Retirement looks much different for a parent with a disabled child. Health aging Alzheimers
We usually think of special-needs families as having a younger child who was perhaps born with a disability, suffered an injury or was diagnosed with a mental or emotional condition, such as autism spectrum disorder. This lady probably never imagined that, later in life, she would be taking on the role of caregiver for a special-needs child.
So, what advice would I give someone in the situation this brave lady finds herself in? It would fall into two categories -- medical and financial. I would also want to make sure this lady's daughter is under the care of the right dementia specialists, such as a neurologist and a neuropsychologist. On the financial front: For the financial advice, I consulted Mary Anne Ehlert, a certified financial planner whose firm, Protected Tomorrows in Lincolnshire, works exclusively with special-needs families.
If the daughter is under the age of 65, her mother can establish a First-Party Payback Special Needs Trust, she said."This is funded by assets belonging to the individual with a disability, or assets that individual is entitled to receive," she said. There are special provisions for when the individual turns 65, so it's important to consult with a financial professional or elder law attorney.
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