How To Do Financial Planning For The Special-Needs Child
BANGALORE: Bringing-up child as a successful and responsible individual is a dream of every parent. Almost every parent sacrifices his or her own desires and wishes to make their child’s future secure. Many parents also face lot of hardships to save money and fulfill their child’s dream. Parents even stop caring about themselves when it comes to the career and future of their child.
However, planning the future of children is incomplete without financial planning for them during each and every stage of their development. Let’s have a quick look at different phases where financial planning is needed for growth, development, better career and future of children.
1. Create a Special Needs Trust
A special needs trust is the most important part of your child's long-term financial plan. This is where you can put money that you save, that others give your child as gifts, or that you receive from an insurance settlement without worrying that these funds will interfere with your child's eligibility for federal benefits like Medicaid and Supplemental Security Income.
Even if you are unable to pay into a trust right now, set one up anyway. This way, you can make the trust the beneficiary of your life insurance policy and your estate, ensuring that those assets don't get passed to your child when you die.
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