Articles Tagged with Special Needs Planning

9.10.18The cost of raising a child with special needs is easily twice that of an average child, and college costs are higher as well.

Families with special needs children need to plan their child’s future carefully in many regards, and financial concerns are, by necessity, a big part of planning. While the average cost of raising a child from birth to 18 is about $250,000, according to The American College of Financial Services, the cost to raise a child with special needs can easily be twice that amount. One of the challenges is preparing for the special needs child when its time to attend college.

WTNH’s recent article, “Financial planning for families with children with special needs,” advises that working with a team of different professionals can help parents manage both the financial and non-financial aspects of providing care. Here are some of the key roles:

MP900383004Planning for a special needs beneficiary can be incredibly complex, so it’s generally best to consult with a knowledgeable attorney in your state who specializes in this area.

Estate planning helps to ensure our loved ones will be taken care of when we are no longer here. These plans are done with great care and consideration.  Furthermore, our loved ones with special needs will require some extra special planning to make sure their needs are met.

Special planning is, of course, very much tied to the needs of your child with special needs and to the needs of the rest of your family. As you might imagine, such planning entails important tools, rules and guides. To get started, consider a recent article in The Slott Report titled “3 Tips When Planning for a Special Needs Child.

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