4 Stages of Lifetime Planning For Your Special Needs Child

It is common for any parent of a special needs child to want to plan out their future in order to give them the best life possible. Figuring out what your child will need throughout their lifetime is very important. 

As many recognize, those with special needs require additional care, attention and planning. Nobody wants to put a dollar value on the price of raising a child, but if you don’t consider your finances or plan your child’s future carefully, then it is easy to run into financial trouble.

1. Choose The Correct Guardians & Conservators

If something happens to you, it is important to have a legal guardian designated for your child if they are under the age of 18. Depending on your child's specific needs, your child may need special care as an adult too.

If you feel your adult child isn't capable of making life or financial decisions alone, you’ll need to seek appointment of a guardian to look after them and make decisions on their behalf. In most cases, this role is fulfilled by an adult parent. If this is not possible, then an adult sibling or perhaps a close family friend may be a good choice. 

Think carefully about who you choose as the legal guardian of your child, as this decision will likely have a significant impact on your child’s life. 

If your child with disabilities is high functioning, but might need a little help or oversight, another option is to create a power of attorney. The agent they name in the power of attorney will then be able to make financial and property and/or healthcare decisions on behalf of your child.

2. Organize Finances &

Benefits

To make sure your child has everything needed to have a safe and secure life, it is suggested that you organize your finances and look into any benefits that might help your child.

Below are three things you can take care of in attempt to make your child’s life easier in the future. 

Life Insurance

Buying a life insurance policy may be confusing, but the investment will be worth it to provide for the financial stability of your child after your passing.

Having a life insurance policy works to take some of the financial strain off of your child and their future caregiver. 

To guide you through the process of evaluating the best option for life insurance , we suggest you employ the help of a knowledgeable financial advisor. 

How much your life insurance will cost depends on what you need covered by your policy. Your financial advisor can walk through every step of this with you. 

Finances

Review your finances now to see if you are on track to achieve your goals for your child’s care. As your child grows up, you’ll be able to better gauge what resources they will need.

It is also recommended that you keep close track of what you are spending. This includes unexpected, out-of-pocket expenses you've had to pay in relationship to your child’s care. Budgeting for unexpected expenses is very important.

SSI and/or Medicaid Eligibility

You may have tried to obtain SSI when your child was young only to find that your income was counted, making your child ineligible. At 18, your child is treated as an independent adult and your income no longer counts towards them. Once turning 18, your child’s disability is looked at differently; thus, describing the importance in determining if your child is eligible for SSI and/or Medicaid. 

If your child’s assets exceed $2,000, we recommend that you speak with an experienced Attorney. They will be able to guide you through the best plan of action based on your desired planning goals.

3. Plan For Adulthood

When your special needs child turns 18, they are no longer legally a child. Depending on what their official medical diagnosis is, they might be ready to enter the world of higher education. 

With this step, there is a lot to consider. You must decide whether your child should stay in school and if they will require additional support if they do.

Although college might not be an option, this does not mean your child will not have options. They still have the ability to make their own way in life. It is recommended for you to speak with the local school administration to see if there are any opportunities for your child to attend employment or educational workshops.

4. Begin Estate Planning

It can be a scary thought for parents to leave behind a child with special needs, but there are steps you can take to ensure your child will be well cared for. 

By reviewing and maintaining your estate plan and finances, your child has the potential to carry on after you have passed away. 

Continue reviewing estate plans and finances

Review your financial assets, savings and estate plan to help the planning process go as smooth as possible. You can make sure your child has what they need, if you keep track of all your assets. 

These documents include: policies on healthcare proxies, your child’s appointed guardian/conservator, your will, and any trusts left to your child. 

Review ownership of assets and beneficiaries

Take a look at your assets and decide what you will leave for your child. Do not forget to review your life insurance policies and any other services you have found that will help support your child long after you have passed on. 

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