How to Keep Money Issues From Diminishing the Joy of Raising Special Needs Children

By Andrea Young on February 11, 2022

We are so grateful to have Karen Mariscal back to lead our February Empower Women event. Karen is a special needs estate planner who also is the mother of a profoundly autistic son. Karen uses her experiences with raising a special needs child to guide her clients through the decision-making process as well as offer compassion and support. Karen shared some wonderful insight into raising a special needs child and how you can plan for their future. 

Celebrate every win

When learning that your child will have special needs, it’s understandable that many are nervous and scared. There are so many uncertainties and unknowns that lie ahead. Although your child may not develop in ways that other children do, there are so many joys that come along with raising a special needs child.  So no matter how little a milestone, be sure to celebrate them all. 

Third-Party Supplemental Needs Trust

When creating a financial plan for your special needs child(ren), you should include a third-party supplemental needs trust. These trusts allow beneficiaries to receive financial support, inheritances, gifts, etc., without it affecting their eligibility for government programs or assistance.  Because the trustee has complete control over the disbursement of funds, you want to make sure that you have complete trust in this person. If you don’t have anyone that you can name as a trustee, there are professional services you can acquire. 

Take advantage of resources

Managing care, and planning for the future can feel overwhelming, but there are many resources at the state and federal levels that can help. It’s also important to have a community of people that share your experiences, so be sure to connect with other families in similar situations, they can be a wonderful resource. 

Other Considerations

SSI– Supplemental Security Income provides monthly benefits to people with limited income and resources who are disabled.

SSDI– Social Security Disability Insurance provides monthly income to individuals who are limited in their ability to work because of a physical or mental disability and have contributed Social Security tax contributions through prior work.

PCA- A personal care assistant assists a disabled person with activities of daily living, such as dressing, meals, routine housekeeping and personal hygiene.

ABLE-  A tax-free savings option (similar to a 529 College Savings Plan) for individuals with disabilities that do not affect an individual’s eligibility for government benefits.