Special Needs Planning
Most people planning for retirement are building a nest egg for one or two people to live on for 25-30 years. However, families with a loved one with special needs may also want to provide supplemental income over a much longer time frame. Rather than planning for the care and expense of children until they are old enough or educated enough to support themselves, families that have loved ones with special needs very often focus on the more difficult problem of how to meet the child’s needs throughout his or her lifetime.
The cost of lifetime care for a person with a disability is high and can vary dramatically according to the condition of the individual. Additionally, planning and establishing the structure of accounts are critical to remain eligible for qualified government benefits. As you establish a plan, you have to build in an additional reserve to pay for things that you currently do for free including emergency expenses for medical needs, purchasing capital items, as well as advocacy and guardianship costs.
Find out how a Chartered Special Needs Consultant can help!
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