While some parents in Georgia entering retirement may decide to fund a portion of their adult children’s expenses, others don’t have a choice. Parents of children with special needs have to figure out a way to continue to care for those children after they retire.

Financial planners who work with parents of children with special needs must work out a specific estate plan for their clients. The budget they come up with has to include the expenses for the retiree as well as any expenses they need to pay for their children to live long after the parents have passed away. Many children with special needs are unable to ever become self-sufficient. In these cases, the parents will need to make sure that their children’s needs are met throughout their lifetime. This will include everything from doctor care and therapies to housing.

With some special needs children, their needs only increase as they get older. If their parents become incapacitated, those children will likely need to be put into a residential home. Setting money aside to make sure that those children are cared for is critical. These parents will also need to figure out what types of restrictions there are in regards to receiving assistance for their special needs children. In some cases, assets will need to be spent down before assistance kicks in. An estate planner may suggest a special needs trust to provide funds without risking access to government benefits.

People with children who have special needs must take many factors into consideration when setting up their retirement plan. By working with estate planning attorneys who have experience in complex cases, parents may be able to arrive at a solution that is financially satisfactory.