Planning For Children With Special Needs
Bruce Helmer and Peg Webb are financial advisors at Wealth Enhancement and co-hosts of “Your Money” on WCCO AM 830 on Sunday mornings. Email Bruce and Peg at yourmoney@wealthenhancement.com. Advisory services offered through Wealth Enhancement Advisory Services, LLC, a registered investment advisor and affiliate of Wealth Enhancement Group®.
April is Autism Awareness Month. For families raising a child with special needs, financial planning takes on a different meaning. It’s not just about saving and investing, it’s about creating stability, dignity, and long-term support for someone who may depend on others throughout their lifetime.
And for many parents, one question quietly sits in the background of everyday life: What happens to my child when I’m no longer here? That question can feel overwhelming. But with the right approach, it can also become the starting point for a thoughtful, structured plan.
A Different Kind of Planning
Autism spectrum disorder and other developmental differences are part of many families’ lives. Many individuals will require some level of lifelong financial and caregiving support, and depending on the level of care needed, lifetime costs can exceed $1 million, and in some cases, run closer to $2 million.
But beyond the numbers, the reality is deeply personal.
Many families feel they have to figure everything out on their own. Everyday situations, from school transitions to navigating unfamiliar social settings, can involve added layers of complexity. Planning often spans an entire lifetime.
We recently worked with a couple who had done many of the “right” things financially. They had saved diligently and built a strong foundation. But when we looked closer, nothing was coordinated. There was no trust document in place, no clear direction, and no plan tying everything together.
With our help, they assembled the right pieces but recognized that the biggest change to their thinking about this problem wasn’t financial. It was knowing their daughter would be cared for, no matter what.
Building the Foundation
Special needs planning works best when it’s approached as a series of coordinated steps, rather than a single decision.
For many families, government benefits such as Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and Medicaid form the foundation of support. Understanding how these programs work, and, importantly, how to maintain eligibility, is essential.
From there, families often consider tools like a special needs trust. These trusts are designed to hold and manage assets for a child without jeopardizing access to benefits. They can help ensure that financial resources are available for care, housing, and quality-of-life needs over time.
ABLE accounts offer another layer of flexibility, allowing families to save for qualified disability expenses in a tax-advantaged way.
Life insurance can also play an important role, particularly when there is a need to fund long-term care after parents are gone.
But one of the most important tools is also one of the most straightforward.
The Document That Guides Future Care
A letter of intent is a non-legal document that outlines a parent’s wishes, routines, and guidance for future caregivers and trustees of a child with special needs.
While it doesn’t carry legal authority, it can be incredibly valuable. It allows parents to document the details that only they truly know, their child’s routines, preferences, medical history, and even the small things that bring comfort or joy.
We’ve seen parents include everything from daily schedules to favorite activities to guidance on handling stressful situations. In many ways, it becomes a bridge between generations of care and helps ensure continuity and compassion long after parents are no longer able to provide it themselves.
Planning Beyond the Parents
One of the most important parts of planning is identifying who will step in when parents can’t.
This includes naming guardians, trustees, and powers of attorney, as well as coordinating with family members to ensure that well-intentioned financial gifts or inheritances don’t unintentionally disrupt eligibility for benefits.
It also means having a written plan that others can follow.
Too often, families assume that loved ones will “figure it out.” But providing clarity today can prevent confusion later.
The Value of a Team
Because special needs planning touches financial, legal, tax, and caregiving areas of specialization, many families benefit from a coordinated, team-based approach.
Working with professionals who understand these complexities can help ensure that no detail is overlooked and that each piece of the plan works together as intended.
Just as importantly, it can relieve families of the burden of trying to manage everything on their own.
Moving Forward with Confidence
Special needs planning is not about getting everything perfect. It’s about making steady progress. Each step, whether it’s setting up a trust, reviewing beneficiary designations, or simply starting a conversation, helps to build a stronger future.
With thoughtful planning, families can create a path forward that provides not only financial support, but also something even more valuable for everyone in the family: peace of mind.
The original article was published by the Pioneer Press.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
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