Any time a child is born, the parents should begin to plan for the child's future. Making certain that the baby will be taken care of by guardians, has enough money for education and ordinary needs, as well as having any health concerns handled by the guardians is why most parents' first move should be to make out a will.

This is even more important to parents of children with disabling impairments particularly for children with developmental disabilities. With the likelihood of long term care being a concern, planning for the child's financial health is as important as their physical health.

A recent survey of parents of disabled children showed that the vast majority of them did not know where to seek financial advice, and those that did asked advice from their child's Pediatrician. We have many more Financial Planning Help Articles Now Available.

While asking medical advice from the doctor is always advisable, seeking information about financial matters from the same source may not be. While they may be knowledgeable in the area of finance, it is not their area of expertise.

Basic, sound financial advice from a financial planner, insurance professional or CPA would be the place to begin. Having a solid foundation with a savings plan and plans for the future needs of the child are paramount. If, for example, the child will need ongoing care in a facility or day care, a fund to provide that should be explored.

Adequate health insurance coverage is also an area that should be looked into, whether by private insurance, Medicare or Medicaid. The need to be certain that the child has medical coverage will be of ongoing importance, particularly where the impairment is physically debilitating.

Proper amounts of life insurance would need to be part of a program for both parents, particularly since the loss of either one could cause a devastating loss in the emotional, physical and economic condition of the family.

Special Needs Trusts can be structured by an attorney to allow for future income and protection needs of the future of the disabled child are taken into account and that financial decisions are made for the benefit of the child. These can be very effective in situations where a substantial gift of cash is about to be made from a relative or other person that may cause the beneficiary to lose SSI or Medicaid benefits

As with all needs, a financial professional who specializes in these areas needs to be consulted to make certain that all areas are sufficiently addressed. We have many more Financial Planning Help Articles Now Available.