Any person would worry about his or her finances especially when it comes to the kids’ education. A parent with a child with special needs would have to worry beyond getting school fees for a college degree for his or her kid. Among the worries the parent tends to have included how the kid will get special therapies, who will pay his or her needs when he or she is finally an adult or where and how the child lives when one is gone. You would need to figure out ways of setting aside money for your kid with special needs without necessarily inconveniencing the government benefits. It would be critical to making sure that you figure out the best way of meeting the needs of your kid with special needs.
It would be critical to start by setting a trust for your child with special needs just in case you passed on. A trust comes with so many advantages which include offering an avenue where you can save for your kid without forfeiting his or her benefits. Even when you are not in a position to pay for the trust right now, you would need to set one. . The moment the assets passed on to your kid with special needs exceeds $2,000, they tend to forfeit benefits by the government accrued to special needs.
It would also be critical to consider the assets the moment your die. In a case where any property is transferred to your kid with special needs after you pass on, it may forfeit the government’s benefits to the kids by disqualifying his or her eligibility. You would need to specify the guardian to your kid with special needs before you pass on. Working with a lawyer specialized with working for people with special needs would be a plus in your journey. The trustee comes in to manage the special needs of your child the moment you pass on. The trustee may be a friend, a family member, a bank, a lawyer or even an independent professional trustee. The trustee tends to focus on having the money spent on the child’s special needs which involves supervising the money in the trust. It would also be critical for you to advise your family, ensure that your child has independence and also learn how to write a letter of intent. It is critical to also consider speaking to an advisor about financial planning for your kid with special needs.