Health Law

Preparing for Your Child's Financial Future

With the recent economic crisis, many parents are becoming increasingly concerned about their children’s future financial security. This is especially true of parents caring for a child with special needs, who often require long-term and expensive care.

For instance, caring for a child with cerebral palsy over the course of a lifetime may total over half a million dollars. And as the lifespan of individuals with disabilities increases, it’s more likely that a special needs child will outlive his or her parents.

A Few Options

Creating a special needs trust is one popular option these days. This kind of trust provides money for certain expenses related to quality of life (entertainment, grooming, etc.), while at the same time guaranteeing continued access to government programs like Medicaid and Social Security.

Additional options include retirement and estate plans as well as insurance policies. If your child has cerebral palsy or other special need, a professional can help you develop the best plan given your individual circumstances. Talking to an attorney or financial planner is generally a good place to start.

Full post as published by Cerebral Palsy Law Blog on October 15, 2008 (boomark / email).