As the parent of a child who has special needs, you rightfully worry about what will happen to him or her once you are gone. You want your child to be taken care of in the best manner possible. You also do not want his or her care to be a drain on other people’s finances.
To provide for the best future of your son or daughter, you can start putting money away now in special needs trusts in Madison, WI. You can also work with an experienced financial planner to ensure that the funds will remain safe and accrue interest.
Determining How Much to Save
When you want to minimize or eliminate your son or daughter being a financial burden to anyone once you are gone, you must leave enough money behind in his or her trust to fully pay for your child’s care. Saving enough money can be challenging, however, when you are not sure of what his or her care will cost in the future. You may have no way of predicting the increase of costs decades ahead of right now.
The financial planning service can assist you in making this prediction and can advise you on how much money to put away each month or year to ensure for your child’s future care. You could save enough money to pay for the best around-the-clock care for your son or daughter.
You can find out more about special needs trusts in Madison, WI, online. Contact Horn & Johnsen SC.
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