Caring for a special needs child brings unique challenges and financial considerations. As a father and founder of Westminster Wealth Management, I, Kevin Sr., understand the importance of planning for your child's future and ensuring they receive the necessary care and support. At Westminster, we are dedicated to helping you navigate these financial complexities with compassion and expertise. Our approach, rooted in family values, balance, and education, ensures that you receive personalized support to create a financial plan tailored to your special needs child's requirements.

Assessing Your Financial Situation and Identifying Needs

The first step in planning for the financial impact of caring for a special needs child is a thorough assessment of your current financial situation and identifying your child’s specific needs. A financial planner at Westminster Wealth Management will review your income, expenses, savings, and any existing financial plans. This comprehensive evaluation helps us understand your unique circumstances and identify the financial requirements for your child’s care, including medical expenses, therapy, special education, and long-term care needs. By gaining a clear understanding of your financial landscape, we can develop a plan that addresses your child’s needs effectively.

Exploring Financial Assistance and Benefits

There are various financial assistance programs and benefits available to families caring for special needs children. At Westminster, we guide you in navigating these resources to maximize your financial support. My personal journey in financial planning began with understanding the importance of leveraging available benefits, and we use this knowledge to help our clients. We assist you in exploring options such as Medicaid, Supplemental Security Income (SSI), and state-specific programs that provide financial aid and services. Additionally, we help you understand the eligibility requirements and application processes to ensure you receive the support your family needs.

Creating a Comprehensive Financial Plan

Creating a comprehensive financial plan is crucial for managing the long-term financial impact of caring for a special needs child. At Westminster Wealth Management, we work with you to develop a plan that includes budgeting, savings, and investment strategies tailored to your family’s needs. This plan may involve setting up a special needs trust, which can protect your child’s eligibility for government benefits while allowing you to provide for their future needs. We also assist in establishing a 529A ABLE account, which offers tax advantages for disability-related expenses. Our goal is to ensure your financial plan provides stability and security for your child’s future.

Ongoing Support and Adjustments

Caring for a special needs child is an ongoing journey, and your financial plan must adapt to changing circumstances. At Westminster, we provide continuous support to monitor and adjust your plan as needed. Regular reviews with your financial planner ensure that your financial strategy remains aligned with your child’s evolving needs and any changes in your financial situation. This proactive approach allows us to make necessary adjustments and ensure your plan remains effective in providing the best possible care for your special needs child.