Creating a lifetime of continuous care for a child or loved one with disabilities requires careful consideration and planning. The journey can seem confusing at first glance, but getting started is much easier when you’re organized.
Use the following checklist to guide your efforts in planning and protecting the future of your loved one with special needs.
Create a comprehensive Life Care Plan to ensure your loved one receives the long–term care they need.?
Create a Letter of Intent or “letter of instruction” to communicate information about your child as well as your vision of the future.
- Remember to update this document periodically as your child and vision of the future changes.
Make sure all family members and interested parties are informed of the Life Care Plan and Letter of Intent.
Identify all financial resources available to create the future your loved one deserves, including government benefits, employer benefits and personal assets.
Carefully review all medical health plan options and coverages, including Medicaid and Medicare.
Choose a guardian, conservator and/or a trustee to oversee the care of your loved one when you’re no longer able to.
Utilize wills, special needs trusts and other legal instruments to craft a well-defined estate plan.
Anticipate making changes to the Life Care Plan once the child reaches the age of majority with consideration to:
- Do you think your loved one will seek employment?
- What types of housing accommodations do you anticipate?
- Does your loved one have any special social or recreational interests?
- Will they require any special transportation accommodations?
Providing the care and support your loved one with special needs deserves is a lifelong commitment, which is why having a documented financial strategy makes sense. A specially-trained professional can help you navigate the journey and confidently check all of the necessary boxes, so you can rest easier knowing your loved one’s future is more secure.
Contact a specially trained financial professional today to learn more about bringing your vision of the future to life.
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