Checklist: When to Review your Financial Plan

Posted by Patricia Manko on Tue, Aug 28, 2012 @ 01:01 PM

checklist resized 600Special needs planning is an ongoing process.  It is essential to periodically review and monitor your plan to be sure it is still serving its intended purpose and is up-to- date with the current laws. Here are some elements that should trigger a review of your plan.

  1.  Your child will turn 3, 15, 18 or age 21/22.  These are the planning pressure points that align with natural life transitions in families with children with disabilities.  Many times a change in services or benefits available will occur at these points in time.
  2. There is (or will be) a change in your child’s health, the level of supports needed or provided for them or their financial/employment status.
  3. There is a change in your (parent and /or caregiver’s) employment , financial situation, health or  marital status (death or divorce).
  4. The birth of another child.
  5. There is a change in grandparents’ health –this should prompt a review with their advisors, as well as your own.
  6. A change in state rules and statutes regarding services and eligibility – it is important to stay  informed and check in with your advisor for help.
  7. A change in beneficiary, truste or successor trustee status or information.

Tags: Special Needs Financial Planning

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