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Holistic approach tackles RDSPs, wills and financial planning

Workshop for parents of adult children who have a disability
Tuesday January 24, 2012 — Deb Bartlett

After favourable response to a financial planning workshop last year, family support workers at the Burnaby Association for Community Inclusion (BACI) have organized a full-day session on planning for the future.

Family services support worker Carol Stinson says the event builds on last spring’s well-received session attended by parents of adult children who have a disability.

The day-long workshop, Money Matters, is being co-hosted with posAbilities and it includes lunch and refreshments.

“I think what you need is a very holistic approach. You can’t just talk about the registered disability savings plan (RDSP) or wills or trusts in isolation. It has to be a full meal deal kind of thing,” says Carol.

Organizers will have on hand an expert in RDSPs, a lawyer with expertise in the areas of wills, trusts and estates for people who have disabilities, and a financial planner to discuss conservative financial planning and how to protect the nest egg while allowing it to grow for the future.

Carol says she thinks the format will be useful because whenever attended similar workshops, “there’s always a piece missing.”

She hopes the session will show parents how they can be proactive with their investments so enough interest is being generated “to not be going backwards.”

Carol says last year’s session showed that parents were sophisticated and needed more information about investment.

She found that parents were knowledgeable, but investment advice needed to be “fine-tuned around disability issues because it isn’t the same as for a typical son or daughter. A son or daughter with a disability will have a slightly different future,” says Carol.

She wants parents to learn how financial instruments can help benefit long-term planning for their children.

Carol says what’s been happening in B.C. in the past 18 months has been “a bit of a wake-up call to families” who realized that their loved ones’ care could be affected by budget cuts.

Many families are becoming more thoughtful in how they support their family members because “when you leave it to the government, I don’t think there are any guarantees that what you’ve got now is going to be there in the future,” says Carol.

Money Matters will be held Saturday, Feb. 11 from 9:30 a.m. to 3:30 p.m. at the BACI Still Creek Centre. For information or to RSVP, contact Carol at 604-763-5667 or email family.services@gobaci.com.

To comment on this story, or to share how your family is planning to provide for your loved one who has a disability, call Deb at 800-294-0051, ext. 30, or e-mail deb(at)axiomnews.ca.

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