Being a single parent is challenging, but it becomes even more so when you have a child with special needs. Along with the emotional and practical responsibilities, single parents of children with special needs often face financial challenges that require extra attention and planning.
Fortunately, there are resources and support available to help single parents provide for the long-term care of their child with special needs. We’re sharing some of the steps that single parents can take to navigate the special needs planning system and provide for their child's future.
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Get informed about government benefits
There are several government programs that provide financial assistance for special needs individuals, such as Medicaid and Supplemental Security Income (SSI). Take the time to learn about the benefits available and determine if your child is eligible.
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Consider setting up a special needs trust
A special needs trust can provide for the long-term care of your child with special needs without affecting their eligibility for government benefits. Work with a financial advisor to understand the different types of special needs trusts and determine the best one for your situation.
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Utilize community resources
In addition to government benefits, there are many community resources available for support. Reach out to local organizations, such as disability advocacy groups, to learn about available support.
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Work with a financial advisor:
Navigating the special needs planning system can be overwhelming, but a financial advisor experienced in special needs planning can help simplify the process. A financial advisor can help you understand the options available, create a comprehensive financial plan, and ensure your child's future is secure. Reach out to us here if you are in need of assistance.
- Plan for the long-term:
As a single parent, it is important to consider the long-term care of your special needs child. Plan ahead by setting aside funds for their future, exploring insurance options, and creating a special needs trust to provide for their ongoing care.
By taking advantage of government benefits, community resources, and the expertise of a financial advisor, single parents can navigate the special needs planning system and provide for their child's future. Special needs planning for single parents requires careful consideration, planning, and expert support. We’d love to help you on your journey.
