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Forum: Children with Special Needs

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  #1  
March 15th, 2011, 09:54 PM
C&K'sMama's Avatar Platinum Supermommy
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a bit of a depressing topic... be warned.


Before Carrie was born we set up a college fund. We also have one for Kate. When I move I plan on talking to a financial advisor on how to invest their money better and prepare for the future. Contrary to our plans, college may not be in her future, she may even require assisted living for her whole life. I'll never kick her out. She'll be with me as long as she wants too, but I have to prepare for a day that I won't be around to take care of her. What kind of financial preparations are you making for your child's future? How are you investing (if you are).

I don't know if I need to set up a trust for her or what I need to do to make sure that she has money forever.
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Last edited by C&K'sMama; March 15th, 2011 at 09:57 PM.
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  #2  
March 15th, 2011, 10:09 PM
mamma_anna's Avatar Mega Super Mommy
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Wow...That's a scary thought! dh and I honestly haven't thought much about it yet. I guess we should huh? We have college funds for all our girls and we fully expect Ellie to go to college too even if it's just community college. Thinking about her life beyond that just hasn't been much of a priority lately.
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  #3  
March 16th, 2011, 07:14 AM
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This is a topic I really haven't let myself think about. All our children have college accounts. I guess the real questions for us are: Will Ava live that long? If she's still here, will she be healthy enough for college? If she is well enough for college, the money will be there for her to go.
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  #4  
March 16th, 2011, 08:54 AM
greenchild's Avatar Platinum Supermommy
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oh, if only we could afford to set up an account!! no, really . . . we barely have savings ourselves. If Kaiden needs assistance he will stay with us of course. He qualifies for disability income but isn't "eligible" until DH's income is no longer in the picture.
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  #5  
March 16th, 2011, 12:03 PM
breea's Avatar Mega Super Mommy
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We were just talking about this about a week ago, we are not sure what we are going to do right no...kinda sad
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  #6  
March 16th, 2011, 02:51 PM
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Here is where we are very blessed even worse case scenerio and Avery has zero vision, she can still live a full functioning life on her own. No college accounts as we can barely pay the bills as is.
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  #7  
March 16th, 2011, 03:02 PM
C&K'sMama's Avatar Platinum Supermommy
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Quote:
Originally Posted by greenchild View Post
oh, if only we could afford to set up an account!! no, really . . . we barely have savings ourselves. If Kaiden needs assistance he will stay with us of course. He qualifies for disability income but isn't "eligible" until DH's income is no longer in the picture.
We have the same situation with carrie and we're keeping her savings out of her name for that same reason (I don't want the money I'm saving for her to affect her social security when she's an adult)

I expect that Carrie will be able to go to college but to what degree she'll be able to live on her own her ability to hold down a job is questionable. I want to make sure that she has enough to not have to end up in some substandard state facility if something were to happen to me (or even worse have her sister have to shoulder the burden of financially supporting her sister)
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