Special needs children have a wide range of abilities. Some of those who are of working age can hold on to gainful employment for the majority of their lives. Others struggle with even basic tasks. For some children and their parents, this could cause some concern.
A special needs trust is an essential part of life planning if you have a loved one with special needs. Unfortunately, most caretakers just assume that their life insurance will take care of it. While this is a crucial component, there is more to funding a special needs trust. Most families dive in without even considering what quality of life they want to provide for their loved one or how much their lifetime financial support will be.
Special needs planning comes with a list of challenges. At the top of that list is trying to figure out the lifetime financial support needed for your loved one. It’s more than figuring out basic needs and bills. You’re forced to put a monetary value on the quality of life for your loved one. That’s not easy for anybody involved.
