This book aims to address various financial planning concerns that a family may have about a member who needs special care. It provides comprehensive analysis of the various elements which need to be covered while planning for the future of a child with special needs, and the financial and legal aspects that are relevant in this regard.
What to expect from the book?
The first parts of the book help readers understand the life a family with an individual with special needs. It highlights the growing population of individuals with special needs, and the challenges faced by their families. The book has presented life stage-specific challenges that an individual with special needs may face from childhood to adulthood. Mr.Solanki addresses the financial considerations to bear in mind for care of an individual with special needs during his/her lifetime.
The book addresses some of the most important questions that families are constantly thinking about-
How can I as a parent organize finances for my child after my demise?
What provisions can I set aside for my child’s care?
How can I prepare a Will to secure my child’s future?
How do I identify a suitable guardian for my child?
What are the guidelines to create a private trust and manage one that fits well for the family’s welfare?
What is a letter of intent, and why is it important?
Financial planning described in the book highlight ways to effectively identify all the income resources available, working out a child-care budget and providing ways to identify the corpus required by a parent today. The other important stage of life for a parent who has a special needs dependent is late adulthood – the retirement phase. Financial planning for these parents isn’t just restricted to their own self-care expenses but additionally meeting the expenses of their child who has special needs. The book throws light on means to allocate funds for meeting both these expenses post-retirement.
The book highlights the possibility of eventualities like health emergencies or death of a parent, and measures to handle these situations through proper financial planning. The book addresses details about procuring life insurance, health insurance and disability insurance to financially safeguard for any eventualities. The book also takes readers through potential investment strategies and ways to identify the most viable financial investment on a case-by-case basis.
The book also provides income tax exemptions or deductions available to families with a special needs dependent. To help parents stay organized about different aspects of financial planning, the book provides tips and action plans to its readers. Additionally, the book provides an extensive reference list of government resources available to families with regard to special needs care.
DISCLAIMER: Please note that this guide is for information purposes only. Please consult a financial advisor for any legal consultations or advise pertaining to your needs.
The three point agenda to start financially planning for your differently-abled child.