Financial Planning Group

Raising a special-needs child is an incredible experience, but it often requires extensive planning for the future. And it’s not without its share of unique stressors, which means you’ll need to have a stress management strategy in place to handle this special type of anxiety. 

There’s a lot to consider: If you become ill or pass away, who will care for your child? Does your child plan to move out of your home one day, and if so, will they live alone or at an assisted-living facility? Are your child’s medical expenses expected to increase, decrease, or remain the same over the years? These factors, as well as the ones Financial Planning Group lists below, are all important things to consider as you create a life plan for your special-needs child.

Is Your Child’s Condition Permanent?

According to the National Center for Education Statistics, there are approximately 6.5 million children who receive special education services each year in the United States. Some children undergo early intervention that helps them overcome developmental delays, but these services don’t produce long-term results for every child. When you create a life plan for your special-needs child, determine whether your child has a permanent medical concern or a temporary delay that may improve over time. You should prepare for your child’s future either way, but you may need to set aside extra funds for a child with a permanent or long-term disability. Autism Parenting Magazine notes that the ABLE account is one such option.

What Services Will Your Child Require in the Future?

Your special-needs child may have a busy schedule that includes physical therapy, occupational therapy, speech therapy, and frequent medical procedures. Are these services your child will always need, and will they increase over time? You should also factor in the cost of services your child may need in the future, such as training classes for basic living skills or a home health aide that helps your child cook, clean, or bathe. Additional challenges that may be harder to anticipate can potentially arise, which is why it’s important to have proper documentation in place.

While it may be difficult to think about, it is important to put a plan in place in case your child needs additional treatments at some point for mental health issues or addictions. Unfortunately, these conditions are common in adults that are already facing other life challenges. If you’re unsure what your child might need in the future, talk to their healthcare providers for insight on how medical needs may progress over time.

Will Insurance Cover Any of Your Child’s Expenses?

Do you pay for all of your child’s expenses out of pocket, or does insurance help cover some of them? It’s difficult to predict whether expenses that are covered this year will still be covered 5 or 10 years from now, but the Affordable Care Act currently stops companies from refusing coverage for preexisting conditions. With that in mind, you may want to budget for future health insurance payments, as well as payments to a Flexible Spending Account.

Does (or Will) Your Child Qualify for Government Assistance?

Government assistance may help reduce your child’s living expenses when they become an adult. Medicaid may help pay for assisted living facilities or in-home care, and food stamps may help ensure your child can afford healthy meals. Your child may also qualify for a housing allowance, assistance with utilities, or cash benefits for other living expenses.

If you decide that government assistance is a potential option for your child, keep in mind that he or she may need help filling out the forms. Make sure your life plan includes information about who can help your child apply for benefits, as well as a detailed description of the trustee who will handle your child’s payments if you are unable to do so.

As the parent of a special-needs child, your schedule is likely filled with medical appointments and Individualized Education Program (IEP) meetings. It can be difficult to squeeze in time for a quick shower, let alone spend hours navigating the basics of creating a life plan for a special-needs child. Consider scheduling an appointment with a financial expert so that you can quickly and accurately establish a plan that meets your child’s needs.

Financial Planning Group helps clients achieve financial independence by objectively evaluating their resources and objectives through adequate planning and periodic reviewing and monitoring to meet their important financial goals. Reach out today for more info! 901-685-1600

Guest post by Patrick Young

It’s not always easy to find an accessible property. You might even have to move away from your hometown in order to get a place that is suitable for you and/or your loved ones. It can be hard work, but it pays off in the end. Here are some tips from the Financial Planning Group on how to make moving less stressful and more cost-effective for people with disabilities.

Advice for first time home buyers with disabilities

If you’re a first-time homebuyer, there are several things you need to take into consideration. For example, you should check your credit score, organize any paperwork your lender might need, find a good real estate agent, and determine how much you can realistically afford to spend on a new house. Keep in mind that you should also see if you’re eligible for any assistance programs to help you purchase a home or to help with modifications.

How to make the moving process easier

If you’re a home buyer with disabilities, there are some key things you need to know.

First of all, make sure the house is accessible to people who use wheelchairs or other assistive devices. Talk to your contractor and/or real estate agent about any modifications that might be necessary. You could save yourself a lot of trouble by drawing up plans for the modifications now before you buy your house.

Also keep in mind that any renovations can take a while to do, which can put you at risk of having to pay rent at two places (the new place and old place) until the renovations are finished. However, if you’re buying an accessible condo or a house that needs only minor changes, you might be able to move in before renovations are complete.

If you’re on a budget, hire professionals who can move your belongings. If you don’t have the money for movers, then try to find friends or family members to help you with the move.

If you’re moving, keep your heavy items close to an accessible entrance and use ramps wherever possible. Remember that if something is heavy and difficult to move, you’re going to have to work harder.

Moving Day Tips

Of course, no matter how much you plan, moving day is sure to be a hassle. To make things easier on yourself, try the following:

• Start early and save up all the energy you can for that very long day of hard work.
• If you don’t have any help, make sure to work at your own pace. Don’t let others rush you or force you to take a break when you don’t want one.
• Keep in mind that if you’re a person who is prone to seizures or fainting spells, it’s best not to try and lift heavy objects.
• Make sure you have a safe, accessible place to store your ramps and other heavy equipment.

How can people raise awareness about this difficult process?

There are several ways that people can help raise awareness on this subject. For example, you could:

• Volunteer your time as a guide for the disabled who are in the process of buying a house.
• Offer financial and/or material assistance to people with disabilities who need help with renovations or moving costs. 
• Start a petition in your local area.
• Promote disability awareness and education by starting a charity or community group.

In Conclusion

For many people with disabilities, buying a house can be a difficult task. However, once you find an accessible home that suits all your needs, moving day is just another step towards achieving success. With the help of family members or professionals who are experienced. Let the Financial Planning Group help with your real estate needs and more. 901-685-1600

Image via Pexels

K. C. Lam, CLU, ChFC, CFP
President – Financial Planning Group, Inc.
Owner-Manager – K. C. Lam & Associates
Affiliated Companies:
Cordova Realty, Inc.
K. C. Lam Properties
K. C. Lam Principal Broker