Checklist for Planning for Individuals with Special Needs

Posted by Patricia Manko on Thu, May 31, 2012 @ 04:34 PM

describe the imageWhen you plan a trip, you start with the destination first and explore ways to get there. Simplify the financial planning process by setting and prioritizing your planning goals. Often it is dfficult to even define a goal. Sometimes simply by listening to others and discussing your concerns, it becomes easier to identify your goals. We then recommend prioritizing the goals as short term, intermediate, or long term. This will help to build your own special needs planning timeline.
Here are some common considerations for families to plan a "How to" achieve for their child with a disability:
  1. Maintain their current lifestyle in the event of a premature death of a parent or primary caregiver
  2. Provide the opportunity for all their children to achieve their maximum potential, including funding for college and postsecondary education programs
  3. Maximize eligibility for any and all government benefits for their child with disabilities - both during their lifetime and upon their death
  4. Explore options and alternatives for the most independent residential lifestyle possible for their child with disabilities
  5. Have adequate savings for financial independence for their own retirement
  6. Protect their income and assets in the event of the disability of a parent or primary caregiver
  7. Minimize income and estate taxes within prescribed IRS legal limitations
  8. Determine how to apportion their estate among their children in the most equitable manner

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