Parents that have children with special needs have an awesome weight of responsibility on them when it comes to long-term care planning. After all, there is more to consider than just financial ramifications. However, the financial stuff often takes center stage as loved ones and caretakers must often figure out how to take care of the child for both the short and long-term. Moreover, once the child becomes an adult, there must be resources in place, at least financially speaking, to care for these individuals throughout the course of their lives.

From someone living in Arizona with an Arizona special needs trust to someone living in the northeast with a savings and retirement account that provides monies for long-term care specific to their condition, this type of financial planning is imperative to preserve the lifestyle to which a special needs person has become accustomed. Components under this umbrella might include access to health care, prescription medication, custom housing and more.

Many parents with children that have special needs often aren’t sure of the best way to plan ahead for kids with special needs, despite the fact that according to MetLife, 60% of these parents don’t expect for their children to retain the ability to care for them financially. For example, according to MetLife, 88% of parents with special needs children have no trust in place to ensure that these individuals will continue to have access to Medicaid and disability monies once they are adults with other possible avenues to get money. In fact, not only does the numbers show parents haven’t set up trusts in fairly high numbers, but additionally, MetLife found that for those that did, 72% did not name a trustee to manage this account for their special needs children.

No matter what the state, whether it’s an Arizona special needs trust or a trust in another state, this special account ensures that monies that come from investments, personal gifts, or really just about anything that might help to cover monthly expenses not covered by monthly disability monies. For many children that grow into adulthood with the same special needs, this disability money and access to insurance can make the difference between the ability to manage the disease or allow it to take over. This is why an Arizona special needs trust, or any account similar to this, should be established, preferably while the person is young to ensure that the proper resources are in place for long term care needs.

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