When your child has special needs, your heart becomes open in ways you never thought possible. Like any parent, you would do anything to shield your child from pain and hardship, which is why making a plan for his/her future care is so important. Because having a plan, which should include the steps below, will ensure compassionate care no matter what happens to you.
Invest in a Life Insurance Policy
Do you have a life insurance policy to protect your family? If not, you should move this financial to-do up on your list. Because having life insurance can not only ensure that any special care your child needs is paid for, but it can also help your spouse pay for living expenses, leftover debts, necessary childcare, and even education expenses. This is an especially prudent step to take if you are the main income provider in your household, but if you have children who have special needs, ensuring both parents are covered can provide additional financial resources for your child’s future care. The cost of caring for a child who has special needs can much higher, so having extra insurance can provide you with peace of mind.
Create a Detailed Estate Plan
Investing in life insurance will give your family an extra financial cushion, which can be helpful when your child has special needs. Since your child also has special care needs, you need to provide a good road map for helping caregivers use the life insurance money to provide a stable future for your family. That’s why estate planning is critical for all parents, and this essential task can be fairly simple. Estate planning will allow you to set up trusts and special accounts that are designated for various aspects of your child’s care and future. For parents whose children have special needs, adding a few extra estate planning steps is wise as well. Start by working with an estate planning professional who has experience helping parents of children with special needs, so you won’t miss any vital arrangements.
Name Compassionate Guardians
Naming a legal guardian is crucial to ensuring the health, safety, and stability of your child’s future no matter what should happen to you. Most parents select family members for this all-important role in their estate plan, but this is not a requirement. If you have close friends who would provide better care for your child, you can name them as legal guardians as well. Need help selecting a guardian for your child with special needs? Asking some basic questions can help you make a more comfortable choice. Think about who you would most prefer to provide a lifetime of care and support for your child, but also make sure that person or person(s) is on board with your decision. You can always change your choice of legal guardian too, if your financial considerations, future care needs, or relationships shift or change over time.
Make Alternate Care and Housing Plans
Children with special needs may continue to have sensitive care needs as they grow up and grow older. So, it’s important for parents to create financial plans that include special considerations for adulthood. For example, if your child may be able to live independently as an adult, but will still have special physical or mental needs, you may need to include enough padding in your financial plan to cover home modifications. These home design changes can include features for sensory sensitivities as well as physical adaptations to make using wheelchairs and other assistive devices safer. Allotting for these modifications can also be helpful for legally appointed guardians who need to update their homes. To ensure your child is prepared for any circumstance, planning alternative adult care is a good estate move as well.
If your child has special needs, you need to plan for his/her future care now. Because planning for that care now will ensure that your child is loved and protected, even if you should pass away or become incapable of providing compassionate care.
Photo Credit: Unsplash
Thank you,
Glenda, Charlie and David Cates
