Financial Planning- Having Autism; what to do when you find out
When you have a child who has autism, it is important to come up with a financial plan to ensure that they can live comfortable lives when they become an adult.
One of the things that you will need to do when you find out your child has autism, is to begin the planning process that includes how to manage finances after they graduate high school, appoint a guardianship when they turn 18 and also evaluate a special needs benefit assessment. By coming up with a sound financial plan, you will be able to prepare for your child’s financial needs.
Finding out that your child has this condition can be quite troubling when you first find out. However, there are ways to manage this situation. It will be important to take some steps in order to ensure that you can maintain stability with your finances.
- One of the first steps that you will want to take is to get your child any medical attention that they may need. This can include medications, counseling and setting up trust accounts to manage their finances. As soon as you find out about your child’s condition, you will want to follow this plan so that you and your child will have an easier time adapting to it.
- Another step that you will need to take when you find out your child has this condition is to focus on long term plans. This will usually include a way to manage the finances of the child when they become an adult. If your child is not likely to be able to take care of themselves, you will want to set up a plan where you provide them with support.
- During the planning process, you will need to come up with a budget for their living and medical expenses. It is also beneficial for parents to get life insurance and set up a will so that if they were to die prematurely, the child can survive as an adult.
After High School
While your child is attending school, they will have their needs taken care of by their parents. However, once they finish high school, they will need to have some assistance once they are adults. When your child finishes high school, a parent will want to evaluate the child’s needs in terms of living expenses and medical care. They will also need to look into providing housing for their child so that they avoid ending up homeless.
Along with evaluating the child’s needs, it will also be a good idea to consider a plan that entails guardianship once they turn 18. With this plan, parents can appoint an adult to oversee the child’s daily affairs. They will manage the finances of the child as well as anything pertaining to their housing and medical needs.
Parents of autistic children can consider getting an attorney to help them make a special needs assessment. This will determine what the child needs in terms of their finances and other necessities for daily living. The trust benefit will allow the child to receive compensation for support in case the parents are no longer able to care for them.