However,
the parenting can become even more difficult if you realize that your child is
special and will therefore need your support throughout his life.
The
needs of special children will be a little different, and so will be
accomplishing their financial goals. Their obligations may comprise of expenses
for their critical care, appointing a caretaker, and providing support for
whole of their life. For all this, what is required is a very cautious planning
from the parents.
Let
us here help you with a few things to keep in mind, while nurturing a special
child and his needs.
1. Choosing a responsible guardian for
help:
Despite your child being affected
with a disability, no parent will ever wish to outlive their toddler. As a
result, you would definitely want to appoint a guardian on legal terms, who
will be predominantly responsible for important decision-making on behalf of
your child in your absence.
With your elders support in your
home, you might miss out giving a serious thought to this option. However, this
is much significant for the time when the child grows up. It is important to
ensure that there is someone to take care of the child and is also likely to
outlive him/her.
If you are skeptical about bestowing
the complete custody, giving a defined set of caretaking rights would be very
advantageous. Do ensure that the restriction (if imposed)does not excludes your
child’s specifics like medical and financial needs.
Also, while appointment assure
yourself by doing it the legal way. It will always help to keep such details in
written, as an oral communication may sometimes prove to be deficient.
2. Build a Trust:
Being a parent to a special child
might make you worry immensely about his financial security in the future, when
you are not there to care. To ensure that your child’s financial needs
are well taken care of, consider building a trust for supervision.You can
choose to appoint a trustee for the same. This may be your child’s legal
guardian or some other reliable person.
A trustee would also be responsible
for doing all the paperwork, involving the trust ownership documents and timely
compliance of the tax liabilities.
This responsibility should be
employed upon a well-researched, trustworthy and able person. Therefore, some
people may think of choosing trusted institutions like a bank or a firm.
Whoever you choose, be sure about its abilities and credibility. You should
also leave well-descripted instructions for the trustee, prioritizing your
child’s necessities.
3. Finance your Trust:
Allocation of funds for your
child’s trust, is easily achievable for parents with a high net worth and
other assets. However, the question that rises here is on reserving a trust for
middle-class parents. To accomplish this major task, you can kick off by
listing the child’s most important and recent expenses.
Apart from the immediate needs, you
should also keep in mind the future expenditures that may involve the cost of
routine equipment (if necessary) or the need for a caretaker. Consider all
these expenses, keeping in mind the factors like annual inflation rate.
Upon knowing the target amount, you
can then proceed with identifying those of your assets that could be enlisted
in your child’s trust. This could include any investments that you have
made for your child, or any of your property assets.
You must also be prepared with a
decent life cover. This would help in your child’s trust funding in case
of your untimely death. Here, a term plan would surely prove to be a good
option for considerably accomplishing your targets.
It is a fact that a guardian would
not be able to shower the same care as parents. However, even a little care
received by your child after you might aid to keep your soul at peace.
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