportive environment for your special needs family member?

Most of us walk around with thousands of thoughts racing through our heads. Sometimes, thoughts drift through that are related to our financial future and the future of our special needs family member, such as:

“I need to save more money.”

“This week I will review my investments.”

The person you are today will be the person who pays for your special needs family member’s quality of life in the future. You can do this by saving some money each month, starting now. Taking action today will increase your peace of mind and give you the chance to have enough money available to supplement your family member’s life in the future.

Most of the time, families with special needs members expect to have access to government supports – right now by income through Supplemental Security Income (SSI) and health care, room and board through Medicaid.

Unfortunately, people with disabilities do not have guarantees of continued support at current levels. Personally, I cannot imagine a time where the people of this country will say to people with disabilities that they will no longer have basic supports for food, shelter and medical care. Most people I work with on planning, saving and investing assume that government benefits will be in place. If that is true, we do not have to put additional money aside to replace those benefits.

It has been a little more than one year since Lehman Brothers was allowed to collapse, triggering a wave of global financial panic, the likes of which three generations have not witnessed.  We will probably never know how close we came to economic armageddon and the corresponding nuclear winter that would have followed. 

 The actions and inactions of those that brought about “The Great Recession,” as it is now called, have been analyzed over and over again, and a common thread that continues to emerge is that “smart” people on Wall Street  as well as “geeks with calculators” were taking massive, (highly leveraged) risk with other people’s money.  As the greedy became even greedier, stockholder equity and client capital became increasingly compromised…. exposed to the reality of what always happens when leverage goes bad. 

A key element of your financial plan includes planning to protect yourself in the case of emergencies and unforeseen circumstances.

You should have an emergency fund to dip into when faced with sudden, unexpected circumstances such as a medical emergency, car accident or job loss.

You should work towards eliminating your debts so less money goes out towards old purchases and more towards savings, investing and enjoying life.

You should have your legal work done immediately to insure the orderly transfer of your assets and to make sure your special needs family member has a guardian and trustee to help him or her.

And you need life insurance.