These 5 Financial Steps Will Help You to Plan for Your Special Needs Child
Planning for your child’s special needs can be a daunting task. Thankfully, there are 5 financial steps you can take to make the process go smoothly. These include preparing a will, setting up a special needs trust, opening an ABLE account, and creating a guardianship plan. Taking these steps now can help you protect your child’s future. Listed below are the steps to consider:
4 Little-Known Ways a Health Savings Account (HSA) Can Benefit You
There’s really no debate what so ever, a health savings account has many tax benefits and advantages for you and your family. If your current health insurance plan is a high deductible one, then an HSA can be used to pay your medical bills. It doesn’t end there though, there are several other valuable features that can create a lot of tax-free money you can use for retirement or some other worthwhile purpose.
The global pandemic of Covid-19 has essentially shifted our entire education system to the internet. This remote learning creates an even greater challenge for the special needs students enrolled in the public and private schools of the USA. In some cases, many special needs families simply can’t afford the additional out of pocket costs that they now have to bear.
Disabled and special needs students often require alternative education and support services. Parents of special needs children are having to make tough decisions as they cope with the responsibilities of healthcare, therapies, and education of their children, causing severe financial problems for many of them.
Creating a Financial Plan Yourself Isn’t Difficult
You don’t have to spend a lot of money to learn how to create a financial plan. Our tips will show how to do it for free.
A 2019 survey by a respected financial firm, revealed some interesting statistics. The survey pointed out that about 75% of individuals who had a financial plan in place paid their bills on time.
In contrast, about 35% without a plan paid their bills on time. In addition, about 65% who had a financial plan, set up an emergency fund to cover unexpected expenses. About 25% of those who had no plan, created an emergency fund for future unforeseen expenses.
A recent study was done by a major financial institution on the millennial generation and their money. One of the major revelations was that approximately eighty percent of these individuals that participated in the survey, stated that they learned how to survive and save after seeing how the great recession impacted their elders. Financial planning for millennials didn’t appear to be that important.
However, almost half admitted that their greatest financial concern was debt, and because of the high debt, they were living paycheck to paycheck. View full post…
So You’ve Won The Lottery – What Are You Going To Do With It? You Need Financial Planning
We’ve all seen those movies where an attorney calls or sends a certified letter saying that some distant relative, twice removed, has passed away, and left you several million dollars. When the shock subsides and you stop shaking, you begin to wonder what you can do with this new found wealth. Financial planning usually isn’t at the top of the list.
Stories such as this aren’t that far fetched or as rare as we think. It does happen, practically on a daily basis to some degree, and the new found wealth usually disappears very quickly if the individual doesn’t seek proper financial planning.
Unfortunately, this seems to be more prevalent with lottery winners. A few years ago, I knew of one who won an out of state lottery and took a lump sum for several million dollars. After paying the federal and two states income taxes, he started the spending. He bought new Mercedes for the family and relatives, and three new expensive homes. He even went so far as to hire his niece who was in college, to walk behind him with a tape recorder to make notes of any ideas that popped into his mind.
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