
Financial Planning for Your Special Needs Child
When you have a child with disabilities or other health issues, financial planning takes on an added dimension of complexity.
Financial planning for special needs children is a delicate balancing act. You’re forced to juggle:
- Providing the money they need to live on without disqualifying them from disability aid from Social Security and your state government
- Paying for extra educational and support services they’ll need without sacrificing planning for college expenses
- Saving enough money for them to live on after you’ve passed on—without sacrificing your own financial security during retirement
Navigating a maze of regulations and agencies to make sure your child gets the services and support they need is challenging enough. That’s why so many parents turn to financial advisors with experience in special needs to figure out where the money you and they need will be coming from.
Key questions about financial planning for special needs children a financial advisor can answer
- How much money will my child need to live on once they’re no longer living at home?
- How will my child’s living expenses be covered if they are unable to work?
- How can I save money for my child’s future without impacting their eligibility for government benefits?
- How can I ensure that my child’s living expenses will be paid for after my spouse and I have passed on?
- How can I prevent the extra money I set aside and invest for my special needs child from negatively affecting my ability to save enough for other financial goals like retirement or college?

Special Needs Child Planning Challenges
How a financial advisor in the Wealthramp network can address the challenges of financial planning for a special needs child
Serving as your financial advocate, your financial advisor in the Wealthramp network works directly for you. They’ll balance your own financial goals with the unique challenges of providing financial support for your special needs child.
Working with you, your attorney, and your child’s service providers, your financial advisor can:
Protect your special needs child’s financial future
The biggest financial planning mistakes made by parents of children with special needs
Failing to estimate your child’s living expenses and income sources before they’re transitioned to living independently
Assuming that all of your child’s lifetime income will be provided through Social Security and state government disability benefits
Establishing savings or investment accounts in your child’s name that make them ineligible for government benefits and Medicaid
Focusing too much of your financial planning energy on addressing the financial needs of this child at the expense of your other children and yourself
Neglecting to formally arrange for a family member, friend or legal professional to serve as a guardian for your child after you’ve passed on