Financial Planning For A Child With Special Needs
Special Needs Care and Support
Most parents will tell you: once a parent, always a parent. Many parents of children with special needs carry the full meaning of that phrase for their whole lives. The ramifications of having a special needs child ripple through every aspect of family life, including retirement planning. Many parents find themselves working more years than they had wanted to in order to make up for child related expenses their assets diverted from their retirement savings. Their whole retirement planning process is made more complex with the added layer of planning for their child’s future and well-being when they, themselves, are no longer around.
A supplemental needs trust is often the primary tool to provide for a special needs child while protecting government benefits such as Supplemental Security Income and Medicaid. Such a trust is established to manage assets for a beneficiary, in this case a child with special needs. The assets are usually beyond the reach of creditors of the child and parents, are for the benefit of the child but are not owned by the child. Assets in the trust may be used to pay for rehabilitation, educational services or medical services not covered by other sources. They can be used towards quality-of-life enhancements such as entertainment or vacations but cannot be used to pay for services that a government program normally covers.
Navigation Wealth Management has developed a group of clients that have children with special needs. In doing so, we have learned a lot about the financial challenges that can go along with these families. Our team understands that the financial needs of these families may differ from the traditional family and have worked hard to offer some solutions that help to meet some of these needs. We can cater your accounts to the children, to you, as the caretaker of your child, a trust, or a specific beneficiary. In addition, we have developed a wonderful working relationship with an attorney who can assist our clients with any legal needs such as, “special needs trusts” or “power of attorney”. Our goal at Navigation Wealth Management, is to help ensure that you and your child are feeling financially supported throughout the duration of their care and life.
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