Providing for the Future of a Child With Special Needs

Providing for the Future of a Child With Special Needs from North Carolina Lifestyle Blogger Adventures of Frugal Mom

Children are a parent’s greatest treasure. When a child is differently-abled, a host of worries arise on how they will get along when you’re gone. Some practical steps you take now can prepare your child for a secure future.

Enlist a Qualified Financial Advisor

Investigate special needs financial planning to help you make intelligent decisions and avoid pitfalls. A skilled professional is invaluable in navigating fiscal choices that take into consideration an individual with a disability. Not every planner will do. Be sure to get advice from an advisor who is skilled in assisting clients with special needs.

Draw Up a Will

Too many people overlook this vital step. Without a will, what happens to the inheritance you leave behind is simply a matter of chance. Don’t take an unnecessary risk with your child’s future. Talk to your advisor about a will as soon as you can.

Appoint a Trustee

While a guardian is responsible for the day-to-day care of your child, a trustee handles the fiduciary responsibilities. One person can hold the two assignments, but it may be wise to opt for a different individual to care for the financial needs so no misuses or abuses can occur.  

Set Up a Special Needs Trust

It is essential that you create a trust. Even if you can’t afford to deposit much into a trust immediately, start the process to safeguard any governmental assistance your child receives. Too many assets in your child’s name could disqualify them from federal benefits.

Be sure that your child will be cared for long after your gone by preparing now. Just a few practical actions now can mean the difference between monetary turmoil or economic security. When you get the necessary help, then you can rest assured that you’ve done all you can to give them a bright and secure future.

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