By Sarah Stewart Legal Group

In a 2011 study, the federal Centers for Disease Control and Prevention estimated 1 in 7 children are diagnosed with developmental disabilities. That means more than 10 million children in the U.S. have developmental disabilities.

Though the amount of help each child may need in the future varies, one thing is certain, for families with children with special needs, planning for your child’s financial future is even more important.

Special concerns for families with members with special needs include securing proper and affordable health insurance, appropriate life insurance, and wealth and estate planning with a qualified planner who has an awareness of how those plans can impact the child’s benefits.

Health Insurance

Insurance premiums for children with special needs can be pricey.  But, given the extra medical attention they may need, insurance is worth it in the long run.  Shop around for the best fit for your family.

Life Insurance

Life insurance is important for every family.  But, in a family with a member with special needs, the right life insurance can be invaluable.  Your family can use life insurance to help care for a family member with special needs when you are no longer able to do so yourself.

Wealth and Estate Planning

Though many families expect to raise their children and send them out on their own around the age of 18, families with members with special needs are different.  Often, these families care for their members with special needs well past the age of 18, making the division of assets at a parent’s death extremely important.

If an heir of an estate has benefits in place for his or her special needs, an inheritance can disqualify the heir from those benefits.  So, it is important to put a Special Needs Trust in place with Trustees that you can rely on to manage inheritances on the heir’s behalf.

A properly established Special Needs Trust can provide for the heir without removing established benefits, name someone to care for the heir after his or her parent’s die, and put a plan into place to help the heir as he or she grows older.

If you have a child with special needs, planning is not just a convenience, but rather a necessity.  Reach out to professionals today to help you plan for your child’s future.