6 Steps To Do Financial Planning For Special Needs Childrens

Having A Child With Special Needs Could Be Traumatic To Adjust To. You Can Adjust The Emotional Challenges, But The Financial Realities Which Strike Later.

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Is Very Dangerous To Handle, And If Not Handled Properly Then It Might Result Into Financial Stress, Suicide, Depression Cases.

My Client Aged 65 and 60 Respectively, Are An Example Of what families with special children ought to do. Their 25-year-old son Gaurav was diagnosed with Down’s syndrome and thyroid problem. The couple not only ensured their son did his schooling but also encouraged him to take up jobs that he could manage. “Gaurav worked at a McDonald’s outlet for a while and now helps us with chores at home,” narrates my client enthusiastically.

This Motivated Me To Write This Blog For All Those People Who Have Special Needs Children’s. Here I Have Listed Down 6 Important Steps Which I Guided To My Clients To Follow And They Are Happy Today With Their Financial Planning.

  1. 1 Have Adequate Life/Health Insurance

    • Here I would suggest parents should go for cover which is atleast 10-15 times of their annual income. If Not Atleast 5 Times Of Their Annual Income. 
    • The Parents should opt for Life Annunity Plan that gives payment to the child. Because this will ensure cash flow when the child grows and parents retire.
  2. 2 Emergency Fund

    • Here you need to create 2 emergency funds. One is for your immediate expenses and cash requirements and another is for your child's immediate expenses.
    • The suggestion is to invest the money in liquid funds and fixed deposits which can be easily withdrawn at any point in time.
  3. 3 Create A Budget

    • Right From The Day One You Should Start Creating A Budge Which Should Include Costs Related To Therapy, School And Play Activities, And Also Most Important As The Child Grows .
    • So Do His Care Cost Also Increases So You Need To Take All This Factors While Designing A Budget.
  4. 4 Create A Trust/ Will

    • You should always create a legacy for your child after your death. Forming a trust and appointing a trustee who will act in the interest of your child is one option.

    This really needs of the hour as this will ensure that your child will get all the benefits from your assets even after your death.

    • 2nd Option is to create a WILL as soon as you know that your child needs special attention. Clearly write and mention specifically how your child should enjoy all your benefits from your assets. If possible take the help of a lawyer so that he/she can better guide you.
  5. 5 LifeLong Learning

    I am a strong advocate of Lifelong Learning. 

    • So Request Each One Of The Parents That Don't Let This Disability Stop Your Child's Creativity. Give Them The Wings To Fly, To Learn What They Want, Invest In Their Skills.
    • So That They Can Be Self-Sufficient. And This Will Ensure That They Will Not Be Burden To You In Your Retiring Life.
  6. 6 Financial Literacy Training

    • Last But Not The Least Teach Your Child Some Basic Idea About Financial Literacy So That They Can  Be Well Aware Of The Finances. 
    • Try To Teach Them In A Fun Way About Finances. If Possible Try To Get Financial Advisor To Help You.

    Hope You Must Have Got Some Ideas About How To Plan Your Finances When You Have Special Needs Children's. So Don't Worry Just Try To Apply These Steps And Take Help Of Financial Advisor, Lawyer Before Taking Any Major Decisions So That They Can Guide You More Better.


    Mahesh Kathiravan

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  1. Very nicely put the point with detail clarity in each point. Never realize so much small things you need to take care. Great write up learnt so many things, thanks

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