Having a disabled adult child means that you will have to set aside some serious financial resources. You need to have the financial cushion to meet their needs while also supporting yourself.
In addition, you must prepare for the possibility of your death, which could leave your child in a state of legal limbo if you do not plan for it in advance.
Keeping all of your children in mind
Forbes goes through some of the ways that you can continue providing supplementary income. First, you need to have sound financial planning. This is especially true when it comes to estate planning, and especially if you have other children. After all, you do not want anyone to feel slighted or left out simply because one of your children requires more attentive care.
Special needs trusts
You can set up something called a special needs trust, to that end. You can use various sources of income or assets to set this trust up. It works by allowing money to become available as your child needs it, so there is no risk of reckless spending.
Life insurance and benefits
You can also rely on a survivorship life insurance policy, along with Social Security disability benefits (SSD). In addition, you may have access to Supplemental Security Income through the Social Security Administration. Just take care to monitor this account, as having too much money in it can potentially negate your eligibility for SSI benefits.
You likely want to avoid a lump sum, as well, due to potential consequences on SSI as well as the difficulty in managing this form of asset. To learn more, consider contacting legal aid.
