Financial Planning Coordination
While we are not financial planners or financial advisers, we do have a thorough understanding of the social service system in New Jersey and government benefit programs that are available to people with disabilities. We currently work with people with developmental disabilities in developing line item budgets that use state funding, personal income (employment, social security), and family assets to create the necessary resources to live as independent as life as possible. It is because of this knowledge, that we can be an important resource for families in creating a family financial plan to provide supplemental funding, (usually in the form of a Special Needs Trust), for the family member with a disability.
New Jersey's social service system continues to struggle with reduced state and federal revenues. State agencies do not have the funding to provide for all the needs of people with disabilities. Housing supports may require participants to become eligible for Section 8 Rental Assistance. Section 8 does have a very long waiting list, and it may be difficult to find housing with fair market values.
It is absolutely critical that families take into consideration the limitations of future state and federal funding support when developing a family financial plan that will provide supplemental support for their person with a disability. Families and care-givers need to be aware that any savings or insurance program must be properly owned and managed to avoid jeopardizing government benefits.