Bank of America Merrill Lynch Creates Special Needs Calculator

Posted by adaniels in Blog on December 19, 2011

Family members who have special needs face unique challenges that could be costly.  Now Bank of America Merrill Lynch has come up with a special needs calculator that can estimate how much expenses such families may face in the future. says that the calculator can also help financial advisors assist families in financial planning.

Here’s how the special needs calculator works. It figures out, based on life expectancy and the issues facing the special needs individual, how much money the person will need to live on in the future, which includes estimates for things like medical expenses, housing, and transportation expenses. This way, financial advisors can give families a guide for financial planning that can fit their own situations.

Bank of America Merrill Lynch team leader Michael Duckworth has worked with many families who have at least one member with some sort of disability. He tells that the new program is “an easy tool to use.” But he also notes that the “thing that’s most important about it, apart from being easy to work with, is it allows clients and advisors to start a conversation.”

Duckworth said that focusing on special needs is critical.  “We have to put attention to it,” he told “We have to make advisors understand that these are unique needs and the planning for these families has to live up to the importance of the outcome for each of the families.”

Written by Lisa Swan


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