First Steps In Special Needs Financial Planning

Where Do I Begin?

The Special needs planning process involves multiple legal and financial strategies that sometimes overlap.  Benefits programs such as SSI and Medicaid should be considered. These strategies may need to be reviewed as your child grows. There are a few questions you should discuss before meeting with your advisor.

• Who should be named as guardian for our child?

• Will our family need a special needs trust?

• How will we pay for the care my child will need when we are gone?

• Will my child qualify for disability benefits now, or in the future?

• What will happen to our special needs plan if I become disabled or require long-term care?

• Where will my child live when I am gone?

If you have not created a household budget, that may be a great first step in your planning.  If you have a budget in place, begin to look for areas that have increased due to caring for your special needs child. Whether you child requires services such as ABA (applied behavioral analysis) therapy, speech therapy or occupational therapy, these expenses can add up.  Determine if there are ways you can adjust your saving or spending to accommodate these additional expenses.