What happens when I am no longer there?

If you have been anything like me, these worries have always been at the back of my mind, knowing that at some point I have to face them head on, yet not sure what to even look at. 

The sooner we ensure that our babies are financially secure and legally protected is crucial, especially as they grow older and may require continued support. 

Here are some essential legal and financial considerations and steps you can take to start preparing for the future of your autistic baby.  If you are not as financially stable as you would like, these points will help you too.

Legal considerations:

• Guardianship and Power of Attorney: As your baby reaches adulthood, they may need someone to make legal and financial decisions on their behalf.  Establishing guardianship or obtaining a power of attorney ensures that you or another trusted individual can continue to support them in managing their affairs.

What happens when I’m no longer there?

• Special Needs Trusts: Creating a special needs trust is a vital step in safeguarding your child’s financial future.  This type of trust allows you to set aside funds for your child’s needs without affecting their eligibility for government benefits such as Medicaid and Supplemental Security Income.
• Wills and Estate Planning: Drafting a will is crucial to ensure that your assets are distributed according to your wishes and that your child’s needs are met after your passing.  Work with an estate planning attorney who understands the complexities of planning for a child with special needs.
• Letter of Intent: A letter of intent is not a legally binding document, but it provides crucial information about your child’s daily care, medical history, preferences and routines.  It serves as a guide for future caregivers, ensuring continuity of care and support.

Financial considerations:

• Government Benefits: Research and apply for government benefits that your child may be eligible for, such as Medicaid, SSI and Social Security Disability Insurance.  These benefits can provide essential financial support and access to services.
• Financial Planning: Work with a financial planner who has experience in special needs planning.  They can help you create a comprehensive financial plan that considers your child’s long-term needs, including housing, healthcare, education and daily living expenses.
• Savings and Investments: Start saving early and consider various investment options to build a financial cushion for your child’s future.  Accounts such as ABLE (Achieving a Better Life Experience) accounts allow you to save money tax-free for disability-related expenses without affecting eligibility for government benefits.

What happens when I’m no longer there?

Steps to take now:

• Knowledge is power. Educate yourself about the legal and financial options available to you and your child.  Attend workshops, join support groups and seek advice from professionals who specialize in special needs planning.
• Develop a realistic budget that accounts for your current expenses and future needs. Identify areas where you can cut costs and prioritize saving for your child’s future.
• Establish an emergency fund to cover unexpected expenses. Aim to save at least 3 – 6 months worth of living expenses to provide a financial safety net.
• If you are already battling financially, explore all available resources and assistance programs. Nonprofit organisations, local government agencies and community groups often provide grants, scholarships and other forms of support for families with special needs children.

Tips for financial stability:

• Maximize benefits: Ensure that you are receiving all the benefits your child is entitled to.  Regularly review and update your applications to reflect any changes in circumstances.
• Reduce debt: Work on reducing any existing debt to free up more resources for your child’s needs.  Consider debt consolidation or credit counseling if necessary.
• Leverage tax benefits: Take advantage of tax deductions and credits available for families with special needs children.  Consult with a tax advisor to ensure you’re maximizing your tax benefits.
• Explore vocational training: Look into vocational training and employment programs designed for individuals with autism.  These programs can help your child gain valuable skills and potentially achieve financial independence.

An ideal scenario involves a well-thought-out plan that addresses both the immediate and long-term needs of your autistic child.

What happens when I’m no longer there?

This is a lot of information and please don’t be overwhelmed by it all.  But starting on a plan for the care of your child will give your so much peace of mind in the long run, knowing that you have put the best possible plan in place for them.

Often it is not just all the things we have to do, but rather our thinking and emotions that we need to overcome first.  If you are stuck here, please reach out to me, I can help you come up with a plan that will be easy and doable for you to implement.

You can do this!

Till next week.

A

Xxx

We have a lot on our plates, we are overwhelmed and tired, yet we want to do what is right for our autistic babies and making sure that they are well looked after is crucial. I can help you figure out a plan. Sign up for a free consult. Click HERE.

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