How can you ensure that your child will remain well cared for and secure once others assume the role of guardian or caregiver? While creating a financial plan and establishing a specialized trust are central to preparing for your child’s future, special needs planners also advise families to write down their intentions and expectations in a document referred to as a Memorandum of Intent, also known as a “Letter of Intent.” This document can be used to describe your child’s health care and therapeutic needs, identify lifestyle preferences and provide contact information for doctors, therapists and teachers. It also can be used to convey insights into your child’s personality and history that future caregivers might not easily gain on their own. Continue reading
If you are a caregiver looking for financial assistance, there are several programs that may be able to help you. While you will still have to pay some out-of-pocket, taking advantage of these services can help you reduce the amount that you are personal spending on caregiving. Here are three ways you can get financial help. Continue reading
Selecting a nursing home for a loved one is one of the most important and difficult decisions that you may be asked to make. This decision is usually made during a time of crisis, frequently when a family member is ready to leave the hospital after a serious illness or operation. It would be easier on everyone if this decision could be planned for. However this is usually not the case. Just remember, be nice to your kids… they are going to pick out your nursing home. The first issue to decide is whether or not you really need a nursing home (often referred to as Skilled Nursing Facilities or SNFs). Would some type of home services be adequate? This issue should be discussed with your physician, as well as other healthcare providers. Continue reading
When my brother died last year my sister and I had a regular funeral for him and got stuck with a $12,000 bill. Can you recommend some funeral cost cutting tips or cheaper alternatives? I don’t want to leave my kids with a big funeral bill after I’m gone. With the average cost of a full-service funeral running over $10,000 today, many people are seeking alternative options to make their final farewell more affordable. Depending on how you want to go, here are some money saving options to consider. Continue reading
While day-to-day obligations can certainly get in the way, at some point as a parent of a child with special needs you will need to create a special needs trust to shelter and manage whatever you may leave the child. This is the only safe way to make sure that the funds you leave are protected and well managed and that the child, who by then is probably an adult, can continue to qualify for vital public benefits.
Here are some of the questions you will need to consider in guiding your attorney to create the trust: Continue reading