Mothers have many concerns about their children, and these concerns only increase for mothers of children who have special needs. Although “one day at a time” can be a good idea for many aspects of this caring, it is a bad idea when it comes to considering the financial future of such a child.
One of the biggest challenges facing parents of a
special-needs child is how to make certain that the child will still be cared
for after the parents are gone. Despite this, 62 percent of parents of
special-needs children have no financial long-term care plan in place.
The good news is that there are some fairly basic tips that
can be followed to plan and prepare for the adult life of a special-needs
child. The most important thing is to find a group of financial advisers who
are well versed in the kind of planning that is needed by your family. These
advisers can help with a multitude of things, including getting you through the
red tape to claim all the government benefits that you are entitled to as a
parent of a special-needs child.
A special-needs trust can also ensure that your assets will
be safely transferred to your child with no disruption.
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