Financial Planning

Introduction

Living with autism is a full-time job for parents on a daily basis. Then one day your child turns 18 and it’s a whole different unfamiliar world of additional decisions, extra responsibilities, and added stress that you probably didn’t give much thought to when your child was younger. Finding a professional Special Needs Financial Planner may be the key solution to help give you direction, knowledge, and peace of mind that you are doing what is best for your child’s future. Keep in mind that your child’s future is going to be without you one day so you definitely want to avoid making mistakes that you can’t change after you are gone. It’s important to identity financial resources such as 401ks, inheritances, government benefits, insurance policies etc. Setting financial goals, funding a Special Needs Trust, legal planning, residential planning, estate planning, insurance policies and income tax preparation and filing are all part of the long term financial planning process that is needed for your young adult’s future. Getting assistance and being prepared is undoubtedly the best way to navigate through this whole process. The earlier parents can begin this process, the less overwhelming it will seem and the better prepared your young adult will be for his or her future.

Related Sites

The Autism File: Taxing Matters
Description: Deductions and tax rules and many other tips on doing your taxes for autism.

Penta Daily: Financial Planning for Autism
Description: Dad and CEO of a wealth management service company gives his experience and ideas.

Books

Blessed with Autism: A Parent's Guide to Securing Financial Support for the Treatment of Children with Autism and Special Needs by Christina N. Peck
Description: Focusing on financial support for treatment of individuals with autism, this handbook is a valuable guide for all special needs families.

F.A.M.I.L.Y. Autism Guide Financial: Your Financial Blueprint for Autism by Greg Zibricky
Description: Written by a father of a child with autism that has many years of financial experience, this book discusses many topics such as: special needs trusts, life insurance, creating funds for the affected child, and communication of plans with the entire family.

Tools

5 Tax Deductions and Credits for Special Needs Families
Description: There are many tax deductions and credits available that parents may not be aware of. Parents of children with special needs should familiarize themselves with the deductions and credits and take care to document all expenses related to their children’s medical expenses, development and therapy.

Tax Exemptions for Children with Autism
Description: Because of the supports needed to care for an autistic child, certain tax exemptions exist for their parents and guardians.

Parent Forums/Blogs

Some forums require you to sign in to Yahoo or Facebook to locate forum names.

Forum/Blog Name: 7 Financial Planning Mistakes Special Needs Families Should Avoid
Description: This blog talks about the seven different areas of mistakes that parents frequently make in financial planning.

Forum/Blog Name: Special Needs Trusts Financial Planning Life Care Plans: Planning the Future for your Child with Autism
Description: Why financial planning is so important and necessary and what to do.

Consumer Corner

Quicken Deluxe: Set Goals and Save More
Description: Your personal finance.

Neat Receipts Mobile Scanner and Digital Filing System for PC and Mac
Description: Reads and extracts information from whatever you scan.

Community Library

Autism and Economics: Financial Planning for Families with Special Needs
Description: This article discusses the need for Financial Planning and the various steps parents need to consider.

Tax Planning for Parents of Children with Autism by Karen Greenberg CFP
Description: This article is on tax benefits and other financial planning tips for parents of children with autism.

(coming soon)