ABLE Accounts with Financial Planner John Gallia (3/3)

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ABLE accounts with financial planner John Gallia

Keywords:

Special needs, financial planning, ABLE accounts, special needs trusts, government benefits, SSI, RDSP, financial literacy, tax benefits, early planning


Summary:

In this conversation, John Gallia shares his expertise on financial planning for families with special needs children. He discusses the importance of starting financial planning early, navigating government benefits like SSI, and the differences between ABLE accounts and special needs trusts. The conversation also covers the benefits of RDSPs in Canada, tax implications, and common mistakes families make in financial planning. John emphasizes the need for individualized planning and the importance of seeking professional advice to ensure a secure financial future for children with disabilities.

John is a seasoned financial advisor and the founder of Gallia wealth management group, LLC, an independent financial planning practice that he established in 2015. John gained a financial planner designation in 2010. And he obtained his chartered special needs consultant designation in 2024. This specialization allows him to provide dedicated guidance to families navigating special needs planning across the US. John is the father of two boys seven and almost five and his eldest is on the spectrum. 

Takeaways:

- John Gallia emphasizes the importance of starting financial planning early for children with special needs.
- Families should navigate government benefits like SSI to secure financial support.
- ABLE accounts allow for gradual contributions, making them accessible for families.
- Special needs trusts are suitable for larger inheritances, while ABLE accounts are for smaller, ongoing contributions.
- RDSPs in Canada provide significant government contributions and tax-deferred growth.
- It's crucial to monitor account balances to avoid exceeding limits that affect benefits.
- Cash distributions from accounts can complicate financial planning and should be avoided.
- Quality of life for families is paramount, and outsourcing financial planning can help.
- The earlier you start financial planning, the more you can benefit from compounding interest.
- Families can view their journey as a blessing, despite the challenges they face.


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Connect with John Gallia:

https://galliawealthmanagement.com/

https://www.linkedin.com/in/john-j-gallia-jr-cfp%C2%AE-chsnc%C2%AE-55263734/

Connect with me:  

[email protected]

Music Acknowledgement: Audio Coffee - Denys Kyshchuk

Editor: Scott Arbeau

Link for book: The S.H.I.N.E. Principle: The special needs mom's path to strength, hope and happiness by Valerie Arbeau

https://www.amazon.ca/dp/B0CW18ZXGX (Canada)

https://a.co/d/03hFdZI4 (United States)

Learn more about your host at:
https://coachingwithvalerieanne.com/