The difficult part of the planning when you have loved one with special needs is identifying the lifetime cost. What corpus do you need? How much Is enough to sustain child expenses etc.. are questions which are asked in each forum. Though you can be shown numbers on calculators it’s not enough. As a parent of a special need dependent your situation is unique and so is your financial situation. What cost you need to prepare for your special need child future rest on many other factors like government support, support from relatives/friends, and funds for your own lifetime.
Plan Special Needs through its educational programmes help you in making aware on all the aspects which impact your financial planning so that you have a much deeper understanding of your future requirements. It’s not only about your absence but you have to plan for your child requirements during your lifetime. There are many life stages which you will face where you will experience difficult decisions. How to sail through them and what should be planned is where we make you aware.
Here are different elements which should be covered in special needs planning-
- Cash Flow Management
- Retirement planning incorporating needs of the special need
- Planning for the special need including cost analysis of the financial & non-financial support, residential needs, government entitlements, introducing other professional/agencies
- Insurance planning including concern of the death/disability of parent or guardian
- Estate Planning including guidance on appointing a guardian, formation of a will or a trust for the special need
- Tax Planning
- Other Important Financial goals
- Discussion with other professionals for assisting on services where we do not have expertise
The objective of having a comprehensive special needs plan is -
- Creating a secure life for your special needs loved one
- Identify appropriate guardians
- Identify very clearly the qualities of our loved ones
- Determine the future requirements of your loved ones and monetize them
- Optimize your resources
- Creating Wills and Trusts
- Identifying suitable trustees for your child
- Determine an equal distribution among your legal heirs and ensure this distribution is fair to all
- Create your own retirement plan
- Having a lifelong guide to manage the plan
We have designed specifically for you a Life Plan Score Assessment test. This test will help you understand and identify the areas where you have to prepare for your child future.