Financial Planning: Three Important Finance Plans for a Special Needs Child
by Parents of SPECIAL NEEDS CHILDREN, worry about FINANCIAL PLANNING FOR SPECIAL NEEDS in the future. Sixty percent of these parents, don’t think their child will ever be financially independant. This article gives three important things to consider to insure their financial future.
Special needs children with disabilities, may or may not become financially independent. In order to make sure that special needs children are provided for, after the death of their parents, consider the following important steps:
1. Prepare your will
It’s of the utmost importance to prepare a will for a special needs child. If you pass from this life without one, the state will create one for you. You are the person who desires to decide, what monies your child will get. You can make this happen by preparing a will. In your will, state amounts and keep control in your hands.
2. Create a trust
If you leave your child an inheritance of more than $2,000 they will not be allowed to receive most need-based assistance. A special needs trust, should be put in place by parents. The special needs trust can partially be funded by life insurance. This will protect your child from being barred from other need-based assistance.
3. Apply to keep guardianship in tact
If you see that your child will not be able to maintain and handle finances, apply to maintain guardianship. When they pass the age of 18, you will still be able to maintain control.
The above financial steps are very important to carry out. Much is at stake if you neglect them. Once special needs planning for your childs future is in place, you will feel more at ease.
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Post CommentMaxBuceo
On February 27, 2011 at 4:53 pm
Interesting share. I like this post
Jimmy Shilaho
On February 28, 2011 at 12:31 am
Great advice. Children with special needs are vulnerable and must be protected at all times.
Brenda Nelson
On February 28, 2011 at 3:18 pm
good point about the Will, nobody plans to die..
gaby7
On March 6, 2011 at 6:53 am
Very helpful advise here Minister! Many Ugandans fear to write wills because they think as soon as one is ready, they will pass on! But I see a lot of points in the idea of a will not just for a child with special needs but for one’s family as a whole!
Erin Miller
On March 7, 2011 at 6:34 pm
That is interesting and very useful information to know.
Pete Macinta
On March 8, 2011 at 11:23 pm
good points.
MarianaIoana
On March 22, 2011 at 4:03 pm
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