Who Will Take Care of our Special Needs Children When We’re Gone? Who Will Provide for Them Financially?

This guest post is from Howard N. Suss, MBA.

These are questions my wife, Zahava, and I talk about. Our son Shimmy is a spunky, lively, 15-year-old young man with both Down Syndrome and Autism. Shimmy is usually the life of the partyblog-financial-main-landscape and can make everyone in a room laugh, but also exhibits extreme behavioral issues (Thank you North Shore Pediatric Therapy, for helping us improve in that area).

About two years ago, our family (my wife and 6 kids) attended a special needs family retreat and my older kids had an “ah ha” moment when they attended a siblings presentation (this is a presentation that was given by a social worker, who herself has a 30-year-old brother with Down Syndrome). This presenter opened their eyes to the probable eventuality that one day THEY were going to have to take care of Shimmy. That wasn’t something a 20-year-old was expecting to hear.

My kids, generally, are very good with Shimmy and they work really well with him as far as providing for his needs and well being, as well as his safety. Long term, I’m not really concerned about that. What I am concerned about, and what I have been counseling clients about for over 20 years, is the financial burden that I don’t want placed on the kids when they have to step in, one day.

I have been practicing long term financial and estate planning, in general, and special needs planning in particular, for over 20 years. My company, The Suss Financial Group, is located in Skokie, Il. and we have an attorney in the office (I am not an attorney, we often work together).

My client’s number one objective is to structure a plan to provide long term income for their special needs “child” without jeopardizing government benefits, such as SSI. We work on setting aside money, on a consistent basis so that there is money for the future. This is a must for everyone, but especially for families in our situation. Things can change, but as it appears now, our Shimmy will probably not be able to earn a living and that’s why planning is so important.

There isn’t one financial solution for every family. I would recommend that you sit down with both a special needs planning attorney and a financial planner to discuss your specifics, but here are some ideas that work for clients who have family members with special needs:

  • Systematic savings for the individual with special needs either in the bank or brokerage account
  • Stocks, bonds or mutual funds
  • Private investments
  • Life insurance

Usually life insurance is the way to go, because you can provide a large sum for not a lot of money. The thought is, that the real need for funds results when mom and/or dad pass away and in most cases that’s not until much later in life. We will discuss this in more detail in a future blog.

Please remember that you really don’t want to title any assets in your kid’s name as it will affect his/her government benefits.

NSPT offers services in Bucktown, Evanston, Highland Park, Lincolnwood, Glenview, Lake Bluff, Des Plaines, Hinsdale and Milwaukee. If you have questions or concerns about your child, we would love to help! Give us a call at (877) 486-4140 and speak to one of our Family Child Advocates!

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Howard N. Suss is a Registered Representative of Park Avenue Securities LLC (PAS). OSJ: 2550 Compass Road Suite H, Glenview, IL 60026. 847-564-0123 Securities products offered through PAS, member FINRA, SPIC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is an indirect, wholly-owned subsidiary of Guardian. The Suss Financial Group is not an affiliate or subsidiary of PAS or Guardian. 2016-28772 Exp. 9/16

howard-sussHoward N. Suss, MBD, has been practicing long term financial and estate planning , in general, and special needs planning in particular, for over 20 years. His company, The Suss Financial Group, is located in Skokie, Il. Howard resides in Chicago with his wife Zahava and 6 kids (one married and 2 in college) as well as 3 younger kids at home, including Shimmy, who has both Down Syndrome and Autism.


Howard can be reached at:

The Suss Financial Group
8170 McCormick Blvd., Suite 102
Skokie, IL. 60076
(847) 674 9470 ext. 1, office
(847) 674 9473 fax