Inglewood fiscal planning is essential for any family that has one or more special needs children. With proper fiscal planning, families can be prepared should the unexpected happen, can live in financial security and can have their finances well-organized and well-placed for the best future financial success. In particular, this fiscal planning should be done to ensure the financial security of the parents who often put much money into caring for a special needs child even into adulthood and to ensure that the special needs child is well-cared for in all areas of life.
The Importance of Fiscal Planning for Inglewood Families
One of the main reasons why Inglewood fiscal planning is so important is that it can be costly to care for a special needs child. Education, medical care, and housing cost more than they would for other children. These children often need special tutors, transportation and regular medical treatments, surgeries or therapies. Although it is impossible to estimate exactly how much money will be needed financially over the course of this individual’s life, a good financial and legal planner will be able to help parents make a good guess.
Once this estimate is made, families should begin finding solid ways to save up money. The best option for most is the special needs trust, which is a special account used to save money for a special needs individual without allowing the money to be in that person’s name. This ensures that the individual will not lose his or her government benefits because of assets that are too high. A trust is also a good place to put insurance money. Additionally, family members and friends who pass away wishing to leave money to the special needs individual can instead leave money to the trust without negative repercussions.