With Torrance fiscal planning, families can plan for the current and future needs of their special needs children, ensuring that they have the money they need to live comfortably, safely and well for the rest of their lives. Parents must be sure to follow some simple tips to ensure that their money is protected, that supplemental income can still be received from the government and that wishes are followed even if the parents pass away.
The Steps to Becoming Fiscally Responsible
To start with, Torrance families will want to set up a trust. A trust is a vital savings plan that places money in the name of the trustee. This money is to be used for the special needs individual but is not placed in that person’s name to ensure that supplemental income is still received.
Next, parents will want to consider what type of life insurance they purchase. While many choose term life insurance because it is so affordable, it is typically best to fund a trust with a whole life plan or another type of permanent life insurance. This protects the child’s financial interests should the parents die.
Finally, Torrance parents must communicate their wishes with extended family members and close friends to ensure that their guidelines are followed even if they are no longer around to protect their child’s interests. Family members should also be aware of the trust so that they do not leave money in their wills in the child’s name, thus cutting off the possibility of supplemental government income.