NOTE: We're often approached by sites to link to their content. And usually we say, "No thanks," as the content isn't in keeping with our mission and we're not here to make other people money. However, this request looked like it might be valuable to our readers, so we're sharing, despite its commercial provenance. Ageing and finances are a topic of angst for most everyone - but with a kiddo on the spectrum? Oy. We're often far poorer than we would have been had we not had to pay the autism penalty, and many of us are just plain broke. But there are families with money (God bless you) and managing it for our kids is important.
As people grow older, especially parents, they begin to think about the future, and how their children will be provided for after they’re gone. For parents of children without developmental disabilities, this is easier, as those children can typically provide for themselves.
However, when you have a child with Autism Spectrum Disorder, the issue becomes much knottier. Not only do you have to financially provide for that child after you’re gone, you must ensure they’ll be well taken care of and that your death does not compromise the child in any way other than the obvious emotional impact losing you will have.
Below we will discuss what it means to plan your estate when you have a child with autism. We will address the basics – like what exactly estate planning is and the challenges it can bring – as well as what documents you need to have in order in your estate planning, which documents your child needs to be successful and in compliance with the law, and how you should proceed once you have put your affairs in place.
Planning for the future when you have a child with autism can be difficult, but if you take a forthright approach, you will pave the way toward a successful life for your child with autism, even if you are no longer around to take care of them.
What Is Estate Planning?
First things first: What exactly is estate planning? Although the term sounds kind of formidable or complicated, it merely means planning what will happen with your assets once you are gone. An estate is your total net worth according to the state and federal government. It includes bank accounts, homes, cars and any other assets you may have to your name. Typically, people work with estate planning experts to help them figure out how to distribute these assets without encountering legal difficulties, and while keeping as much money as possible in the family. Read more here.