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As a parent of a child with special needs, you know that giving your child the care and support they deserve is a lifelong challenge. That’s why it makes sense to tackle long-term special needs planning now, so you can rest a bit easier knowing that you’ve taken steps to help ensure your child will always be looked after.

Consider life insurance. In deciding how best to divide your assets between your children while protecting a disabled child or family member’s financial security, you may want to consider using life insurance. Life insurance on you as a caregiver could be used to help replace the services and support lost because of your death. It has other uses when a trust is involved. 

Now’s the time to draft a will. Nobody likes thinking about wills, but they’re especially important with a special needs child. Make your wishes clear!

Consider a special needs trust. This legal document can help manage any assets you leave for your child, which are frequently used to pay for rehabilitation, education or medical services not covered by other income sources.

Look into government benefits. Your child may qualify for Medicaid, Supplemental Security Income, or Social Security Disability Insurance. Every little bit can help, especially when children are on their own. 

Get the tax benefits you deserve now. From deductions for medical expenses to credits for care and education, there are numerous strategies you can benefit from today that could help you keep more of your money in your pocket. 

Maybe your special needs child lives at home, with you. Or maybe they’re making their own way out in the world. Either way, thoughtful special needs planning helps ensure your wishes and desires for your child can be fulfilled—even after you’re gone.  

These materials are not intended to and cannot be used to avoid tax penalties and they were prepared to support the promotion or marketing of the matters addressed in this document. Each taxpayer should seek advice from an independent tax advisor.

This information is general in nature and not comprehensive, the applicable laws change frequently and the strategies suggested may not be suitable for everyone. Clients should seek advice from their tax and legal advisors regarding their individual situation.

Products and services offered through the Voya® family of companies.

Neither Voya nor its affiliated companies provide tax or legal advice. Please consult with your tax and legal advisors regarding your individual situation.