Financial Planning When Mental Illness Strikes: Why ABLE Accounts Matter (Ep. 144)

Guest: Allen Giese, author of When Mental Illness Strikes: Crisis Intervention for the Financial Plan

The episode of "Schizophrenia: Three Moms in the Trenches" features a discussion with financial planner Alan Giese, of Modera Wealth Management,  about ABLE accounts and financial planning for individuals with severe mental illness. 

Randye, Mindy, and Miriam, share personal updates about their sons' current situations, highlighting the challenges and fluctuations in their conditions. 

Giese explains that ABLE accounts allow individuals receiving SSI or Medicaid to save money without jeopardizing their benefits, detailing the account's features, contribution limits, and eligible expenses. 

The conversation also touches on the importance of special needs trusts and the role of financial planners in creating comprehensive plans. 

Giese shares his personal experience with his son's mental illness and advocates for the use of professional services to navigate these complex issues. 

The hosts and Giese emphasize the need for families to have informed plans in place for the future care of their loved ones.

LINKS:

https://moderawealth.com/

Link to player with SZ 3 Moms episodes about “legal and financial help”

https://www.randyekaye.com/schizophrenia-three-moms-in-the-trenches/need-legal-or-financial-help-with-smi-in-the-family-begin-here

Thanks for liking and sharing the podcast! 

Mindy and her book: https://mindygreiling.com/

Randye and her book: https://randyekaye.com/

Miriam and her book: https://www.miriam-feldman.com/