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Planning for Dependents with Special Needs


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Having a child with a disability can be one of the greatest sources of concern in a parent's life. If your child is likely to be dependent upon you for his or her entire life, it adds a whole new layer of worry — you worry about guardianship issues, you worry about the financial toll, you worry about the effect on your other children. While Guardian can’t alleviate every concern, we can help ensure you have a plan in place to meet the financial needs of your children, even after your death.

Plan for today’s expenses

Medical expenses. Therapies. Home help. Caring for a child with special needs can place a great deal of strain on your finances.

Family — Many parents of special needs children turn to their extended family for some degree of physical, emotional, and financial assistance.
Government assistance — A variety of resources may be available to you, including educational programs, care institutions, medical facilities, and financial assistance.
Charitable organizations — Charitable organizations may also provide counseling, medical assistance, home care assistance, and other services.

But there is help available. Guardian has a suite of products that can help when you need it most.

Plan for a secure tomorrow.

Financial security for your special needs child is an essential goal. If you die or become disabled, you need to ensure your children’s needs will be looked after. A permanent life insurance policy, like whole life can offer the means for providing financial support for your child. But what to do with the funds that policy provides is a question that needs to be answered. Typically, one of three approaches is employed:

1) Leaving money directly to the special needs child. This can help the child live an independent life, but may also disqualify him or her from receiving many types of needs-based aid from government agencies or charities.
2) Disinheriting the special needs child and relying on family benevolence and government programs for all needs. This approach assumes that both government assistance and family members’ ability to look after the child will continue unabated in the future.
3) Creating a special needs trust may provide financial security for the special needs child while allowing the child to qualify for government benefits. This option eases the burden placed on family members while helping ensure continuing care for the indefinite future.
 
To find out which option is the best fit for your needs, you or your advisor can talk to a Guardian Financial Representative today.