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How To Plan for A Special Needs Child’s Future

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Did you know well over three million children live with special needs? This statistic from 2019 reported a record number of children living with special needs. That is primarily in poverty-stricken households and some minority groups, especially the American Indian and Alaskan Native populace children. Many of these children have some form of disability—including hearing loss, vision loss, a physical ailment, or are severely developmentally delayed. We need to find ways to help special needs children prepare for their future. Here are a few ways we can learn how to plan for a special needs child’s future.

Create a Trust Fund for Your Child

Nowadays, it’s widespread to help set up a trust fund for children before parents depart. When setting up a trust fund, their parent won’t need to worry if the child is not eligible for Supplemental Security Income (SSI) or Medicaid. When developing one, a parent is a beneficiary for the estate and life insurance policy. However, make sure the estate does go in the child’s name, as too much in the account can disqualify them from receiving federal benefits like SSI. When the parents pass, a trustee can help finance the special needs child’s future.

Name a Guardian

Once a trust fund is created, and a trustee is named, select a guardian who will care for a special needs child. Never make the guardian a stranger since many special needs children do not understand why something changes or won’t accept this change. A special needs child needs comfort, and they cannot receive that from a stranger.

Before a selection process can begin, determine how often the parent needs to care for the child day-to-day. After sorting it out, curate a list of potential guardians that are financially capable and will have the time to care for a special needs child. For the guardian, education on the disability is also a requirement. This will also include ensuring that a licensed occupational or physical therapist is hired for the special needs child. If the guardian wants to become a licensed specialist, they should inquire with the appropriate parties for certification.

Find Someone Certified To Help With Processing a Plan

When selecting an advisor, it’s essential to ensure that they have experience balancing finances and knowledgeable about the child’s unique needs. Sometimes it’s better to hire two separate professionals to help families learn how to plan for a special needs child’s future. For more resources, contact the state’s human resources to help find the best advisor.

Special needs children need the best care possible. Fortunately, there are more educational pathways to help ensure and provide for a child and their guardian. Every child’s situation is unique, but all require the same planning process.

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