As parents, you have taken on an important responsibility to care for a child with special needs. Financial and estate planning for families that have children with special needs is extremely important because the details matter and can have life lasting repercussions for your loved one. The average cost of raising a child from birth to age 18 is approximately $250,000, according to research completed by the American College of Financial Services. 
However, raising a child with special needs could double that amount. Having a plan using the right strategies and professionals can help to tackle your unique concerns. Assemble your team of professionals who have extensive experience understanding what makes special needs planning unique. You should, at a minimum, have an attorney, a caregiver, a financial planner, and an accountant to guide you through the process.
The first stop for special needs planning involves government benefits. Social security disability insurance, Medicaid and supplemental security income are some of the most important benefits used most often by children and adults with special needs. Fail to consider the ramifications of these basic estate planning tools and you could expose your special needs child to losing out on these critical government benefits. Make sure to use the right type of trusts and consult with your lawyer about the implications for your child’s future based on what you choose.
Your plan should be tailor made for your loved one. It should be crafted with care and edited based on any changes in your life. As a parent, you deserve the peace of mind now and well into the future.
People often overlook valuable benefits that might be available to them through their employers like insurance that could help to replace income in the event of a parent’s sudden disability or premature death. Other fringe benefits can support families with special needs, including child care, flexible work schedules and legal services. Consult with a knowledgeable estate planning attorney today if you have further questions about how to make the most out of special needs estate planning.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.