The financial needs of a loved one with special needs can be staggering for a family. According to the organization Autism Speaks, a lifetime of support for an autistic child can reach more than $2.3 million.
If you have a family member affected by a disability, what is your plan to pay for this care? This was the issue explored in a recent Financial Planning article, “A new special needs planning approach under the tax overhaul.”
Families usually want to plan for disabled relatives, but can be wary of losing access to savings, fearing that they may need the money themselves. A caretaker must also weigh the individual’s needs against the family’s other financial goals and obligations.