Michael Davis (CFP®)
Michael Davis focuses in the
following client markets or areas of practice:
- Cash Flow/Budgets/Credit Issues
- College/Education Planning
- Middle Income Client Needs
- Millennials
- Retirement Plan Investment Advice
- Special Needs Planning
- Cash Flow/Budgets/Credit Issues
- College/Education Planning
- Middle Income Client Needs
- Millennials
- Retirement Plan Investment Advice
- Special Needs Planning
Planning Specialties
Special needs financial planning goes beyond traditional financial planning. It requires a deep understanding of:
- Government Benefits: Eligibility for programs like Supplemental Security Income (SSI) and Medicaid is often crucial for individuals with special needs. Preserving this eligibility while also building financial security is a delicate balancing act.
- Special Needs Trusts (SNTs): These trusts hold and manage assets for a person with special needs in a way that protects their eligibility for government benefits. There are different types of SNTs with varying features, each designed for specific situations.
- ABLE Accounts: Achieving a Better Life Experience (ABLE) accounts are tax-advantaged savings accounts specifically for individuals with special needs. They allow for saving and investing without jeopardizing government benefits within certain limits.
Key areas of focus:
- Long-term care: Planning for future care needs, including housing, medical expenses, and support services, is essential.
- Guardianship and Conservatorship: Determining who will make legal and financial decisions if the individual with special needs cannot do so themselves.
- Education and Employment: Supporting opportunities for education, vocational training, and employment to foster independence and financial well-being.
- Estate planning: Ensuring assets are distributed according to the family's wishes while safeguarding the individual's future needs and benefit eligibility.
Additional Information
Why is it important? A comprehensive special needs financial plan provides:
- Peace of mind: Knowing your loved one's future is secure, even if you are no longer able to provide care.
- Financial security: Maximizing resources and protecting assets to ensure access to quality care and support.
- Enhanced quality of life: Supporting opportunities for independence, personal growth, and a fulfilling life.
Mike began his career as a high school Physics teacher and tennis coach before moving into finance in 2007. Mike is a teacher at heart and throughout his career, he has worked closely with students, individual investors, financial advisors, and organizations to plot a path to meet their goals. He is passionate about the planning process and believes in creating memorable experiences along the journey to financial freedom.
Originally from Michigan, Mike and his wife Carly moved to North Carolina in 2003 and now call Greensboro home with their daughters Sophie and Ashlyn and their dog Scarlett. In his leisure time, Mike enjoys theater, playing tennis, hiking, kayaking, and dabbling in pickleball.
Mike holds a Bachelor of Arts in Physics from Wayne State University in Detroit where he also played collegiate tennis for the Warriors.
NAPFA Start Date
June 11, 2024
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