Are there any special financial planning considerations for a child with special needs?
If you have a child with special needs, and it appears likely that they will need some sort of "mental/physical/planning" help in the future, it is more important to have a heart to heart conversation with people you love and determine how best to care for your child -- and what will be in their best interest.
From a financial standpoint, it probably makes sense to establish a "special needs trust." This account identifies responsible, loving adults who can advise, supervise and distribute funds for the child as needed. It make even continue into their adult years. You'll just need to be sure that the trustees you select are responsible enough to handle the fiduciary responsibility.
One caution for parents, though, is to be sure that your trust is flexible enough so that if your child's disability improves, they can begin taking on part or full responsibility of their own finances.
Also be aware that some states will not provide government-subsidized services to special-needs children if a child has savings or other investments in his or her name. Talk to your services coordinator or social worker for more information on this topic.
And you'll see personalized content just for you whenever you click the My Feed .
SheKnows is making some changes!