Most parents want to leave their kids some inheritance. But for Ian and Lisa Revell, it's a necessity.
Their daughter, Monica, 19, suffered traumatic brain injuries from a car accident nine years ago and needs continual care, something the Revells have been able to do on their own -- so far.
But Ian, 50, and Lisa, 42, now are looking at their own mortality and want to leave enough money to provide for Monica after they're gone.
"We want to make sure she doesn't have to settle for second best," Ian said. "In an ideal world, we'd love for her to have a full-time companion."
Like other parents with disabled children, the Revells are essentially planning two retirements, theirs and their daughter's. And they have to balance Monica's needs with other demands on their money, as well as with some dreams they'd like to finance.
There's college for their son, Ryan, 9, and a $196,000 mortgage they'd like to pay off in nine years. Their ranch-style Rancho Cucamonga home, set among fruit trees they planted on an acre of land, needs some remodeling, and they'd like to put $100,000 into it. And they want to retire in 13 years.
The good news is that the mortgage is their only long-term debt. Ian, a special education teacher, and Lisa, who works in a guidance office, earn a combined $120,500 a year from their jobs with the Chaffey Joint Union High School District.
"We don't scrimp," Ian said. "We're just very simple."
But they're going to have to lower their expectations considerably if they want to ensure Monica's financial security and still do much of what they want, said Scott Dauenhauer, a certified financial planner with Meridian Wealth Management in Laguna Hills.
"Even if they saved every dime they have, they're not equipped to provide for extended care for Monica in a private facility," Dauenhauer said.
The Revells have long had thrift ingrained in them, stemming partly from Ian's upbringing on a dairy farm in Cambridge, New Zealand. Ian didn't wear shoes until high school, mainly because it wasn't the custom. And most of the food on the family's dinner table came from their farm.
Ian's parents never believed in owing people money, and Ian follows that philosophy by paying off his credit cards monthly and adding $300 each month to his mortgage check.
Each year, the Revells save about $11,000. So far, they've put away $110,000 in a retirement account. An additional $30,000 sits in checking and savings accounts.
