El Monte fiscal planning should be done for every special need individual no matter what age he or she is. Fiscal planning is a protection against future concerns and is a safety net for future problems that families may not think will happen. While parents may struggle to think of their demise, they should be aware that leaving behind a special needs child who is dependent on them can be difficult unless enough money is left behind for the child’s care. This is particularly important for special needs children who cannot care for themselves physically or financially.
Helping El Monte Families with Fiscal Planning
There are several pieces to the El Monte fiscal planning puzzle, but the exact pieces that are needed will depend on the family. Some families may need to purchase life insurance. When this is needed, a permanent type of insurance, such as whole life insurance should be purchased rather than term life, which typically only comes with a maximum term benefit of 30 years. Other families who believe strongly that their special needs child is going to go on to college may want to fund a 529 plan for tax relief on college savings. However, the 529 plan may not be for everyone because families can lose significant amounts of money if the child does not go to college.
One of the most important parts of El Monte fiscal planning that almost all special needs families can benefit from is the trust. The trust provides a place to save and invest money for the special needs child. The trust ensures that the child’s bills are paid and that he or she has other necessities, such as clothing, food, and housing. By keeping this money separate, government benefits can continue.