How to prepare a financial plan for families with special needs children

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Raising a child with special needs is expensive.

Recently I attended the first birthday of my cousin’s son, Trevor. Trevor is a sweet little guy that was born with Down Syndrome. He lights up his parents’ lives and our whole family adores him.

Over the past few weeks I’ve also been helping a family with an autistic child put together a financial plan. I’ve found that many times families raising children with special needs don’t know how to start when it comes to solid financial planning.

Financial experts now predict that raising a child to age 18 costs upwards of $250,000. Parents of children with disabilities and special needs incur costs as much as 10 times greater. A severely autistic child can have annual medical bills of $60,000 a year or more, with a lifetime expense of over $3 million.

There are children with all sorts of special needs from Down syndrome to cerebral palsy to spina bifida and many others. As the world prepares to celebrate Autism Awareness day on April 2, I’d like to offer these key areas to focus on to protect and grow your money.

Make a plan

Most times parents aren’t aware of the needs of their child until after they are born or late in the pregnancy.

Planning can be difficult in the chaos of making sure your child is safe and healthy.

 

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