Early Financial Planning
With some of the new tests that have been developed, a family is able to learn well in advance of the actual birth if their child is going to have disabilities based on genetics or other items. This is important because it gives the family a head start on planning for the child as well as doing research as to what will be necessary to fully care for that child.
Children with special needs require a lot of immediate attention from their parents, from managing health care to navigating the various social services available and so the parents frequently forget to think about finances for themselves or their children.
One of the first things to remember is that parents who exceed the income levels for disability payments from social security and other groups may still have a child that qualifies. This is a huge help as it means that not everything that the child requires will have to be paid for by the parents out of their own pockets.
Once the various agencies have been applied to, it is important to consider long-term care. It is crucial to keep in mind that there are thresholds for assets and income that cannot be exceeded if a person wants to remain eligible for Social Security Disability and Medicaid. In this way, the biggest mistake that families often make when planning things is to assume that ordinary estate planning and financial planning methods will actually be sufficient to take care of all of their children.
Contact an Indianapolis Social Security Attorney
If you have a disabled or special needs child and are having difficulty navigating the social security maze, contact the Indianapolis social security disability lawyers of the Hankey Law Office today at (800) 520-3633.