Financial and estate planning is important for every family, but more so for those families who have children with special needs. MassMutual has a recent article on Helping to Build the Financial Future of Your Child with Special Needs, which provides a checklist for parents to consider when planning. The list includes:
- Investigating what government benefits your child and family might be eligible for,
- Making sure your health plan is adequate for your child's present and future needs,
- Considering the financial needs of your child's guardian in the event of your death, and making sure the guardian will have adequate information regarding your child's needs,
- Thinking about where your child will live when they are older, and
- Making sure that your estate plan is adequately set up to provide for your child, while still allowing them to maintain the public benefits to which they are entitled.