What Your Family Needs to Know About Special Needs Planning
Special needs planning, including financial planning, is an important part of managing a family with a child with special needs. Same-sex couples are far more likely to adopt or foster a child with special needs than our heterosexual couples. Here’s what you should know:
Consult an expert, Minoti Rajput, for planning specific needs
Meet Minoti
Minoti Rajput is the founder and principal advisor of Secure Planning Strategies, a nationally recognized independent wealth management firm specializing in supporting women, business owners, retirees and families with special needs. Minoti is a Certified Financial Planner and Chartered Special Needs Consultant (ChSNC) with more than 30 years of experience and an MBA in Finance. Her passion is providing estate and financial planning solutions for families with children with special needs.
Minoti joins us to share the circumstances that inspired her to focus on families with special needs and to discuss the value of the ChSNC award. It defines what it means to have special needs and gives us a general overview of the state services available to people with cognitive impairments, mental illnesses or acquired disabilities. Hear Minoti’s advice on planning, including financial planning, and for queer couples adopting a child with special needs.
Special needs planning topics covered
The designation Chartered Special Needs Consultant
- Understand government benefits
- Empathy/compassion for the situation
Which inspired Minoti to focus on families with special needs
- I would like to add meaningful specialization to the practice
- 3 families with adult children with special needs
How Minoti defines “children with special needs.”
- Cannot care for themselves (financially or otherwise)
- Cognitive impairment, mental illness or acquired disability
How to prepare for adopting a child with special needs
- Recognize that challenges will not go away
- Think about daily care and education
When most parents of children with special needs start planning for the future
- The school initiates transition coordination when a child turns 16
- Eligibility for state benefits at 18, leaving school at 21/22
Special financial planning considerations for children with special needs
- Calculate financial needs in the event of the death of a partner
- Consider taking out life insurance
Government benefits are available to people with special needs
- Documented disability + < $2,000 in assets to qualify for SSI ($770/month)
- Medicaid to cover nursing care, supported employment, medications, etc.
Minoti’s advice for LGBTQ couples considering adopting a child with special needs
- Start legal and financial planning from day one
- Get involved in the special needs community
- Learn to let go when the time is right
- Prepare a detailed letter of intent for special needs