It is of the utmost importance that families with special needs take full advantage of benefits that are available from the government and the community. Sometimes families resist accepting these benefits out of a belief that they are only intended for low-income families. While there are income and asset requirements for some programs, your family should take advantage of any benefits you are eligible for, as it is in your interests and actually honors the intent of the programs.
Raising kids is expensive, and families with children who have special needs may have additional costs, such as medical expenses, therapy, modifications to a home or vehicle, and adapted recreation or child care. The costs may seem daunting, but they are easier to handle with proper financial planning.
A special needs trust is one of the most important financial tools to consider for a special needs child. This type of trust allows you to set money aside, or receive it as a gift from a family member or settlement from insurance, without worrying that it will affect the child’s eligibility for public benefits such as Supplemental Security Income (SSI) or Medicaid.
In addition to a special needs trust, building your family’s personal savings is even more important than it is for most families. You may have to pay for therapy or other treatments. Even if you believe that certain services should be covered by insurance or provided by your school district, resources may be required to advocate for the right to those services. In addition to services needed during childhood, families will want to plan for their child’s adulthood. Once public education and its attendant benefits are no longer available, the question of where the adult with special needs will live and what he or she will do becomes paramount. Proper financial planning done as early as possible will make this process much easier, and a financial adviser can be extremely helpful in creating that plan.
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