Planning Tips for The Average Joe
Financial Decisions You Need to Make About Your Kid With Special Needs
A person with a kid with special needs tends to spend a great deal of his or her time trying to make financial plans for the kid in question. While a parent with a normal kid would think of college fees and ensuring that his or her kid is catered for until he or she gets a job, a parent with a kid with special needs tends to have the kid dependent of the parent in question in all ways. Raising a kid with special needs tends to be generally expensive bearing in mind that the kid with special needs demand expensive therapies. One would need to create a plan to ease the anxiety that comes with bringing up a kid with special needs. In the same manner, you would need to consider figuring out how your child’s emotional needs would be met if something happened to you.
It would be critical to start by setting a trust for your child with special needs just in case you passed on. A trust comes with so many advantages which include offering an avenue where you can save for your kid without forfeiting his or her benefits. You may not be in a position to pay a trust at the moment but is always essential to set up one. . The moment the assets passed on to your kid with special needs exceeds $2,000, they tend to forfeit benefits by the government accrued to special needs.
You would also need to write a will especially pertaining what happens to your assets the moment you die. By failing to write a will, you tend to have your assets transferred to your child as opposed to the trust something that may affect his or her benefits eligibility. Writing a will also give you an opportunity to specify the guardian of the child the moment you are no more. Working with a lawyer specialized with working for people with special needs would be a plus in your journey. The trustee comes in to manage the special needs of your child the moment you pass on. The trustee may be a friend, a family member, a bank, a lawyer or even an independent professional trustee. The trustee tends to focus on having the money spent on the child’s special needs which involves supervising the money in the trust. Among other aspects you would need to work on includes building your savings, writing a letter of intent, educate your family members and also plan your child’s independence. It is critical to also consider speaking to an advisor about financial planning for your kid with special needs.