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1. Your child will be eligible and retain eligibility for government benefits
One of the most important topics around special needs planning is government benefits. These benefits will help greatly with paying for necessary living expenses for your child. This way, you won’t have to pay out of pocket for something that you could have had the government pay for. However, the conditions for becoming eligible and maintaining eligibility for governments are subject to strict asset limits. A good plan will help to address this challenge.
2. You know your child the best, so you can make the best choices for their future
If anyone is going to be making decisions for your child, the decisionmaker should be the one who knows the most about your child: you. You know what your child likes, dislikes, what their dreams, and many other details the best. It is best to make the decisions and plan for your child while you are able.
3. You will learn about all the rules and regulations around special needs
While you are creating a plan for your child, a good special needs planner will help you to understand why about the rules and regulations around different special needs planning topics. Why do you need a trust? Why do you need to work on guardianship before your child turns 18? They will help to explain the rationale behind their recommendations, which will help you to become more knowledgeable about special needs planning.
4. You will decide on the answers to difficult questions now rather than unexpected answers later
Planning asks the difficult and important questions now and verifies the answer, rather than assuming the answer without verifying it. For example, one important question for the siblings of any child with special needs is will they take care of their brother/sister? So far, most of our clients have said that the sibling has confirmed they are willing to provide care. But what if you had assumed that they would take care of their sibling, but they did not want that responsibility? That will really mess up any plans you may have.
5. It’s a good time to work on your own financial life as well
While making plans for your child, don’t forget to think of your own financial well-being as well. Do you have retirement goals? Investment goals? Now is an excellent time to work on your own finances work towards your own goals.
Are you ready to start planning for your dependent with special needs? Click below to schedule a meeting with us!