Financial Planning for Kids with Disabilities
5 Ways to Secure Your Child’s Future When You’re No Longer with Them
Worrying about the welfare and future of your children is part and parcel of being a parent. From the moment your child is born, you begin showering them with unconditional love and affection. You start planning how to give them the best care and a good life and, more specifically, how to pay for their college education.
Making plans for your little one is tough enough, but it’s even more so if you are raising a child with a disability or special needs. You would have to look at a future far beyond what you can foresee. You would have to prepare for their life when you are no longer by their side.
That is why you need to take extraordinary measures in planning your finances to support your special needs child when they grow up. Kids Car Donations suggests the following measures:
- Prepare a will.
It may sound morbid but, looking at the bigger picture, it is a practical move. Get a lawyer specializing in special needs children to help you draft your will so that in the event of your passing, it is made clear that your assets will go to a special needs trust that you may establish for your child. Using a special needs trust rather than naming your child as a beneficiary will mean that they will still get full access to Medicare and Supplemental Security Income (SSI). Individuals with more than $2,000 in assets will no longer be granted access to these federal benefits. Giving your assets to your child will make them ineligible for these government benefits. A will can also provide specific instructions for the executors and guardians of your child’s care.
- Select a guardian and a trustee.
Name a person who is willing to take on the responsibility of caring for your child even beyond the time when they reach the age of 18. It is a long-time commitment, so be sure to discuss it thoroughly with the person you are considering appointing as a guardian. The guardian may or may not be the same person as the trustee, or the person who will ensure that the trust you have established for your child will go specifically into items stipulated in your will.
- Save up.
You need to save every dollar you can to provide for the current and future needs of your special needs child. Building a nest egg for them will give you some assurance that they will be taken care of even when you are no longer with them.
- Make a list.
Your child’s daily routines are also very important to make sure they live a normal life. Create a Letter of Intent detailing their daily, weekly, and monthly routines and schedules, including their visits to their physicians and therapists, medications and their dosages, as well as activities that your child enjoys and others that need to be avoided. Update this periodically and provide a copy for your child’s appointed guardian.
- Help your child become independent.
Even though you will be appointing a guardian for your child, it is also important to teach them life skills that may help them live independently if they choose to. Check your community for programs for young adults that can help them land a decent job suitable for their condition. This can give them a sense of empowerment that will be good for their morale.
Don’t Leave Your Ancient Car Behind
One thing you should never want to leave behind for your special needs child is the burden of considering what to do with your old car. If that vehicle has already served you well and is no longer as robust as it was before, you can give it a fitting retirement right now.
The best way to do it is by donating that vehicle to us at Kids Car Donations. When you do so, you’ll be helping provide medical assistance to indigent kids in your local community who are suffering from serious illnesses and disabilities.
Our team will sell your donated vehicle at an auction and hand over the proceeds to reputable children’s nonprofit organizations that are in partnership with us. These IRS-determined 501(c)(3) nonprofits use the funding we give them to provide their young beneficiaries with free treatments and therapies, emotional well-being support, social service resources, and other essential healthcare services.
Your charitable gift will also benefit you immensely. It will entitle you to claim the maximum tax deduction in the next tax season. We’ll mail you the 100% tax-deductible sales receipt of your car within days after its sale.
We offer free pickup and towing to our donors in all parts of the country. Just let us know when and where you want your vehicle collected, and we’ll send a driver over at the agreed time, date, and place. You can also leave all the paperwork to our team of experts who will gladly manage them on your behalf.
More than anything else, you’ll find great satisfaction in having done something that will truly impact the lives of the hurting kids in your community.
We accept almost all types of vehicles regardless of their ages, mileage, or conditions. Check out this page to learn what else you can donate aside from cars.
To know more about our vehicle donation program, including our quick and convenient process, head over to our FAQs page. If you have any inquiries or concerns, give us a quick call at 866-634-8395 or message us here.
Retire Your Old Car and Help Save Lives Today!
If you’ve grown tired of maintaining your old car and having it repaired every now and then, give it a beautiful retirement. Donate it to us so we can use it to provide much-needed medical assistance to the indigent kids in your community. Call Kids Car Donations at 866-634-8395 or fill out our secure online donation form now!