Planning for Stability

Ruby Sturt

Hey everyone, welcome back to Beyond the Label! I'm Ruby, and as always, I'm joined by Eric. Today, we're diving into something that, honestly, I wish was talked about more—financial planning for families with disabilities. It's one of those topics that sounds intimidating, but it's so important, right?

Eric Marquette

Absolutely, Ruby. And, you know, it's not just about numbers on a spreadsheet. It's about understanding the unique needs that come with disability—things like special education costs, healthcare, and, of course, assistive devices. These aren't always predictable, and they can really add up.

Ruby Sturt

Yeah, and I think a lot of families don't realise just how different their financial picture can look. Like, I have a friend—let's call her Jess—whose family had a pretty standard emergency fund. But then her brother had an unexpected hospital visit, and suddenly, the usual "three months of expenses" rule just wasn't enough. They ended up working with a planner to set up a fund that actually covered things like extra therapies and equipment. It was a game-changer for their peace of mind.

Eric Marquette

That’s such a good point. It’s not just about having a safety net, but making sure it’s the right size and shape for your family. And, I mean, when you factor in things like ongoing therapies or specialist equipment, the costs can be quite different from what most financial advice assumes. It’s a bit like—well, I was going to say apples and oranges, but maybe it’s more like apples and, I don’t know, wheelchairs?

Ruby Sturt

Ha! I love that. Apples and wheelchairs. But seriously, it’s about being realistic. Assessing your income, your regular expenses, and your assets, but also thinking about those extra costs that might pop up. And, as we talked about in our episode on family resilience, having a plan in place can really help reduce anxiety when the unexpected happens.

Eric Marquette

Exactly. And it’s not just about the numbers, it’s about the peace of mind that comes from knowing you’re prepared. So, let’s talk about how families can actually secure that future, shall we?

Eric Marquette

So, when we talk about securing the future, insurance is a big one. Health insurance, obviously, but also life and disability policies. These can be, well, a bit of a maze to navigate, but they’re crucial for protecting your family if something unexpected happens.

Ruby Sturt

Yeah, and I think a lot of people don’t realise how much difference the right policy can make. Like, if you’ve got a child with a disability, having a solid health insurance plan can mean the difference between getting the care you need and, well, a lot of sleepless nights. And then there’s life insurance—making sure your loved ones are looked after if you’re not around. It’s not fun to think about, but it’s so important.

Eric Marquette

And then there’s estate planning. Wills, trusts—all that good stuff. It’s not just for the super-wealthy, either. For families with disabilities, things like special needs trusts can be absolutely vital. I remember reading about the Smith family—they set up a special needs trust for their daughter, which meant they could provide for her long-term care without risking her eligibility for government benefits. It’s a really clever way to make sure support is there, without accidentally causing problems down the line.

Ruby Sturt

Yeah, and trusts can sound a bit intimidating, but they’re actually just a tool to make sure your wishes are followed. And, like you said, it’s about protecting access to things like government programs. We’ll get into those in a sec, but I just want to say—if you’re listening and you haven’t thought about this stuff yet, don’t panic. It’s never too late to start, and there are professionals who can help you figure it out.

Eric Marquette

Absolutely. And, you know, even if you’re not sure where to begin, just starting the conversation is a huge step. So, let’s talk about those government programs and how they fit into the bigger picture.

Eric Marquette

Right, so government programs—these can be a lifeline for a lot of families. Things like SSDI and SSI, which are designed to provide financial support for people with disabilities. But, and this is a big but, the rules can be a bit tricky. You have to be careful about how much you save, or even how you save, because it can affect eligibility.

Ruby Sturt

Yeah, and that’s where things like special needs trusts come in again. They let you save for the future without messing up your access to benefits. And then there are 529 plans, which are usually for education, but some versions can be used for disability-related expenses. It’s a lot to keep track of, honestly.

Eric Marquette

It really is. I actually worked with a financial planner once—well, I say worked with, but it was more like I tagged along for a listener Q&A—and they helped a family update their plan after a big life change. I think it was after a new diagnosis, and suddenly their priorities shifted. The planner helped them look at all their options, from trusts to government programs, and made sure everything still fit together. It was a good reminder that these plans aren’t set in stone. You can—and should—adapt them as life changes.

Ruby Sturt

Totally. And I think that’s the big takeaway—don’t be afraid to ask for help, and don’t feel like you have to get it perfect the first time. There are so many resources out there, and your plan can grow and change with you. So, that’s it for today’s episode! Thanks for joining us as we unpacked the basics of financial planning for families with disabilities. Eric, always a pleasure.

Eric Marquette

Likewise, Ruby. And thanks to everyone listening—remember, you’re not alone in this. We’ll be back next time with more practical tips and real stories. Take care, Ruby.

Ruby Sturt

You too, Eric. And bye to all our listeners—catch you next time on Beyond the Label!