Planning for a Child with Disabilities - Part 2

Planning for a Child with Disabilities - Part 2

[caption id="attachment_788" align="alignleft" width="150"]Minoti Rajput Minoti Rajput[/caption]

In Part 1, Minoti introduced some of the financial difficulties in caring for those with disabilities.

There are many questions to consider when planning for the future needs of children with disabilities. Minoti offers the following as a starting point for any discussion between financial advisors and parents of children with disabilities.

  • Where will the child reside throughout his or her lifetime? In the near-term and after the parents pass away?
  • Does the nature of the disability require/enable the child to live in a group home or place where special care can be more adequately be provided?
  • Who will provide the actual care for the special needs child?
  • What is his or her earnings potential and ability to survive without ongoing care and supervision?
  • What are the major expenses today and how will they change in the future?
  • How will the future care and needs of other children and the retirement plans of parents be affected?
  • How can it be ensured that the child will remain eligible for government benefits?
  • Are there other family members who can help provide for this child today and/or once the parents have passed away or are no longer able to care for the child?
  • How will the parents manage their own eldercare, while simultaneously caring for a special needs child?
  • Who will advocate for the child and provide for on-going services?

A financial advisor knowledgeable in planning for children with special needs can help couples answer these questions. They can also help devise a plan for a child with disabilities by creating “special needs” or “discretionary” and “living discretionary” trusts. But Minoti warns, “There is so much more to this work than simply drafting a special needs trust. The language of the trust is extremely important to ensure that future benefits are not lost or reduced.” She advises that parents working with their advisor should also take steps to coordinate their other legal documents, such as wills, with those of grandparents or other relatives who wish to provide assets for future care of the special-needs child.

For more information about planning for children with special needs, please contact Coyle Financial Counsel. Coyle Financial Counsel collaborates with top professionals skilled in special needs planning to best assist our clients.

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