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Daughter Diagnosed with Autism - What do I Need to Set Up for Her?
Hi there! I haven't posted here in quite awhile but you guys really gave me some great advice when I was in debt pay-off mode.
My daughter was diagnosed with Autism this week and I just wanted to gather some ideas as to what needs to be done to get things set up for her in case anything happens to DH or I.
We do have life insurance - Currently have a 20-year term with $150K for myself and $450K for DH.
I work from home, bringing in about $1K per month and provide all of the childcare for the kids.
Anyway, rambling. We do not have a ton of extra money but have little debt and have $21K in savings right now for a house which we intend to purchase in June. We end up with about $1K extra per month after all expenses, retirement contributions, etc. but that is about to drop to about $600 because of co-pays for her various therapies.
Thanks for any help you can offer. I just want to feel as though I'm covering my bases.
Re: Daughter Diagnosed with Autism - What do I Need to Set Up for Her?
Up life iNsurance. That is in no way enough to care for her in your absence. I'd get minimum 1 mil for you both.
Have to consider care for your child through and in adulthood.
Terrible to have to think about us leaving our kids but kudos to you for starting to prepare for what if
Have you checked to see if you qualify to get any of those therapies at a reduced cost through the state? Check to see what early intervention programs they have.
I would also try to find a mom's group near you for people who have children with autism b/c I think they would be a great resource to you.
As I am sure you know, autism runs the spectrum. Some children will need taken care of as adults and others will not. I agree with pp to up your life insurance and then I would just save as much as I can. I know there are trust for children with special needs but I do not know enough about them to tell you anything. I just know they exist. You might want to check into that as well.
You have really done great with your progress! I remember you! Keep up the great work!
Thanks Jan! Yes, we are working with the county-funded programs for EI but our insurance also offers her additional services. Our co-pays are $15 per therapy, so it's reasonable but will still equate to a few hundred dollars per month. Maybe I am over-estimating the costs. It's worth it to us, though, to have the county-funded one (no cost to us) and the ones from our HMO so that she can get as much as possible.
I have looked for a SN / ASD Mom's Club in my city (Fresno, CA) and there is none! So, I started one last night on meetup! We'll see how it goes.
Thanks for the help!
Everyone should have a designated guardian for their children in the unfortunate event something happens to the parents. I am an attorney in MA and we set this up for many couples with young children so that they are prepared and the family know what the parents wanted.
Also, you may want to talk with a special needs planning attorney in your area. You may be able to set up a trust so that funds you are able to save/leave for your daughter are kept in trust for her, are managed by the trustee for your daughter's benefit, and they wont be countable against government benefits.
My aunt runs the Central California Children's Institute at Fresno State. Please touch base with them as they can likely help you get in contact with additional resources and help you maximize your efforts.
I wish you and yours the best outcomes possible.
I'm lurking here, but thought I'd post since I also have a kiddo with special needs.
You NEED life insurance. Nobody plans on dying with kids still at home but it happens. (Sorry, I feel like that's so morbid!).
You can also set up a special needs trust, which I believe needs to be done through a lawyer. It can cost a couple thousand to set up, which sucks. But if you daughter will ever receive SSI or disability payments she can't have more than $2K in her name, which is the scheme of things isn't all that much.
How funny! Is her name Amanda? We're touring that place on Monday.
No, Dr. Cassandra Joubert. She also used to be a member of the California Senate Select Committee on Autism and Related Disorders so autism is close to her heart.
Good luck; I am sure they can help you out!
Thank you!