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3 Steps for Parents of a Special Needs Child
It can be easy for parents to focus solely on the wellbeing of their child and leave personal planning on the back burner. But as discussed in a Today’s Caregiver article, “Planning for the Future with a Special Needs Child – Part 2,”, parents of special needs children must plan for themselves as well as for their child beyond their lifetime.
Read MoreBefore You File Your 2016 Taxes, Review These Tax Breaks for the Disabled
Even when a disabled person is able to work, they or their caregivers must incur many additional costs, from transportation needs to medicines and special supplies for care. A study by the Centers for Disease Control and Prevention reported that one out of every five Americans lives with a disability. If this includes you or someone you care for, you’ll want to know about some tax tips that are designed to help. A recent article in Yahoo Finance, “8 Tax Tips for People With Disabilities (and Their Caregivers),” offers some useful details.
Read MoreThe 5 Basics of Special Needs Planning
At some point, we all need to think about retirement planning. But for parents of special needs children, the advancements in medical science that allow for greater longevity for those with special needs also create a planning problem. An article from Kiplinger, “Create a Plan for an Adult Child with Disabilities,” encourages parents of special needs children to think about long-term planning for their child as a part of their retirement planning.
Read MoreABLE Accounts Help Special Needs Families
In 2014, President Obama signed the Achieving a Better Life Experience (ABLE) Act as part of the Tax Increase Prevention Act of 2014. As reported in NJ101.5’s article, “Special accounts for the disabled,”, these accounts allow qualified individuals with disabilities the opportunity to have tax-free savings accounts without putting their eligibility for Supplemental Security Income (SSI) and other means-tested government programs like Medicaid at risk.
Read MoreLonger Life Spans for Special Needs Children Impact Parents’ Retirement Planning
Special needs families are accustomed to things being more complicated, and retirement planning is no exception. Parents must plan for their own retirement as well as ensure a plan is in place for the time when they are no longer able to care for their special needs child. That includes everything from making sure beneficiary designations are up-to-date, to ensuring a child’s inheritance does not make them ineligible for means-tested government benefits.
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