tag:blogger.com,1999:blog-401303964563152307.post4365600275976608360..comments2024-03-17T12:02:12.410-04:00Comments on Love That Max : Got questions about financial planning for your child with special needs?Ellen Seidmanhttp://www.blogger.com/profile/01433429847255621203noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-401303964563152307.post-89345653332560467662012-02-17T18:43:15.508-05:002012-02-17T18:43:15.508-05:00I'm very excited for these posts. I need to d...I'm very excited for these posts. I need to do this and have just been putting it off.Melissahttps://www.blogger.com/profile/06474584473012742915noreply@blogger.comtag:blogger.com,1999:blog-401303964563152307.post-73574897450245585482012-02-07T14:03:57.282-05:002012-02-07T14:03:57.282-05:00Our LO has CP among other things and is very young...Our LO has CP among other things and is very young still. We don't know what the future holds. While we are hoping for the best, we also want to be prepared for the worst. And the only thing we feel we can do is save as much as possible. <br /><br />So we would like to know: 1) How much would one need to save - at minimum and at decent lifestyle level 2)If we put money in a college fund and we cannot use it later where does the money go? Can it be used for other stuff like medical care? 3) Basic tips for setting up special needs trusts and wills 4) How to maximize tax savings for instruments related to disability.<br /><br />Thanks for the good work and great blog!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-401303964563152307.post-47427630168479102782012-02-02T17:34:52.289-05:002012-02-02T17:34:52.289-05:00So glad you'll be offering this series of post...So glad you'll be offering this series of posts, Ellen! If anyone can "de-mystify" and "de-anxiety-ize" the process of future financial planning - it's you!<br /><br />Wanted to add a couple of resources to the mix - in case they are helpful to anyone.<br /><br />1. Here's a post on Special Needs Trusts - http://lifeafterieps.com/what-is-a-special-needs-trust-does-my-child-need-one/<br /><br />2. Since there have been some questions in the comments about future living arrangements and supports - here's a post with a link to a webinar on this topic http://lifeafterieps.com/a-home-of-their-own-how-to-resources/<br /><br />Hope folks find these helpful!Mary@LifeAfterIEPshttp://lifeafterieps.com/noreply@blogger.comtag:blogger.com,1999:blog-401303964563152307.post-78011589568976816742012-02-02T09:44:14.062-05:002012-02-02T09:44:14.062-05:00What kind of planning should be done - setting up ...What kind of planning should be done - setting up a trust, a special brokerage account? I guess it should be something not too risky. How do you even figure out how much to put away?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-401303964563152307.post-25525034677366409702012-02-01T22:32:00.318-05:002012-02-01T22:32:00.318-05:00A topic i have been thinking about lately, as we a...A topic i have been thinking about lately, as we are thinking about our wills. Our county is having a seminar at the end of the month and that is one of the things that will be discussed. Would love to compare what is learned. I will have to see about forwarding the screening also to our local autism meeting group...sounds like something good for the monthly meetings.Colleenhttps://www.blogger.com/profile/16274847603392804719noreply@blogger.comtag:blogger.com,1999:blog-401303964563152307.post-47125113915953821072012-02-01T21:30:56.713-05:002012-02-01T21:30:56.713-05:00The first think I would suggest is to make sure yo...The first think I would suggest is to make sure your will has been prepared by a lawyer who is familiar with special needs trusts. I would not save any money in the child's name. It will count against him/her when trying to access waiver programs or other public assistance programs.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-401303964563152307.post-64896348008035969712012-02-01T16:37:42.429-05:002012-02-01T16:37:42.429-05:00I'm not sure I fully understand what a trust I...I'm not sure I fully understand what a trust IS. I just need a basic explanations of all those things you have to do for special needs planning.—BethAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-401303964563152307.post-10293448950318765712012-02-01T16:21:47.710-05:002012-02-01T16:21:47.710-05:00I opened a 529 for my son shortly after he was bor...I opened a 529 for my son shortly after he was born. He was diagnosed with PDD-NOS this past October. I am not sure if he will still be going to college. Don't want to sound like I am giving up but just facing the possibility that college may or may not be in his future. Do you think it is wise to continue saving for college or find another financial vehicle to save for his future? Also I am interested in setting up a trust for him. Are there special financial provisions that I need to consider for my special needs child? Also is there a way to set up long term care for a child with special needs, meaning someone that can come to the home to care for him if needed? What savings vehicle would be best used for that?Sheabuddahttps://www.blogger.com/profile/09916387552895772362noreply@blogger.comtag:blogger.com,1999:blog-401303964563152307.post-21275163287235678952012-02-01T12:36:54.017-05:002012-02-01T12:36:54.017-05:00Thanks for this great topic! I am interested in pl...Thanks for this great topic! I am interested in planning for future living arrangements. There is a good possibility that my daughter will not live independently, and for many reasons I do not want her to live at home with us, including needing to feel confident that she is all set before we die. How does that work financially? Are supportive living situations covered in any way, are parents responsible for the full cost, or is it somewhere in the middle? How do I set this up, and what plans do I need to make now?Sarahnoreply@blogger.comtag:blogger.com,1999:blog-401303964563152307.post-58472011321725818732012-02-01T12:19:09.692-05:002012-02-01T12:19:09.692-05:00Thanks for this! I'd really like to know at wh...Thanks for this! I'd really like to know at what age you should start planning for a child with special needs? Mine is six years old, like Max he has cerebral palsy, and I'm thinking about this.Anonymousnoreply@blogger.com