Special Needs Planning, Pt. 3: Merrill Lynch Unveils Special Needs Calculator

The calculator assisted in figuring out the expenses for adaptive equipment for the house, such as a roll-in shower and wheelchair ramps, as well as an adapted vehicle for transport and a succession of high-tech wheelchairs as the girl grew.

Other expenses it figured in were the costs of college—the child was very bright—and the expense of physical therapy at the best facility for the kind of help she needed, which happened to be located in Poland—making travel an additional expense.

Using an early version of the calculator and other methods, MacDonald was able to assist the mother in projecting how much to save and to invest to meet all these expenses–despite the fact that most of the mother's saving and investing years occurred in a down economy, including the dot-com bust. The girl now works as a physical therapist for other kids, he says, and cases such as that "keep us going."

"We're not just out there advising rich business owners," he points out, "but making a difference for people who really need it, and keeping them off the public dole. They would be institutionalized … if not for proper planning."