Financial Planning for Child with Disabilities (1 Viewer)

[GroveDiesel]

My wife and I are finally at a point where we have some ability to put aside money for our daughter who has some disabilities. We are still working on exact diagnosis, but she will likely end up with an autism diagnosis or something similar. How much future independence she will be able to achieve is a question without a definite answer for us right now.

But, we'd like to start putting aside money now to help her out as much as we can.

As I've briefly started to look at options, it seems clear to me that finding a professional to help us figure out the best plan for our/her specific situation seems like a good idea. But I have no idea how to go about that.

What kind of professional should we be looking for? Financial planner? Estate/Trust planner (trust?)? And how do we go about finding someone with experience/expertise in this specific type of planning?

TIA

 

[Gawain]

My wife and I are finally at a point where we have some ability to put aside money for our daughter who has some disabilities. We are still working on exact diagnosis, but she will likely end up with an autism diagnosis or something similar. How much future independence she will be able to achieve is a question without a definite answer for us right now.

But, we'd like to start putting aside money now to help her out as much as we can.

As I've briefly started to look at options, it seems clear to me that finding a professional to help us figure out the best plan for our/her specific situation seems like a good idea. But I have no idea how to go about that.

What kind of professional should we be looking for? Financial planner? Estate/Trust planner (trust?)? And how do we go about finding someone with experience/expertise in this specific type of planning?

TIA

State specific, but you're probably looking at a special needs trust if the child has a certified disability. 
https://www.state.nj.us/humanservices/dmahs/clients/snt.html

A PM to @Yankee23Fan might make sense. I believe he practices close to this area and if he can't help could point you in the right direction.

 

[GroveDiesel]

State specific, but you're probably looking at a special needs trust if the child has a certified disability. 
https://www.state.nj.us/humanservices/dmahs/clients/snt.html

A PM to @Yankee23Fan might make sense. I believe he practices close to this area and if he can't help could point you in the right direction.

That's the big one, but with a trust's high setup and maintenance expenses, the newerish 529 ABLE plans may be in play as well.

Good idea on Yankee.

 

[Zegras11]

Our financial planner recommended an estate planner.  

 

[george]

https://www.moneyguy.com/

Message these guys for thoughts/advice.  The founder has a special needs daughter and speaks about this topic on occasion as part of the podcast.  May also find stuff in the archives on his site that is helpful.  Even if they don't offer what you need, they may be able to help.  

 

[Binky The Doormat]

seems a lot to ask of the kid.