Special Needs Trusts require more precision, more care, and more stewardship than any other piece of an estate plan. By Jerry R. Sneed When I was in ninth grade, my family adopted my little brother, Eric. He came from a special-needs program in Connecticut. My mother oversaw programs across the state for women and children. As she puts it, “I met Eric and had to take him home.” When we met him, he couldn’t walk. He was shy and fragile, but his smile was contagious.   Over the years, we taught him to walk again. Proudly, we taught him sarcasm. He’s witty now, the kind of guy who’ll tease you about your haircut or question your relationship choices. But beneath that, Eric can’t take care of himself. His medical needs are lifelong and complex.   When I sat down to write an article about estate planning, I hit a wall. I was fine until I started thinking about my brother, about what happens to Eric when my parents are gone, when I’m gone. That’s when it hits you: how do you protect someone from everything?   When you love someone with special needs, every financial decision feels heavier. You can’t get it wrong. There’s no do-over. The returns can’t be “good enough.” The trustee can’t be “pretty responsible.” The cash flow can’t be “close enough.”   You get one shot to protect someone who can’t protect themselves.   The Brother in Me My introduction to special-needs care started long before Eric. As a kid, I attended an integrated early-childhood program—a public, lottery-based school where typically developing students were paired with special-needs classmates to help one another grow. It taught me empathy before I even knew the word fiduciary.   My parents are aging. My siblings and I are building our own families. At some point, it’ll just be me. The power of attorney, the fiduciary, the brother. That’s when planning stops being intellectual and becomes emotional.   This isn’t like setting up a dynasty trust for tax optimization or a charitable remainder trust for legacy impact. This is about continuity of care, dignity, and defense. The truth is harsh: people with disabilities can’t defend themselves from bureaucracy, bad actors, or bad returns. And when they lose their caregiver, that emotional aftershock alone can destabilize everything.   We talk a lot about caring for aging parents. That season ends. Caring for a special-needs adult doesn’t. It’s lifelong, a way of life. Taking on that responsibility isn’t just hard; it’s all-encompassing.   All I want is for Eric to be happy and never have a hard day. He loves the Cooking Channel (even though he’s not allowed to cook). He plays Wheel of Fortune on his iPad, asks me the same questions every time I walk into the kitchen, and lights up for BBQs and family parties.   It’s a simple life, but it depends on others. He can’t work. He needs reminders to shower, take medication, and change his clothes. His health has to be monitored constantly. I know my family will always do what’s best for him—but if we’re all gone? I worry.   That’s the thing about planning for someone like Eric. You can model investment returns all day long, but you can’t model love. And that’s what these trusts are really about.   What I’ve Learned as an Advisor For most of my career, I didn’t seek out families with special-needs planning needs—maybe because I never labeled my brother as “special needs.” He was just my brother, no more of a pain in the ass than any of the other siblings. But writing this forced me to realize this is where I can help families the most: where the technical meets the personal.   Here’s what I’ve learned: 1. Pick qualified trustees, not convenient ones. Most families choose trustees based on proximity or guilt. Don’t. Every special-needs individual is unique—what makes them happy, what calms them, what triggers anxiety. Choose someone who truly understands those details and has the endurance to stay engaged.   2. Pay them. Really pay them. I’ve served as trustee for clients’ children and never charged a dime because it felt like an honor—like being chosen as a godparent. But this is different. Managing a special needs trust is relentless. The beneficiary’s quality of life depends on that diligence. Compensate fairly, even if it’s family.   Money enforces accountability. It keeps the work from fading as life gets busy or burdens grow. I’d rather see a trustee feel paid to care than volunteer and burn out.   3. If possible, overfund the trust. Whatever your projections say, round it up. If a traditional trust runs short, the beneficiary can pivot, get a job, or cut back. A special-needs beneficiary can’t. When that money runs out, the fallback is Medicaid or another family member bearing the burden. Overfund it. Hedge for longevity, inflation, and care surprises. There is both art and science to how you word the trust for the benefit of the family, and a well-skilled attorney will make all the difference. Life insurance can help bridge any funding gap.   4. Hire an investor, not a placeholder. The trust’s future and the long-term care of the beneficiary depend on the skill of the person putting capital at risk in pursuit of returns. Choose an advisor who treats investing as a craft, not a task; someone engaged, curious, and disciplined.   This isn’t about planning first. It’s about execution that delivers. You need an investor who can underwrite risk, navigate cycles, and compound value.   In this space, competence is stewardship. No investor is right all the time, but you want the one who understands why, who studies, questions, and adjusts. The right advisor is a student of the markets, not just a participant.   5. Know the rules cold. A poorly timed distribution can disqualify benefits. A joint account can trigger a full review. A trustee who doesn’t understand SSI, Medicaid, or ABLE account coordination can undo years of planning in a single transaction.   You need a team that understands the interplay between state and federal law: the attorney, the CPA, the advisor, and the guardian. Everyone must be fluent in the regulations.   I Know It’s Hard Great planning starts with empathy, not paperwork. If you’re responsible for someone like Eric, ask yourself: • Who will advocate for them when I’m gone? • Who will fight for their care, not just file their taxes? • Who will love them enough to protect their joy?   The answers aren’t in Monte Carlo simulations. They’re in kitchen-table conversations, and the courage to face the hardest questions now, not later. It’s not about being perfect. It’s about being relentlessly thoughtful. This article original appeared in Barron's

Over the last 10 years, I’ve had the privilege of walking alongside individuals and families as they navigate the unique complexities that accompany significant wealth. From helping first-generation wealth creators transition from business ownership to financial independence, to guiding families through the nuances of multigenerational planning, I’ve learned that money touches everything. However, the conversations I have are rarely just about investments. They’re about purpose, relationships, and identity. I’ve learned 10 key lessons about life and money that keep resurfacing, regardless of market cycles or net worth. These ideas have shaped my thinking, influenced my work, and hopefully offer valuable insights for anyone navigating their own wealth journey. These reflections aren’t just for clients—they’re life lessons for advisors, too. Whether you’re guiding others or navigating your own wealth journey, the principles below apply on both sides of the table. 1. Price is only relevant in the absence of value. The most discerning clients I work with never ask, “What does this cost?” Their first question is, “What do I get for this?” Whether it’s an investment opportunity, or a new advisory relationship, they’re focused on the value being delivered. And rightly so. This mind-set leads to better decision-making because it creates staying power. When you’re clear on the value being offered, volatility becomes a cost you’re willing to endure. 2. Time is your most valuable asset. Wealth buys many things, but not more time. Eventually, every serious wealth conversation leads back to this idea: How do you want to spend your time? It’s a question I ask not just in financial planning sessions, but when clients are contemplating a major business decision, or thinking about estate planning. If a decision gives you more time back (or peace of mind), it’s almost always worth it. 3. You can’t control markets but you can control your response. No one, regardless of their intelligence, education, or wealth can reliably predict short-term market movements. Realizing this becomes especially important during market dislocations. I’ve seen clients paralyzed in fear during sharp drawdowns, and others overconfident during market rallies. The common thread among the most resilient investors? They have a plan and a set of principles that help them stay grounded when the world isn’t. 4. Life will bring tough times. Have the right people in the room. The moments that define a family’s financial life are rarely easy: The death of a patriarch or matriarch, the sale of a decades-old business, or a contentious estate issue. During these moments, having the right voices at the table is invaluable. Not just technically sound advisors but ones who can slow the conversation down, ask the hard questions, and help everyone see around corners. I’ve seen fortunes preserved and destroyed based on who was in the room when the big decisions got made. 5. Your reputation is everything. In a 2002 Berkshire Hathaway annual meeting, Warren Buffett famously said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” Reputation is a form of capital. It opens doors, builds trust, and creates opportunities. Reputational damage doesn’t just impact your business or brand. It can erode trust, compromise your legacy, and leave a trail that money alone can’t fix. 6. Find something that fills your cup outside of work. One of the most underappreciated emotional challenges in wealth management is identity loss. For founders who sell a business, there’s often an unexpected void. Their calendars are clear. The adrenaline drops. And the big question looms: Who am I without this? I’ve worked with entrepreneurs who quietly struggled in the aftermath of a liquidity event. It wasn’t because of bad investments or estate planning missteps; it was because they hadn’t figured out what was next. Wealth gives you the freedom to explore. But fulfillment doesn’t come from a term sheet or a balance sheet. It comes from purpose. 7. AI can do a lot, but it can’t do this. I’m a big believer in technology. AI will transform many parts of finance. But it won’t replace the deeply human moments that shape how wealth is used, transferred, or protected. There is no algorithm for grief. No AI can replace the emotional support a family needs during a health crisis or a generational wealth transfer. At Third View, we spend just as much time talking about family dynamics, communication, and values as we do about tax rates. 8. Timing the market is a fool’s errand. Time in the market matters most. I’ve had clients ask whether they should wait until after the election, or until interest rates peak, or until valuations compress before investing. Here’s the hard truth: If you’re waiting for the perfect moment, you’ll miss it. Long-term wealth creation has far more to do with discipline than timing. 9. Just because you can afford it, doesn’t mean you should buy it. Every financial decision has an acquisition cost and an opportunity cost. The higher the acquisition cost, the higher the opportunity cost. Spend wisely. 10. Humans overestimate risk and underestimate opportunity. Fear is a powerful emotion. It shows up as cash hoarding, estate planning procrastination, or reluctance to involve the next generation in financial discussions. When we lean too heavily into risk avoidance, we can miss the upside. Whether it’s starting a new business venture, or taking on a meaningful philanthropic opportunity, fear can quietly erode the very benefits wealth is meant to provide. The most successful clients I work with are optimistic. They understand risk, but they don’t let it paralyze them. They understand that the best opportunities rarely come gift-wrapped. In conclusion. The last 10 years has taught me that wealth is complex. However, with the right partners, the right mind-set, and the right values, it can be one of life’s great enablers. We named our firm Third View because there’s your view, there’s the view of the people around you, and there’s a third view—an integrated, long-term perspective that helps you make decisions with clarity and confidence. That’s the value that financial advisors can provide for clients. This article originally appeared in Barron's .

Why we built Third View I co-founded Third View Private Wealth with two of my closest friends, Frank McKiernan and Zoltan Pongracz, with whom I’ve shared a deep bond for over two decades. Our friendship was forged through shared interests like fitness and a deep passion for financial markets, but more importantly, it grew from a common thread: an unwavering work ethic driven by a desire to make our parents proud. We come from families filled with love and working-class roots. Like many of history’s greatest entrepreneurs, this upbringing unknowingly shaped us, instilling in us a deep drive to create better lives for our families. Over time, that personal motivation evolved into the foundation of our professional ethos: make our clients proud. At Third View, our purpose is rooted in the belief that wealth is more than numbers. It’s the culmination of hard work, sacrifice, and dreams. We understand what our clients have built, and we’re here to help secure, preserve, and grow it for them and their families. It’s not just about financial returns, it’s about being trusted stewards of their success, ensuring their wealth reflects their values and supports their goals for generations to come. The Origin of “Third View” Our name, Third View, embodies our commitment to thoughtful, multidimensional decision-making. We believe true clarity comes from examining every challenge or opportunity from multiple perspectives before reaching a conclusion. While simple answers can sometimes suffice, deeper analysis often reveals better solutions. This principle is more than just a promise to our clients; it’s a standard we hold ourselves to every day. Curiosity, humility, and relentless exploration are the cornerstones of our approach. We are dedicated to uncovering opportunities others overlook and seeking to ensure our clients benefit from the highest level of insight and strategy. Striving for Excellence: Setting a New Standard At Third View, we don’t aim to follow industry norms; we aim to set them. Our vision is to be known for extraordinary talent, cultivating a team of professionals who provide thoughtful, sophisticated advice in all aspects of our clients’ lives. For us, extraordinary is not a destination; it’s an evolving aspiration, a standard that constantly rises. No one can simply declare themselves extraordinary. What matters is the drive to improve every day. To be part of our team, you don’t need to be extraordinary, but you must have an unwavering desire to strive for it. This commitment to talent and excellence defines who we are and what we stand for. That is what our clients expect. We will be the firm that remains deeply engaged, sitting across the table from a father trying to save for his daughter’s education or a widow navigating the complexities of her family’s estate. Through our reputation for commitment and excellence, we want to earn the trust, and the business, of those who value true partnership. A Relationship-Driven Philosophy: At Third View, everything we do revolves around our clients. We respect the years of effort, sacrifices, and decisions it took to build their wealth, and we see it as our responsibility to protect and grow it. We view our role as true partners to our clients, walking alongside them as they navigate the complexities of life and wealth. Whether guiding them through uncertain markets, preparing for major life events, or helping them create a legacy, our focus is always on delivering solutions that align with their goals and values. Our goal is for every client to feel proud and confident in their decision to work with us, knowing they’ve partnered with a firm that deeply values their trust and success. Whether it’s creating tailored estate plans, building a multi-generational legacy, or navigating investment decisions, we are committed to helping our clients live lives they are proud of. Our outsourced family office framework allows us to scale our services to help meet each client's unique needs. Whether they’re managing the complexities of a multi-generational business or seeking peace of mind about their financial future. Every solution is tailored, every strategy is intentional, and every relationship is personal. A Different Approach to Wealth Management At the heart of Third View is a simple but powerful belief: wealth management is about more than just numbers. It’s about perspective, strategy, and the people behind the balance sheets. We built this firm because we saw an opportunity to do things differently. To bring a level of sophistication, insight, and care that is missing in traditional wealth management. Integrity, partnership, and resilience are the foundation of our work, ensuring that every client receives not just financial advice, but a strategic relationship that grows and evolves with them over time. Ultimately, we exist to help our clients see more, achieve more, and move forward with confidence. Our goal is to set a new standard in wealth management. One defined by perspective, expertise, and an unwavering focus on client success.

What’s the point of a $10, $20, $50, or even $100 million legacy if the family doesn’t enjoy or appreciate one another for who they are?   I work with families across the country, always with an educational approach. My goal is to provide value in all aspects of their lives. Naturally, that leads me to integrate into families for everything finance-related, and often beyond.   Many of my clients are first-generation wealth holders. They may have inherited a business that generates significant income, but their parents or grandparents often had minimal liquid wealth. As a result, they have never been taught how to manage a sudden influx of money or the emotional weight that comes with it.   Imagine someone who inherits an aircraft parts business or a large real estate portfolio and later sells it to a strategic buyer or private equity firm. Despite newfound wealth, they often struggle to spend. Why? Because they were raised with values shaped by scarcity, by watching parents stretch every dollar. They know they cannot take it with them, but they also cannot bring themselves to enjoy it.   This inability to spend wisely creates a ripple effect. If they cannot conceptualize spending on themselves, how can they confidently pass wealth to their children? How do they decide who deserves it? How do they make it fair when each child has a different path?   Here’s where the challenge deepens. Many families assess members individually, evaluating them based on their economic value or perceived future potential, without acknowledging the softer, more essential aspects that make a family whole.   There is a common estate planning model that ties access to family wealth to academic achievement. It makes sense on paper. Statistically, higher education correlates with stronger earning potential, so wealth distributions are granted accordingly. When helping clients work through these structures, I often think about how I would build a plan for my own family. At first, it seems simple: tie financial access to education and contribution. But then I think of my sister. I think of my wife. Neither would traditionally be viewed as economic value creators, but their impact is immeasurable.   My wife remembers the small things, like how much someone loves their spouse or how proud they are of their children. People open up to her quickly because she sees them fully. She supports me, my pace, my ambition, and my goals for our family, with unwavering steadiness. That support is the foundation of my professional output.   My sister is fiercely loyal. Protective in a way only an older sister can be. She keeps our family calendar full of birthdays and barbecues and makes sure the traditions stay alive. She is the type who would have buried the kid who bullied me in fifth grade in her backyard, figuratively of course (I think). She is not building economic value, but she is the glue that keeps our family connected. I feel like every family has someone like this in the ranks.   So, how do you account for people like that in a legacy plan? In my experience, most families do not. They overlook the glue, and sometimes even diminish them, because they do not directly generate returns. But here is the truth: without them, there is no legacy.   This brings us to a better framework. You cannot build an enduring estate plan by tying access solely to individual performance or personal milestones. Instead, structure it so that the family, as a collective, needs to achieve a shared level of economic growth or purpose. Treat the family like a business. Create roles. Create purpose. Measure collective outcomes rather than individual ones.   Think of it like this: • One family member might act as the CEO, full of ambition and ideas for new investments. • Another might serve as CFO, managing risk and asking hard questions. • The glue, someone like my wife or sister, becomes the Chief People Officer. They ensure alignment, trust, and continuity.   As a unit, the family sets a return goal, perhaps 7 or 8 percent across the portfolio, and holds one another accountable. If the CEO wants to go big on a high-risk venture, the CFO pressure-tests the numbers, and the glue asks the critical questions: Does this serve our long-term legacy? Does it align with who we are? Maybe the family moves forward, but at a scale that balances ambition with preservation.   This kind of governance structure gives everyone a seat at the table and gives the glue a real, respected voice.   Now, imagine a family full of glue types. No flashy business builders, just emotionally intelligent people who can sniff out bad advisors, build real teams, and create an environment of trust. In many ways, this might be the most resilient family structure of all.   At the end of the day, compounding a legacy does not just happen in markets. It happens at dinner tables. It happens in how you see and value each other, fully.   As I tell my sister: You make sure everyone comes to the table. I will make sure there is always food on it. This article was originally featured in Forbes .