Securing the Future of Your Special Child

If you are raising a special child, you know that you have to invest a lot of time, care and attention in order to see to your child’s well-being.  Aside from his personal and emotional needs, preparations would also have to be made regarding his education and medical needs.  However, the financial costs of such special care can be very high.  And unlike a regular child, a child with special needs often has to be supported for the rest of his life.  Thus, a major concern for parents of special children is how to make sure that their kids are well cared for long after they are gone. Fortunately, there are steps that you can take to ensure that your special child’s future remains secure. You need to assign a guardian to personally take care of your child in case you can no longer take care of him.  It is advisable to enclose a letter of intent into your child’s file in order to inform his eventual guardians about his particular needs and affectations.  Aside from giving love and attention, guardians will be responsible for handling your child’s finances and for ensuring that he continues to get the necessities of life, including food, shelter, health care, and education. After doing so, you should arrange a funding mechanism, in the form of either life insurance or investments, or both.  Start your investment as early as possible and make it a habit to invest on a monthly basis by investing a portion of your salary in the investment vehicle of your choice.  Before you know it, the small amount of your monthly investment has already doubled or even tripled.  When you get a life insurance or when you open an investment, make sure to specify that you are getting it for the account of your child.  Moreover, submit necessary documents to the insurance or investment company in order to avoid future problems related to claims, withdrawals, or redemptions.  You are also recommended to seek advice from a financial planner to guarantee that your child will be well provided for in the future. You should also get in touch with certain support groups dealing in the care of special children to be aware of special programs that would benefit your child.  Consult a special needs planner and a licensed attorney to guide you in planning for your special child’s future. If you have limited finances, you may check out programs being conducted by the government exclusively for children with special needs.  Familiarize yourself with such programs in order to maximize their benefits.  In the Philippines, the Bureau of Elementary Education has a Special Education Division (SPED) offering need-based benefits and support to special children. Do your own research as well in terms of SPED programs being conducted by nonprofit organizations in or near your area.  These programs are guaranteed to help children develop and maximize their learning competencies, allowing them to improve their level of maturity and guiding them to prepare for their future. Photo credit:  http://www.specialkidsphotography.com/images/Ben.jpg