Financial planning for kids with disabilities
October 1st, 2008U.S. News & World Report lays out a list of tips for financial planning on behalf of children with disabilities. Many of these kids will require financial support throughout their lives, writes Kimberly Palmer. Government programs can cover some basic medical care, but people will lose eligibility if they have more than $2,000 in assets. Parents need to use wills and trusts to ensure that kids will have the support they need when they grow up.
Among her suggestions:
- Establish legal guardianship;
- Protect your child’s eligibility for public benefits; and
- Think about insurance policies and special-needs trusts.
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on Wednesday, October 1st, 2008 at 2:36 pm and is filed under News_2_Use, disabilities, families, insurance, personal finances, tips & wisdom.
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October 8th, 2008 at 6:35 am
Find a local attorney who specializes in “Special Needs Trusts”. At the high cost of personal aide care alone, those with disabilities will need as much protected income as possible.
I sleep much better at night having established one for my daughter.
October 2nd, 2008 at 12:20 pm
mdmom has very good advice. Learn the rules in your state. Generally partial guardianship designed for the individual needs of the person is best.
October 1st, 2008 at 4:34 pm
Please be wary of any advice that tells you to have full legal guardianship because if you have full guardianship, then your child/adult will not be allowed to vote. A partial guardianship is best; each state varies as to degrees of guardianships available ….