(2020, January) | Useful to: Parent Centers and families of children with special needs.
This article from eParent.com discusses a topic of great importance of parents of a child with disabilities. As A Financial Planning Guide for Parents of a Child with Special Needs states, “Raising a child with special needs can be one of the richest experiences life has to offer, but it is also one of the most costly.” Depending on the nature and severity of the child’s disability, the costs can be quite staggering. Should something happen to the parents, the financial security of the child (even as an adult) can be devastated. This is why it’s crucial for parents to start long-term financial planning as early as possible. This guide from eParent.com can help parents plan for the best possible future for their son or daughter.
The guide is divided into sections, beginning with 5 steps important to defining the parents’ future goals. The guide discusses:
- early intervention services for very young children;
- different kinds of federal benefits and what’s involved in applying for them;
- non-profit grants and scholarships for students with disabilitie:
- what special-needs trusts are (did you know there are several different kinds?) and how to fund such trusts for the future security of the person with the disability;
- types of life insurance policies; and
- the role that transition planning (for adulthood) can play in reassessing and establishing a sound financial plan for the child’s future.
The guide is available online, at: