Harvey Mills, a retired flight attendant, doesn’t sugarcoat the impact that Jerel Ruttenberg, a Senior Financial Professional at Firstrust Financial Resources, and FFR Vice President Brian Smith have had on his family.
“They saved my life,” he said, “and that’s not an exaggeration.”
With an adult daughter who has autism and an intellectual disability, and with his retirement tied up in his company’s 401(k), Mills, 66, didn’t know that he was doing her a disservice by naming her a beneficiary.
Until he met Ruttenberg and Smith at one of the seminars they routinely host to educate families with special needs children and adults.
The whole premise of special needs planning is protecting an individual’s eligibility for government benefits. In order to do so, the individual cannot have more than $2,000 of assets in his or her name.
“I had no idea that naming my daughter as a beneficiary on my 401(k) could potentially have a negative effect on her,” said Mills. “Before I met Jerry and Brian, if I died, my daughter’s government benefits would’ve been completely wiped away because of what she would’ve inherited. The assets would’ve precluded her from getting SSI (Supplemental Security Income), Medicaid, everything.”
Every family faces the complex task of financial planning, but for families with special needs adults, it takes on a unique and critical significance. In addition to addressing traditional financial concerns such as education planning, retirement, insurance, and aging, special needs families navigate a unique array of challenges. From maximizing government programs to guardianship, lifetime supplemental needs planning, and fostering independent living, the list is extensive.
Proper financial planning can ensure that the special needs individual is cared for throughout his or her life, even after the parents or primary caregivers are no longer able to provide support. FFR — a subsidiary of Firstrust Bank, that focuses on wealth management and corporate benefits for individuals, businesses, and nonprofits — has the tools and experience to assist families with their special needs financial planning.
What Mills found when he met Ruttenberg was someone who had walked in his shoes.
“This is the type of planning that families don’t want to do,” said Ruttenberg. “If you do, you’re admitting that there’s an issue in front of you. I do this (special needs financial planning) not just from my head but also my heart. I have an adult special needs son who’s 43. I’ve lived this for 43 years, and I feel fortunate to be able to help families like mine. It’s a mission — I was raised to believe that you don’t count your blessings; you share them.”
“Most families with special needs adults that we talk to are just trying to put out the fires of the day, just trying to get through,” said Smith. “That makes it difficult to think about long-term planning and uncomfortable questions like ‘What if I’m not here? Who’s going to pay for all of this for my loved one?’ Jerry has made these uncomfortable decisions and understands what these families are experiencing, and that’s very meaningful.”
Mills said that he immediately trusted Ruttenberg and Smith because of the way they presented themselves.
“I don’t know if it’s naivete, but we all think that we’ll get our financial planning done next week, next month, next year,” he said. “Despite the urgency of having to get a plan in place, they never pressured me to sign on the dotted line.”
Mills opened a special needs trust, which enables disabled beneficiaries to enjoy the use of property that is held in the trust for their benefit, while at the same time allowing them to receive essential government benefits.
“With special needs planning, it’s not transactional,” said Ruttenberg. “If families trust you with the future of their child, that’s the highest trust. I cannot tell you how that feels inside.”
Learn more about Firstrust Financial Resources and the great pride its team members take in the long-term relationships they’ve established with clients.
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