Santa Monica fiscal planning is designed to ensure that special needs children are cared for when they are young as well as when they grow into adulthood. The amount of fiscal planning that will be needed will depend on the individual’s needs, the extent of the care needed and the proposed cost of care. Those with very few needs may require very little planning along the way and may only need to ensure that they collect the government benefits that are due them. However, those with very large medical or mental needs or with needs that grow over the years will need higher levels of Santa Monica fiscal planning.
Helping Santa Monica Families Be Prepared with Fiscal Planning
There are many different options for wise financial planning in Santa Monica. Some families may wish to start with a letter of intent, which is not difficult to write. While it is not legally binding, it does serve as a good way to get other family members and close friends who may be taking a part in the child’s life on the same page. The letter of intent will discuss what the vision for the child’s future is, where parents want funds to go for the child and how various bills are to be paid.
However, not every family may need a special needs trust. This is where families must have a trusted source of information. At Newman, Aaronson, Vanaman Attorneys at Law, we help families in Santa Monica with fiscal planning. We can help individuals know what type of account is right, can help them set up a trust or a guardianship and can provide insights in future planning for the child in legal, financial and educational matters.