The High Cost of Raising a Special Needs Child
Parents of children with special needs understand the challenges that face them and their child, and they understand that these challenges will remain for their child after they, the parents, pass away. The extra care and financial assistance that children with special needs require is great, and these expenses may, in fact, grow as the child enters adulthood. While you are able to provide the care and financial support now, during your lifetime, your child’s situation may grow more complex when you pass away. By working with a Walnut Creek attorney to create a special needs trust, you can rest assured that your child will continue to receive the government healthcare and financial support (such as SSI and Medi-Cal/Medicaid) even after you are gone, and that the money you leave your child will not interfere in their eligibility for these vital programs.
The Average Cost of Raising a Special Needs Child is Only Increasing
It costs the average parents between $176,000 and $407,000 to raise their child to the age of 17, according to Fatherly, and this does not take into account the expenditures that follow, the largest usually being college tuition. For parents of special needs children, this may amount to just a drop in the bucket, particularly because their costs do not stop when their child reaches the age of 17 or 22. According to Autism Speaks, the costs per year of raising a child with an intellectual disability are almost twice the costs of raising a child without an intellectual disability. Lifetime care for an individual with an intellectual disability amounts to $2.3 million in the U.S. Moreover, due to rising healthcare and living costs, and stagnant wages, most families with special needs children are struggling now more than ever. 28 of children with disabilities live in households below the federal poverty level.
Other Special Needs Children May Have Even Greater Expenses
Autistic children are not the only kids that qualify as having a special need. Children with terminal or chronic illnesses, physical disabilities, or other forms of cognitive or psychiatric disabilities may have even greater financial needs than children with autism. Many of these conditions can worsen over time, resulting in even more strenuous financial positions for parents and adult children. Worst of all, parents of special needs children will not always be there to ensure that their children have the care and financial assets they require. And, by leaving their children a vast sum of money, they may not be doing them a favor.
A Walnut Creek Special Needs Trust Attorney Can Help
Supplemental Security Income (SSI), Medi Cal, and Medicaid are available for minor and adult children with special needs. However, by leaving your child with a large sum of money when you die, you may actually be doing them a disservice, as their inheritance could knock them out of eligibility for these programs. A special needs trust can solve this problem by keeping them on state and federal programs, while providing them the resources for living a comfortable life. To learn more, call the Walnut Creek special needs estate planning attorneys with Feldman Law Group today at 925-283-6691 to schedule a free consultation.